NJ State Employees Deferred Compensation Plan Has $5.69 Million Position in Chevron Corporation $CVX

NJ State Employees Deferred Compensation Plan lifted its holdings in Chevron Corporation (NYSE:CVX) by 38.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,643 shares of the oil and gas company’s stock after purchasing an additional 10,250 shares during the period. Chevron accounts for approximately 0.6% of NJ State Employees Deferred Compensation Plan’s portfolio, making the stock its 29th biggest holding. NJ State Employees Deferred Compensation Plan’s holdings in Chevron were worth $5,690,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CVX. Vanguard Group Inc. boosted its position in shares of Chevron by 17.9% in the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after acquiring an additional 27,961,463 shares during the period. Norges Bank acquired a new position in Chevron during the 2nd quarter valued at $2,721,477,000. Bank of New York Mellon Corp boosted its holdings in Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after purchasing an additional 4,279,918 shares during the period. Laurel Wealth Advisors LLC grew its position in Chevron by 14,194.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Finally, Berkshire Hathaway Inc grew its position in Chevron by 2.9% in the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after purchasing an additional 3,454,258 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling at Chevron

In related news, insider R. Hewitt Pate sold 41,134 shares of the firm’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $176.40, for a total transaction of $7,256,037.60. Following the completion of the sale, the insider directly owned 4,169 shares of the company’s stock, valued at $735,411.60. This trade represents a 90.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Andrew Benjamin Walz sold 22,200 shares of the business’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $176.53, for a total value of $3,918,966.00. Following the completion of the transaction, the insider directly owned 666 shares in the company, valued at approximately $117,568.98. This represents a 97.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 793,163 shares of company stock worth $127,920,502 over the last 90 days. Company insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CVX shares. TD Cowen upped their price objective on shares of Chevron from $160.00 to $168.00 and gave the company a “hold” rating in a research report on Monday, February 2nd. UBS Group reaffirmed a “buy” rating and issued a $212.00 price target on shares of Chevron in a report on Monday, February 2nd. Citigroup decreased their price objective on Chevron from $185.00 to $179.00 and set a “buy” rating on the stock in a report on Monday, January 5th. HSBC lowered Chevron from a “buy” rating to a “hold” rating and set a $180.00 target price for the company. in a research note on Monday, February 2nd. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $190.00 price target on shares of Chevron in a research note on Monday, February 2nd. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $175.00.

Chevron Price Performance

Shares of CVX stock opened at $183.65 on Tuesday. The stock’s fifty day simple moving average is $163.21 and its 200 day simple moving average is $157.68. Chevron Corporation has a one year low of $132.04 and a one year high of $186.52. The firm has a market cap of $369.79 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 12.16 and a beta of 0.70. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. The business had revenue of $45.79 billion during the quarter, compared to analysts’ expectations of $48.18 billion. Chevron had a net margin of 6.51% and a return on equity of 8.23%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $2.06 EPS. On average, analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be issued a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, February 17th. This is an increase from Chevron’s previous quarterly dividend of $1.71. Chevron’s dividend payout ratio (DPR) is presently 102.70%.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.