State of Michigan Retirement System Reduces Holdings in Chevron Co. (NYSE:CVX)

State of Michigan Retirement System reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 2.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 453,615 shares of the oil and gas company’s stock after selling 9,600 shares during the period. State of Michigan Retirement System’s holdings in Chevron were worth $65,702,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVX. Life Planning Partners Inc purchased a new stake in shares of Chevron in the 4th quarter worth $25,000. Rational Advisors LLC bought a new stake in Chevron during the third quarter valued at about $29,000. Legacy Investment Solutions LLC bought a new stake in Chevron during the third quarter valued at about $29,000. Darwin Wealth Management LLC bought a new position in shares of Chevron in the third quarter worth about $30,000. Finally, RPg Family Wealth Advisory LLC bought a new position in shares of Chevron in the third quarter worth about $31,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Down 3.5 %

CVX stock opened at $153.05 on Tuesday. The firm has a fifty day moving average price of $153.35 and a 200 day moving average price of $151.58. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm has a market cap of $269.46 billion, a PE ratio of 15.75, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the firm earned $3.45 earnings per share. Sell-side analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be given a dividend of $1.71 per share. The ex-dividend date is Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.47%. Chevron’s dividend payout ratio is 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. UBS Group cut their price target on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Truist Financial lowered their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, Raymond James cut their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

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.