New York State Common Retirement Fund Trims Stock Position in Chevron Co. (NYSE:CVX)

New York State Common Retirement Fund cut its stake in shares of Chevron Co. (NYSE:CVX) by 3.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,247,709 shares of the oil and gas company’s stock after selling 81,670 shares during the quarter. New York State Common Retirement Fund’s holdings in Chevron were worth $325,558,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC boosted its stake in shares of Chevron by 14.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 223,561 shares of the oil and gas company’s stock valued at $32,924,000 after purchasing an additional 27,483 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Chevron by 1.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 183,558 shares of the oil and gas company’s stock valued at $27,032,000 after purchasing an additional 2,671 shares in the last quarter. Plimoth Trust Co. LLC boosted its stake in shares of Chevron by 0.5% during the third quarter. Plimoth Trust Co. LLC now owns 38,533 shares of the oil and gas company’s stock valued at $5,675,000 after purchasing an additional 199 shares in the last quarter. Community Financial Services Group LLC boosted its stake in shares of Chevron by 3.4% during the third quarter. Community Financial Services Group LLC now owns 14,320 shares of the oil and gas company’s stock valued at $2,109,000 after purchasing an additional 473 shares in the last quarter. Finally, Waterway Wealth Management LLC boosted its stake in shares of Chevron by 5.3% during the third quarter. Waterway Wealth Management LLC now owns 7,077 shares of the oil and gas company’s stock valued at $1,042,000 after purchasing an additional 358 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX opened at $156.23 on Wednesday. The business’s 50-day moving average is $151.80 and its two-hundred day moving average is $150.81. The company has a market capitalization of $280.76 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.43 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 Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 period last year, the company earned $3.45 EPS. Research analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared 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. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.38%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Insiders Place Their Bets

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

Analyst Ratings Changes

CVX has been the subject of several recent analyst reports. Raymond James lowered their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and raised their target price for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. UBS Group lowered their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company lowered their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Finally, Piper Sandler lowered their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $174.13.

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.