New York State Common Retirement Fund Trims Holdings in Chevron Co. (NYSE:CVX)

New York State Common Retirement Fund decreased its holdings in Chevron Co. (NYSE:CVX) by 9.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,603,963 shares of the oil and gas company’s stock after selling 275,009 shares during the period. Chevron comprises approximately 0.5% of New York State Common Retirement Fund’s holdings, making the stock its 25th largest holding. New York State Common Retirement Fund owned approximately 0.14% of Chevron worth $388,407,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Picton Mahoney Asset Management bought a new position in shares of Chevron during the 3rd quarter worth $26,000. Valley Forge Investment Consultants Inc. ADV grew its position in shares of Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after buying an additional 80 shares in the last quarter. Valued Wealth Advisors LLC bought a new position in shares of Chevron during the 4th quarter worth $33,000. Legacy Financial Group LLC bought a new position in shares of Chevron during the 3rd quarter worth $43,000. Finally, Keener Financial Planning LLC bought a new position in shares of Chevron during the 4th quarter worth $55,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

CVX stock traded up $2.01 during trading on Monday, hitting $162.01. 6,778,337 shares of the company traded hands, compared to its average volume of 8,496,569. The stock’s 50-day simple moving average is $155.63 and its 200 day simple moving average is $151.66. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. The company has a market cap of $300.90 billion, a PE ratio of 14.26, a P/E/G ratio of 2.36 and a beta of 1.12. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $172.38.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.26. The company had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. Chevron’s quarterly revenue was down 16.5% on a year-over-year basis. During the same period last year, the business earned $4.09 earnings per share. On average, equities analysts expect that Chevron Co. will post 13.58 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.02%. This is an increase from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio is presently 57.39%.

Insider Transactions at Chevron

In other news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $44,184.84. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. UBS Group increased their price target on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. TD Cowen downgraded Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Truist Financial dropped their price objective on Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research report on Friday, April 5th. Mizuho raised their price objective on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Piper Sandler raised their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $184.75.

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.