State Board of Administration of Florida Retirement System cut its stake in shares of Chevron Co. (NYSE:CVX) by 2.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,600,368 shares of the oil and gas company’s stock after selling 74,903 shares during the period. Chevron comprises approximately 0.8% of State Board of Administration of Florida Retirement System’s investment portfolio, making the stock its 16th largest holding. State Board of Administration of Florida Retirement System’s holdings in Chevron were worth $296,546,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Advisors Capital Management LLC increased its holdings in Chevron by 6.2% in the 4th quarter. Advisors Capital Management LLC now owns 6,705 shares of the oil and gas company’s stock worth $839,000 after acquiring an additional 394 shares during the last quarter. Norris Perne & French LLP MI increased its holdings in Chevron by 8.0% in the 4th quarter. Norris Perne & French LLP MI now owns 5,597 shares of the oil and gas company’s stock worth $701,000 after acquiring an additional 416 shares during the last quarter. Cedar Capital LLC increased its holdings in Chevron by 13.2% in the 4th quarter. Cedar Capital LLC now owns 3,593 shares of the oil and gas company’s stock worth $450,000 after acquiring an additional 418 shares during the last quarter. Cibc Bank USA increased its holdings in Chevron by 1.8% in the 4th quarter. Cibc Bank USA now owns 23,147 shares of the oil and gas company’s stock worth $2,899,000 after acquiring an additional 420 shares during the last quarter. Finally, Concentric Wealth Management LLC increased its holdings in Chevron by 1.9% in the 1st quarter. Concentric Wealth Management LLC now owns 23,656 shares of the oil and gas company’s stock worth $2,698,000 after acquiring an additional 432 shares during the last quarter. Institutional investors and hedge funds own 64.28% of the company’s stock.
Several equities research analysts recently weighed in on CVX shares. Barclays lifted their price objective on Chevron from $135.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, April 30th. Credit Suisse Group reduced their target price on Chevron from $129.00 to $123.00 and set a “neutral” rating for the company in a report on Wednesday, March 7th. Vetr raised Chevron from a “hold” rating to a “buy” rating and set a $117.38 target price for the company in a report on Tuesday, April 3rd. Wells Fargo & Co lifted their target price on Chevron from $155.00 to $160.00 and gave the company an “outperform” rating in a report on Thursday, June 7th. Finally, Mizuho assumed coverage on Chevron in a report on Friday, June 8th. They set a “buy” rating and a $145.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $135.77.
In related news, VP R. Hewitt Pate sold 25,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 17th. The stock was sold at an average price of $121.97, for a total value of $3,110,235.00. Following the completion of the sale, the vice president now owns 25,500 shares in the company, valued at approximately $3,110,235. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James William Johnson sold 4,750 shares of the business’s stock in a transaction that occurred on Thursday, June 14th. The stock was sold at an average price of $126.96, for a total value of $603,060.00. Following the completion of the sale, the executive vice president now owns 4,750 shares of the company’s stock, valued at approximately $603,060. The disclosure for this sale can be found here. Insiders sold a total of 391,250 shares of company stock valued at $50,351,940 in the last 90 days. 0.38% of the stock is currently owned by corporate insiders.
Shares of CVX opened at $124.73 on Thursday. The stock has a market cap of $238.27 billion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 2.09 and a beta of 1.13. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.21. Chevron Co. has a 12-month low of $102.55 and a 12-month high of $133.88.
Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, April 27th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.45 by $0.45. The firm had revenue of $37.76 billion during the quarter, compared to the consensus estimate of $40.34 billion. Chevron had a return on equity of 5.83% and a net margin of 6.95%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter last year, the company posted $1.23 EPS. equities analysts forecast that Chevron Co. will post 8.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 11th. Stockholders of record on Friday, May 18th were given a dividend of $1.12 per share. The ex-dividend date was Thursday, May 17th. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.59%. Chevron’s dividend payout ratio (DPR) is presently 121.08%.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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