IBM Retirement Fund reduced its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 4.2% during the first quarter, Holdings Channel.com reports. The firm owned 30,851 shares of the oil and gas company’s stock after selling 1,349 shares during the period. Chevron accounts for about 0.7% of IBM Retirement Fund’s portfolio, making the stock its 17th biggest position. IBM Retirement Fund’s holdings in Chevron were worth $5,023,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of CVX. Schonfeld Strategic Advisors LLC raised its stake in shares of Chevron by 33.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 26,966 shares of the oil and gas company’s stock valued at $2,735,000 after purchasing an additional 6,830 shares in the last quarter. Studio Investment Management LLC bought a new stake in Chevron in the third quarter worth about $1,680,000. Gyon Technologies Capital Management LP raised its position in Chevron by 45.1% in the third quarter. Gyon Technologies Capital Management LP now owns 12,324 shares of the oil and gas company’s stock worth $1,250,000 after acquiring an additional 3,833 shares in the last quarter. Wealthsource Partners LLC raised its position in Chevron by 1.2% in the third quarter. Wealthsource Partners LLC now owns 28,096 shares of the oil and gas company’s stock worth $2,850,000 after acquiring an additional 330 shares in the last quarter. Finally, Brick & Kyle Associates raised its position in Chevron by 7.8% in the third quarter. Brick & Kyle Associates now owns 33,912 shares of the oil and gas company’s stock worth $3,476,000 after acquiring an additional 2,445 shares in the last quarter. Institutional investors and hedge funds own 65.89% of the company’s stock.
In related news, insider David A. Inchausti sold 4,700 shares of the business’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $161.09, for a total value of $757,123.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James William Johnson sold 55,600 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $165.94, for a total value of $9,226,264.00. Following the completion of the sale, the executive vice president now owns 1,243 shares of the company’s stock, valued at $206,263.42. The disclosure for this sale can be found here. In the last three months, insiders sold 561,726 shares of company stock valued at $94,057,396. 0.32% of the stock is currently owned by company insiders.
Shares of NYSE CVX opened at $144.77 on Monday. The stock has a market cap of $284.45 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 0.63 and a beta of 1.09. The business has a 50 day simple moving average of $166.29 and a 200 day simple moving average of $150.27. Chevron Co. has a 52 week low of $92.86 and a 52 week high of $182.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 1.43.
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, April 29th. The oil and gas company reported $3.36 EPS for the quarter, missing the consensus estimate of $3.44 by ($0.08). The firm had revenue of $54.37 billion during the quarter, compared to the consensus estimate of $54.96 billion. Chevron had a net margin of 11.10% and a return on equity of 14.66%. The company’s quarterly revenue was up 69.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 EPS. On average, analysts predict that Chevron Co. will post 17.5 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 10th. Investors of record on Thursday, May 19th were paid a $1.42 dividend. The ex-dividend date was Wednesday, May 18th. This represents a $5.68 annualized dividend and a dividend yield of 3.92%. Chevron’s payout ratio is 53.38%.
Several equities research analysts have commented on the stock. Cowen boosted their price target on shares of Chevron from $165.00 to $179.00 in a research report on Tuesday, June 7th. Societe Generale cut shares of Chevron from a “buy” rating to a “hold” rating and set a $175.00 price target on the stock. in a research report on Friday, May 20th. Piper Sandler boosted their price objective on Chevron from $150.00 to $173.00 and gave the stock an “overweight” rating in a report on Wednesday, March 2nd. Barclays boosted their price objective on Chevron from $183.00 to $196.00 and gave the stock an “overweight” rating in a report on Tuesday, May 31st. Finally, UBS Group boosted their price objective on Chevron from $150.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, April 5th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $169.57.
Chevron Company Profile (Get Rating)
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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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