State of Alaska Department of Revenue Lowers Stock Holdings in Chevron Co. (NYSE:CVX)

State of Alaska Department of Revenue lessened its holdings in shares of Chevron Co. (NYSE:CVX) by 3.5% during the first quarter, HoldingsChannel reports. The firm owned 287,342 shares of the oil and gas company’s stock after selling 10,305 shares during the quarter. Chevron accounts for approximately 0.5% of State of Alaska Department of Revenue’s investment portfolio, making the stock its 26th largest holding. State of Alaska Department of Revenue’s holdings in Chevron were worth $45,323,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Albion Financial Group UT increased its position in Chevron by 5.5% during the first quarter. Albion Financial Group UT now owns 20,175 shares of the oil and gas company’s stock worth $3,182,000 after purchasing an additional 1,047 shares during the last quarter. Denali Advisors LLC increased its holdings in shares of Chevron by 258.8% during the 1st quarter. Denali Advisors LLC now owns 6,100 shares of the oil and gas company’s stock worth $962,000 after buying an additional 4,400 shares during the last quarter. Valeo Financial Advisors LLC raised its position in shares of Chevron by 3.5% in the 1st quarter. Valeo Financial Advisors LLC now owns 49,996 shares of the oil and gas company’s stock worth $7,886,000 after buying an additional 1,704 shares during the period. Carret Asset Management LLC boosted its holdings in Chevron by 2.1% in the first quarter. Carret Asset Management LLC now owns 82,532 shares of the oil and gas company’s stock valued at $13,019,000 after acquiring an additional 1,712 shares during the last quarter. Finally, Monument Capital Management grew its position in Chevron by 22.6% during the first quarter. Monument Capital Management now owns 6,795 shares of the oil and gas company’s stock valued at $1,072,000 after acquiring an additional 1,253 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CVX. Wells Fargo & Company lifted 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. Mizuho lifted their price target on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Piper Sandler increased their price target on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $186.95.

Chevron Price Performance

Shares of NYSE:CVX opened at $156.75 on Thursday. The firm has a market cap of $288.89 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.38 and a beta of 1.10. The company has a fifty day simple moving average of $158.99 and a 200 day simple moving average of $154.88. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. The business had revenue of $48.72 billion for 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%. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.55 EPS. On average, equities research analysts anticipate that Chevron Co. will post 13.15 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Stockholders of record on Friday, May 17th were issued a $1.63 dividend. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. Chevron’s dividend payout ratio (DPR) is 59.98%.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction 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 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 the SEC website. In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the transaction, the vice president now owns 276 shares of the company’s stock, valued at $45,540. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s 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 transaction, 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 ninety days, insiders have sold 16,746 shares of company stock valued at $2,727,971. Corporate insiders own 0.20% of the company’s stock.

Chevron Profile

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.