State of New Jersey Common Pension Fund D Has $80.68 Million Holdings in Chevron Corporation $CVX

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Chevron Corporation by 2.5%, owning 563,411 shares valued at approximately $80.68 million after selling 14,525 shares in the second quarter.
• Over 72% of Chevron's stock is owned by institutional investors, with notable transactions including Kingstone Capital Partners increasing its stake by an astounding 652,139.5%.
• Chevron's quarterly earnings report revealed an EPS of $1.77, surpassing estimates, but marked a 12.4% year-over-year revenue decline, indicating ongoing challenges in the energy sector.

State of New Jersey Common Pension Fund D cut its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 2.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 563,411 shares of the oil and gas company's stock after selling 14,525 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Chevron were worth $80,675,000 at the end of the most recent quarter.

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

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 3,978 shares of Chevron 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 sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction that occurred on Friday, August 22nd. The stock was 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 in the company, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVX. Mizuho reduced their price target on Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Evercore ISI reissued an "outperform" rating and issued a $180.00 price objective on shares of Chevron in a research note on Thursday, July 31st. Melius Research assumed coverage on Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective on the stock. Wells Fargo & Company assumed coverage on Chevron in a research note on Friday, October 17th. They issued an "overweight" rating and a $190.00 price objective on the stock. Finally, Piper Sandler raised their price objective on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $165.25.

Chevron Stock Performance

Shares of NYSE CVX opened at $155.63 on Friday. 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 business's 50 day moving average is $156.04 and its two-hundred day moving average is $148.38. The company has a market cap of $268.92 billion, a P/E ratio of 20.03, a P/E/G ratio of 4.45 and a beta of 0.84. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96.

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

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's payout ratio is currently 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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