New York State Teachers Retirement System Sells 9,786 Shares of Chevron Corporation $CVX

Key Points

• The New York State Teachers Retirement System reduced its stake in Chevron Corporation by 0.7%, selling 9,786 shares, leaving it with approximately 1.4 million shares valued at $201.17 million.
• Numerous hedge funds have increased their holdings in Chevron, with Kingstone Capital Partners Texas LLC notably growing its position by 652,139.5% during the same quarter.
• Chevron announced a quarterly dividend of $1.71 per share, reflecting an annual yield of 4.5%, with a significant dividend payout ratio of 88.03%.

New York State Teachers Retirement System cut its stake in Chevron Corporation (NYSE:CVX - Free Report) by 0.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,404,886 shares of the oil and gas company's stock after selling 9,786 shares during the quarter. New York State Teachers Retirement System owned about 0.08% of Chevron worth $201,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Kingstone Capital Partners Texas LLC grew its position in shares of Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after buying an additional 83,702,101 shares during the period. GQG Partners LLC purchased a new stake in shares of Chevron in the 1st quarter worth about $1,466,751,000. Nuveen LLC purchased a new stake in shares of Chevron in the 1st quarter worth about $1,362,232,000. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in shares of Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after buying an additional 1,107,628 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Melius Research assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Evercore ISI reissued an "outperform" rating and set a $180.00 price objective on shares of Chevron in a research report on Thursday, July 31st. Bank of America increased their price objective on shares of Chevron from $170.00 to $185.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Finally, Barclays cut their price objective on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. Eleven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $165.40.

Chevron Price Performance

Shares of NYSE:CVX opened at $151.99 on Thursday. The firm's 50 day moving average price is $156.10 and its 200-day moving average price is $148.36. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $262.63 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the business earned $2.55 EPS. The business's quarterly revenue was down 12.4% on a year-over-year basis. Equities research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Buying and Selling

In other news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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