State of Michigan Retirement System Trims Holdings in Chevron Corporation (NYSE:CVX)

State of Michigan Retirement System trimmed its position in Chevron Corporation (NYSE:CVX) by 0.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 453,415 shares of the oil and gas company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Chevron were worth $75,852,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sage Capital Advisors llc increased its position in shares of Chevron by 2.2% in the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company’s stock valued at $7,097,000 after buying an additional 919 shares in the last quarter. CCG Wealth Management LLC lifted its stake in shares of Chevron by 2.3% in the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock valued at $1,060,000 after purchasing an additional 145 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Chevron by 0.5% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company’s stock valued at $24,075,000 after buying an additional 675 shares during the period. Pines Wealth Management LLC raised its holdings in shares of Chevron by 3.3% in the 1st quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock valued at $1,306,000 after buying an additional 253 shares during the period. Finally, Viking Fund Management LLC increased its holdings in Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock worth $19,573,000 after purchasing an additional 10,000 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of Chevron stock opened at $154.20 on Friday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market capitalization of $269.29 billion, a P/E ratio of 17.62, a PEG ratio of 2.59 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The business’s fifty day moving average price is $142.28 and its 200 day moving average price is $148.33.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion for the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter in the previous year, the firm posted $2.93 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.44%. Chevron’s payout ratio is currently 78.17%.

Analyst Ratings Changes

A number of research firms have recently commented on CVX. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $160.00 to $143.00 in a report on Friday, April 11th. TD Cowen decreased their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $165.00 price objective (up from $164.00) on shares of Chevron in a research report on Thursday, June 26th. UBS Group decreased their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Finally, BNP Paribas cut Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $160.65.

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.