New Mexico Educational Retirement Board Grows Stock Holdings in Chevron Co. (NYSE:CVX)

New Mexico Educational Retirement Board raised its position in shares of Chevron Co. (NYSE:CVX) by 21.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,116 shares of the oil and gas company’s stock after buying an additional 19,500 shares during the period. Chevron comprises about 0.6% of New Mexico Educational Retirement Board’s holdings, making the stock its 19th largest holding. New Mexico Educational Retirement Board’s holdings in Chevron were worth $18,256,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after buying an additional 458,080 shares during the period. Berkshire Hathaway Inc raised its stake in shares of Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after acquiring an additional 15,845,037 shares in the last quarter. Morgan Stanley raised its stake in shares of Chevron by 7.0% in the third quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after acquiring an additional 2,244,995 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Chevron by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after acquiring an additional 1,999,332 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Chevron in the fourth quarter valued at $2,902,007,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at $76,429.71. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the sale, the director now owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares in the company, valued at approximately $76,429.71. The disclosure for this sale can be found here. Insiders have sold a total of 19,546 shares of company stock valued at $3,176,223 over the last quarter. 0.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on CVX. TD Cowen increased their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday, April 29th. UBS Group increased their price objective on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Tuesday, April 9th. Wells Fargo & Company increased their price objective on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research note on Tuesday, April 30th. Truist Financial raised their price target on Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a research note on Friday, May 10th. Finally, Raymond James raised their price target on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.95.

Chevron Stock Performance

Shares of CVX stock opened at $156.42 on Monday. The stock’s 50-day moving average is $159.22 and its two-hundred day moving average is $154.78. The firm has a market cap of $288.28 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 2.38 and a beta of 1.10. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.84 by $0.09. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The company had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. During the same quarter last year, the company posted $3.55 earnings per share. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. Analysts predict that Chevron Co. will post 13.15 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.17%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s dividend payout ratio is currently 59.98%.

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.