State of Alaska Department of Revenue Boosts Position in Chevron Corporation (NYSE:CVX)

State of Alaska Department of Revenue lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 237,949 shares of the oil and gas company's stock after purchasing an additional 5,325 shares during the quarter. State of Alaska Department of Revenue's holdings in Chevron were worth $39,806,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Sage Capital Advisors llc increased its holdings in shares of Chevron by 2.2% in the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after purchasing an additional 919 shares in the last quarter. Pines Wealth Management LLC increased its holdings in Chevron by 3.3% in the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock valued at $1,306,000 after buying an additional 253 shares in the last quarter. Viking Fund Management LLC lifted its position in shares of Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock valued at $19,573,000 after acquiring an additional 10,000 shares during the period. Allianz SE purchased a new stake in shares of Chevron during the 4th quarter worth approximately $9,369,000. Finally, Nicholas Company Inc. grew its holdings in shares of Chevron by 4.3% in the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock worth $11,591,000 after acquiring an additional 3,280 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on CVX shares. UBS Group reduced their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Mizuho cut their price target on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. TD Cowen decreased their price objective on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and dropped their target price for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. Finally, Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their price target for the company from $160.00 to $143.00 in a report on Friday, April 11th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus target price of $160.24.

Chevron Trading Down 0.4%

Shares of Chevron stock traded down $0.67 during trading hours on Wednesday, reaching $148.18. 9,824,086 shares of the company's stock were exchanged, compared to its average volume of 8,216,907. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a fifty day moving average of $138.78 and a 200-day moving average of $148.91. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $258.78 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 2.56 and a beta of 0.83.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders 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 annualized dividend and a dividend yield of 4.62%. Chevron's payout ratio is currently 78.17%.

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.