State of Michigan Retirement System Sells 5,400 Shares of Chevron Co. (NYSE:CVX)

State of Michigan Retirement System reduced its position in Chevron Co. (NYSE:CVX) by 1.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 475,215 shares of the oil and gas company’s stock after selling 5,400 shares during the period. State of Michigan Retirement System’s holdings in Chevron were worth $74,960,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Alps Advisors Inc. bought a new position in Chevron during the third quarter valued at approximately $347,000. KPP Advisory Services LLC purchased a new stake in Chevron during the third quarter valued at $632,000. Kelly Lawrence W & Associates Inc. CA lifted its holdings in Chevron by 0.6% in the third quarter. Kelly Lawrence W & Associates Inc. CA now owns 21,257 shares of the oil and gas company’s stock valued at $3,584,000 after acquiring an additional 124 shares during the period. KADENSA CAPITAL Ltd bought a new stake in shares of Chevron during the 3rd quarter valued at about $13,956,000. Finally, Seven Eight Capital LP bought a new position in shares of Chevron in the 3rd quarter worth approximately $1,826,000. 72.42% of the stock is owned by institutional investors.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction dated 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 owns 477 shares in the company, valued at approximately $76,429.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $165.24, for a total value of $421,196.76. Following the sale, the director now owns 27,725 shares in the company, valued at $4,581,279. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the sale, the vice president now directly owns 477 shares of the company’s stock, valued at $76,429.71. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,746 shares of company stock worth $2,727,971. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of research reports. Wells Fargo & Company upped their target price on shares of Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. UBS Group increased their target price on shares of Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Mizuho upped their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Finally, Raymond James upped their target price on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $186.95.

Chevron Stock Up 0.1 %

NYSE CVX opened at $156.75 on Wednesday. The stock has a 50 day moving average price of $159.11 and a 200-day moving average price of $154.82. Chevron Co. has a one year low of $139.62 and a one 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. The company has a market capitalization of $288.89 billion, a P/E ratio of 14.42, a P/E/G ratio of 2.38 and a beta of 1.10.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. The ex-dividend date was Thursday, May 16th. Chevron’s payout ratio is 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.