State of Michigan Retirement System Sells 5,800 Shares of Chevron Co. (NYSE:CVX)

State of Michigan Retirement System reduced its stake in Chevron Co. (NYSE:CVX) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 469,415 shares of the oil and gas company’s stock after selling 5,800 shares during the quarter. State of Michigan Retirement System’s holdings in Chevron were worth $73,426,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Capital Advisory LLC raised its stake in Chevron by 403.2% during the 1st quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 125 shares during the last quarter. Bare Financial Services Inc bought a new stake in shares of Chevron in the 4th quarter worth approximately $27,000. Frank Rimerman Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $30,000. Cooksen Wealth LLC bought a new position in Chevron in the fourth quarter worth $40,000. Finally, Clear Investment Research LLC boosted its stake in Chevron by 264.9% during the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after buying an additional 204 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays reduced their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Mizuho upped their price objective on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Royal Bank of Canada cut their target price on Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Wells Fargo & Company increased their price objective on Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 30th. Finally, Wolfe Research started coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron Trading Up 0.6 %

CVX stock opened at $148.55 on Tuesday. The business has a fifty day moving average of $152.88 and a 200-day moving average of $155.79. The company has a market cap of $273.77 billion, a P/E ratio of 13.67, a PEG ratio of 2.46 and a beta of 1.10. Chevron Co. has a twelve month low of $139.62 and a twelve month high of $171.70. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same period last year, the company earned $3.08 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Co. will post 11.96 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

Chevron Company 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.