Public Employees Retirement System of Ohio Sells 6,525 Shares of Chevron Corporation $CVX

Key Points

• The Public Employees Retirement System of Ohio reduced its Chevron Corporation holdings by 0.9%, selling 6,525 shares, bringing their total holdings to 686,233 shares valued at approximately $98.26 million.
• Chevron recently announced a quarterly dividend of $1.71 per share, representing an annualized dividend of $6.84 with a yield of 4.3%.
• Analysts have given Chevron mixed ratings, with 11 recommending a Buy, 8 a Hold, and 3 a Sell, leading to an average target price of $165.05.

Public Employees Retirement System of Ohio cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 686,233 shares of the oil and gas company's stock after selling 6,525 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Chevron were worth $98,262,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Harvest Fund Management Co. Ltd lifted its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the period. Elequin Capital LP bought a new stake in Chevron during the first quarter valued at $31,000. IFS Advisors LLC raised its position in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares in the last quarter. Cloud Capital Management LLC acquired a new position in Chevron in the first quarter valued at approximately $39,000. Finally, Investment Management Corp VA ADV grew its position in shares of Chevron by 171.3% during the 1st quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after buying an additional 149 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CVX. Mizuho cut their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $165.05.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction 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 of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by insiders.

Chevron Stock Performance

Chevron stock opened at $157.29 on Wednesday. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $271.80 billion, a PE ratio of 20.24, a price-to-earnings-growth ratio of 1.96 and a beta of 0.90. The firm's 50 day simple moving average is $155.46 and its 200 day simple moving average is $149.02.

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

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

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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