State Board of Administration of Florida Retirement System decreased its holdings in Chevron Co. (NYSE:CVX) by 2.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,555,045 shares of the oil and gas company’s stock after selling 57,576 shares during the period. Chevron comprises 0.8% of State Board of Administration of Florida Retirement System’s portfolio, making the stock its 19th largest holding. State Board of Administration of Florida Retirement System owned about 0.13% of Chevron worth $317,950,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of CVX. Thoroughbred Financial Services LLC increased its holdings in Chevron by 12,204.4% in the second quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock worth $325,980,000 after buying an additional 3,233,312 shares during the last quarter. PGGM Investments acquired a new position in Chevron in the second quarter worth approximately $164,371,000. Nordea Investment Management AB increased its holdings in Chevron by 298.6% in the fourth quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock worth $184,416,000 after buying an additional 1,269,889 shares during the last quarter. Diamond Hill Capital Management Inc. acquired a new position in Chevron in the second quarter worth approximately $133,556,000. Finally, Royal London Asset Management Ltd. acquired a new position in Chevron in the fourth quarter worth approximately $88,758,000. Institutional investors own 66.45% of the company’s stock.
In other Chevron news, Director Debra L. Reed acquired 4,250 shares of Chevron stock in a transaction dated Wednesday, August 7th. The stock was bought at an average cost of $118.14 per share, with a total value of $502,095.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Michael K. Wirth sold 33,750 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now directly owns 33,750 shares of the company’s stock, valued at $4,239,000. The disclosure for this sale can be found here. Insiders sold 51,750 shares of company stock valued at $6,448,700 over the last three months. 0.31% of the stock is owned by company insiders.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. Chevron had a return on equity of 9.58% and a net margin of 9.18%. The firm had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. During the same quarter in the prior year, the business earned $1.78 earnings per share. The company’s revenue was down 8.0% on a year-over-year basis. Sell-side analysts anticipate that Chevron Co. will post 6.93 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.19 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a $4.76 annualized dividend and a dividend yield of 4.07%. Chevron’s dividend payout ratio is 57.70%.
CVX has been the topic of a number of research reports. Citigroup initiated coverage on Chevron in a report on Monday, May 13th. They issued a “buy” rating and a $135.00 price objective on the stock. Morgan Stanley dropped their price objective on Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. BMO Capital Markets initiated coverage on Chevron in a report on Tuesday. They issued an “outperform” rating and a $165.00 price objective on the stock. Zacks Investment Research downgraded Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. Finally, Barclays started coverage on Chevron in a report on Monday. They issued an “overweight” rating and a $145.00 price objective on the stock. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $136.78.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production 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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