Strs Ohio Invests $103.67 Million in Chevron Corporation $CVX

Key Points

• Strs Ohio has acquired 619,694 shares of Chevron Corporation, valued at approximately $103.67 million, during the first quarter.
• Certain institutional investors have also increased their stakes in Chevron, with institutional ownership now at 72.42% of the company's stock.
• Chevron announced a quarterly dividend of $1.71 per share, with a current annualized dividend yield of 4.3% and a payout ratio of 88.03%.

Strs Ohio acquired a new stake in shares of Chevron Corporation (NYSE:CVX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 619,694 shares of the oil and gas company's stock, valued at approximately $103,669,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GK Wealth Management LLC raised its stake in Chevron by 2.5% during the 1st quarter. GK Wealth Management LLC now owns 3,074 shares of the oil and gas company's stock valued at $514,000 after acquiring an additional 75 shares in the last quarter. Ellsworth Advisors LLC increased its position in shares of Chevron by 5.5% during the 1st quarter. Ellsworth Advisors LLC now owns 40,216 shares of the oil and gas company's stock valued at $6,728,000 after purchasing an additional 2,085 shares during the period. Intrua Financial LLC grew its holdings in shares of Chevron by 1.7% in the 1st quarter. Intrua Financial LLC now owns 25,522 shares of the oil and gas company's stock worth $4,270,000 after acquiring an additional 428 shares during the last quarter. Addison Capital Co grew its holdings in shares of Chevron by 4.6% in the 1st quarter. Addison Capital Co now owns 8,266 shares of the oil and gas company's stock worth $1,383,000 after acquiring an additional 362 shares during the last quarter. Finally, Jacobi Capital Management LLC grew its holdings in shares of Chevron by 4.5% in the 1st quarter. Jacobi Capital Management LLC now owns 39,130 shares of the oil and gas company's stock worth $6,546,000 after acquiring an additional 1,680 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction dated 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 $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Chevron Stock Down 0.6%

Shares of NYSE:CVX traded down $1.02 on Friday, reaching $157.23. The company had a trading volume of 5,545,397 shares, compared to its average volume of 7,956,036. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a 50-day moving average price of $154.67 and a 200 day moving average price of $148.85. The stock has a market capitalization of $271.69 billion, a P/E ratio of 20.24, a P/E/G ratio of 2.00 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.

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

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's payout ratio is presently 88.03%.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. Raymond James Financial reiterated an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Barclays reiterated an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Scotiabank reiterated a "sector perform" rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. TD Cowen lifted their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Finally, Melius Research began 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. Eleven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $164.80.

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.