Alaska State Department of Revenue Reduces Stock Holdings in Chevron Co. (NYSE:CVX)
The Alaska State Department of Revenue reduced its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 6.8% in Q1, according to its latest 13F filing with the Securities and Exchange Commission. The fund held 323,907 shares of the oil and gas company after selling 23,747 shares during the quarter. Chevron accounts for about 0.6% of Alaska State Department of Revenue holdings, making it its 22nd largest holding. The Alaska State Department of Revenue’s holdings in Chevron were worth $52,740,000 when it was last filed with the Securities and Exchange Commission.
Several other institutional investors have also recently changed their holdings in CVX. Schonfeld Strategic Advisors LLC increased its position in Chevron by 33.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 26,966 shares of the oil and gas company worth $2,735,000 after buying an additional 6,830 shares in the last quarter. Studio Investment Management LLC purchased a new position in shares of Chevron during the third quarter worth approximately $1,680,000. Gyon Technologies Capital Management LP increased 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 valued at $1,250,000 after acquiring 3,833 additional shares during the period. Wealthsource Partners LLC increased its stake in Chevron by 1.2% during the third quarter. Wealthsource Partners LLC now owns 28,096 shares of the oil and gas company valued at $2,850,000 after acquiring 330 additional shares in the last quarter. Finally, Brick & Kyle Associates increased 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 worth $3,476,000 after acquiring 2,445 additional shares during the period. Institutional investors and hedge funds own 65.89% of the company’s shares.
Several equity research analysts have recently weighed in on CVX stocks. Cowen raised his price target on Chevron from $165.00 to $179.00 and gave the stock an “outperform” rating in a Tuesday, June 7 report. Goldman Sachs Group lowered its price target on Chevron shares from $181.00 to $162.00 and set a “neutral” rating on the stock in a research note on Wednesday. Barclays raised its price target on Chevron shares from $183.00 to $196.00 and gave the company an “overweight” rating in a Tuesday, May 31 research report. JPMorgan Chase & Co. downgraded Chevron from a “neutral” rating to an “underweight” rating and set a target price of $169.00 for the company. in a Friday, March 11 research note. Finally, Truist Financial reduced its price target on Chevron from $186.00 to $181.00 in a Monday, May 2 report. One investment analyst has assigned the stock a sell rating, eight have issued a hold rating and fifteen have assigned the company a buy rating. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $169.57.
In other Chevron news, Executive Vice President Mark A. Nelson sold 117,400 shares of Chevron in a trade dated Tuesday, May 10. The stock was sold at an average price of $159.47, for a total value of $18,721,778.00. Following the completion of the sale, the executive vice president now owns 788 shares of the company, valued at approximately $125,662.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Additionally, Vice Chairman Eimear P. Bonner sold 68,032 shares in a trade dated Wednesday, May 4. The stock was sold at an average price of $165.00, for a total transaction of $11,225,280.00. The disclosure of this sale can be found here. In the past three months, insiders have sold 561,726 shares of the company valued at $94,057,396. Insiders of the company own 0.32% of the shares of the company.
Shares of Chevron opened at $144.77 on Friday. The company has a 50-day moving average price of $166.29 and a 200-day moving average price of $150.04. The company has a market capitalization of $284.45 billion, a P/E ratio of 13.61, a P/E/G ratio of 0.63 and a beta of 1.09. The company has a debt ratio of 0.20, a current ratio of 1.43 and a quick ratio of 1.22. Chevron Co. has a 1-year low of $92.86 and a 1-year high of $182.40.
Chevron (NYSE:CVX – Get Rating) last released quarterly earnings data on Friday, April 29. The oil and gas company reported earnings per share (EPS) of $3.36 for the quarter, missing the consensus estimate of $3.44 per ($0.08). The company posted revenue of $54.37 billion in the quarter, compared to analysts’ expectations of $54.96 billion. Chevron had a net margin of 11.10% and a return on equity of 14.66%. The company’s revenue increased by 69.8% compared to the same quarter last year. In the same quarter of the previous year, the company had earned earnings per share of $0.90. As a group, research analysts expect Chevron Co. to post EPS of 17.5 for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Thursday, May 19 received a dividend of $1.42 per share. The ex-dividend date was Wednesday, May 18. This represents a dividend of $5.68 on an annualized basis and a dividend yield of 3.92%. Chevron’s dividend payout ratio (DPR) is currently 53.38%.
Chevron Company Profile (Get a rating)
Chevron Corporation, through its subsidiaries, has integrated energy and chemical businesses 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 by pipelines; and the transportation, storage and marketing of natural gas, as well as the operation of a gas-to-liquids plant.
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