Retirement Systems of Alabama Sells 8,613 Shares of Chevron Corporation (NYSE:CVX)

Retirement Systems of Alabama decreased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 1.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 876,499 shares of the oil and gas company's stock after selling 8,613 shares during the period. Chevron comprises about 0.6% of Retirement Systems of Alabama's investment portfolio, making the stock its 29th biggest holding. Retirement Systems of Alabama's holdings in Chevron were worth $146,630,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CVX. Capital & Planning LLC increased its holdings in shares of Chevron by 15.2% in the 4th quarter. Capital & Planning LLC now owns 1,678 shares of the oil and gas company's stock worth $243,000 after purchasing an additional 222 shares in the last quarter. Eagle Capital Management LLC increased its holdings in shares of Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock worth $5,011,000 after purchasing an additional 242 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Chevron in the 4th quarter worth $8,947,000. Bank Pictet & Cie Europe AG increased its holdings in shares of Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock worth $5,212,000 after purchasing an additional 2,641 shares in the last quarter. Finally, Strategic Financial Concepts LLC increased its holdings in shares of Chevron by 212.4% in the 4th quarter. Strategic Financial Concepts LLC now owns 5,352 shares of the oil and gas company's stock worth $775,000 after purchasing an additional 3,639 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

NYSE CVX opened at $148.18 on Friday. The company has a market capitalization of $258.78 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 2.60 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The business's fifty day moving average is $139.09 and its 200 day moving average is $148.81. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.93 earnings per share. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.62%. Chevron's dividend payout ratio is presently 78.17%.

Analyst Ratings Changes

A number of analysts have commented on CVX shares. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and dropped their price target for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their price target for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Redburn Atlantic restated a "sell" rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Finally, Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $160.24.

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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