State of Michigan Retirement System Sells 9,600 Shares of Chevron Co. (NYSE:CVX)

State of Michigan Retirement System decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 2.1% during the fourth quarter, HoldingsChannel reports. The institutional investor 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.

Several other hedge funds and other institutional investors have also recently modified their holdings of CVX. Pacer Advisors Inc. boosted its position in Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock valued at $562,566,000 after buying an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after acquiring an additional 3,203,899 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Chevron by 17.3% during the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares in the last quarter. State Street Corp boosted its holdings in shares of Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares during the period. Finally, Proficio Capital Partners LLC grew its stake in Chevron by 22,996.9% in the fourth quarter. Proficio Capital Partners LLC now owns 847,425 shares of the oil and gas company’s stock worth $122,741,000 after purchasing an additional 843,756 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Down 3.5 %

Chevron stock opened at $153.05 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock 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 stock has a 50-day moving average of $153.35 and a two-hundred day moving average of $151.58. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

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

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be paid 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 dividend yield of 4.47%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s payout ratio is presently 70.37%.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated 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 completion of the sale, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CVX shares. Barclays decreased their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Wells Fargo & Company cut their price objective on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a report on Monday, February 3rd. Finally, Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $174.13.

About Chevron

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.