State of Alaska Department of Revenue Sells 13,190 Shares of Chevron Corporation $CVX

Key Points

• The State of Alaska Department of Revenue reduced its stake in Chevron Corporation by 5.5%, selling 13,190 shares and bringing its total holdings to 224,759 shares worth approximately $32.18 million.
• Chevron recently announced a quarterly dividend of $1.71, which represents a 4.3% yield and an annualized dividend of $6.84.
• Analysts have varied price targets for Chevron, with Bank of America raising its target from $170 to $185, reflecting a bullish outlook among several equity research firms.

State of Alaska Department of Revenue trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 5.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 224,759 shares of the oil and gas company's stock after selling 13,190 shares during the period. State of Alaska Department of Revenue's holdings in Chevron were worth $32,182,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CVX. Kera Capital Partners Inc. bought a new stake in shares of Chevron in the first quarter worth about $204,000. Versant Capital Management Inc lifted its holdings in shares of Chevron by 48.6% during the 1st quarter. Versant Capital Management Inc now owns 6,744 shares of the oil and gas company's stock valued at $1,128,000 after purchasing an additional 2,205 shares in the last quarter. Legacy Private Trust Co. grew its position in shares of Chevron by 1.3% in the 1st quarter. Legacy Private Trust Co. now owns 48,881 shares of the oil and gas company's stock valued at $8,177,000 after purchasing an additional 609 shares during the period. Agate Pass Investment Management LLC increased its stake in Chevron by 54.9% during the 1st quarter. Agate Pass Investment Management LLC now owns 12,023 shares of the oil and gas company's stock worth $2,011,000 after purchasing an additional 4,262 shares in the last quarter. Finally, Moody National Bank Trust Division raised its holdings in Chevron by 2.3% during the 1st quarter. Moody National Bank Trust Division now owns 25,579 shares of the oil and gas company's stock worth $4,279,000 after buying an additional 568 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Bank of America increased their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Mizuho lowered their target price on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. TD Cowen lifted their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. Melius Research started coverage on Chevron in a research report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price objective for the company. Finally, Barclays reissued an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Eleven investment 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, Chevron has an average rating of "Hold" and an average target price of $165.05.

Insider Transactions at Chevron

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

Chevron Stock Down 0.4%

NYSE:CVX opened at $160.13 on Friday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market capitalization of $276.70 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 2.01 and a beta of 0.90. 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's 50 day moving average price is $156.04 and its two-hundred day moving average price is $149.15.

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

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

Chevron Profile

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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