Mutual of America Capital Management LLC Decreases Stake in Chevron Corporation (NYSE:CVX)

Mutual of America Capital Management LLC decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 2.8% during the first quarter, HoldingsChannel reports. The fund owned 200,597 shares of the oil and gas company’s stock after selling 5,863 shares during the quarter. Chevron comprises about 0.4% of Mutual of America Capital Management LLC’s investment portfolio, making the stock its 25th biggest holding. Mutual of America Capital Management LLC’s holdings in Chevron were worth $33,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Sage Capital Advisors llc raised its stake in 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 purchasing an additional 919 shares in the last quarter. CCG Wealth Management LLC grew its stake in shares of Chevron by 2.3% in the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company’s stock worth $1,060,000 after purchasing an additional 145 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Chevron by 0.5% in the first 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 acquiring an additional 675 shares in the last quarter. Pines Wealth Management LLC lifted its holdings in Chevron by 3.3% in the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company’s stock worth $1,306,000 after buying an additional 253 shares during the period. Finally, Viking Fund Management LLC boosted its position in shares of Chevron by 9.3% during the first quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company’s stock valued at $19,573,000 after purchasing an additional 10,000 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

NYSE CVX opened at $155.38 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The company has a market cap of $271.35 billion, a P/E ratio of 17.76, a P/E/G ratio of 2.63 and a beta of 0.83. The business’s 50 day moving average price is $142.62 and its 200-day moving average price is $148.47.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The business’s revenue was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.93 earnings per share. Sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were issued a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.40%. Chevron’s payout ratio is currently 78.17%.

Analyst Ratings Changes

Several research firms recently weighed in on CVX. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. TD Cowen decreased their price objective on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a report on Monday, May 5th. Piper Sandler increased their target price on Chevron from $162.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday, July 2nd. Wells Fargo & Company reiterated an “overweight” rating and set a $165.00 price target (up previously from $164.00) on shares of Chevron in a research note on Thursday, June 26th. Finally, Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 price objective (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $161.65.

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.