State Board of Administration of Florida Retirement System Sells 24,138 Shares of Chevron Co. (NYSE:CVX)

State Board of Administration of Florida Retirement System decreased its position in Chevron Co. (NYSE:CVXGet Rating) by 1.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,265,533 shares of the oil and gas company’s stock after selling 24,138 shares during the period. Chevron makes up approximately 0.7% of State Board of Administration of Florida Retirement System’s holdings, making the stock its 17th biggest position. State Board of Administration of Florida Retirement System owned 0.12% of Chevron worth $368,897,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CVX. Clarity Financial LLC increased its position in shares of Chevron by 2.2% during the first quarter. Clarity Financial LLC now owns 2,790 shares of the oil and gas company’s stock worth $454,000 after acquiring an additional 61 shares during the last quarter. SYM FINANCIAL Corp boosted its position in shares of Chevron by 3.4% during the first quarter. SYM FINANCIAL Corp now owns 1,895 shares of the oil and gas company’s stock worth $309,000 after buying an additional 62 shares during the period. LCM Capital Management Inc boosted its position in shares of Chevron by 0.9% during the first quarter. LCM Capital Management Inc now owns 7,306 shares of the oil and gas company’s stock worth $1,190,000 after buying an additional 63 shares during the period. John G Ullman & Associates Inc. boosted its position in shares of Chevron by 1.1% during the first quarter. John G Ullman & Associates Inc. now owns 6,002 shares of the oil and gas company’s stock worth $977,000 after buying an additional 67 shares during the period. Finally, SMH Capital Advisors Inc. lifted its position in Chevron by 1.7% in the first quarter. SMH Capital Advisors Inc. now owns 4,108 shares of the oil and gas company’s stock worth $669,000 after purchasing an additional 68 shares during the period. Institutional investors own 65.89% of the company’s stock.

Insider Transactions at Chevron

In other news, EVP Mark A. Nelson sold 117,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $159.47, for a total transaction of $18,721,778.00. Following the completion of the sale, the executive vice president now owns 788 shares of the company’s stock, valued at $125,662.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Mark A. Nelson sold 117,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $159.47, for a total value of $18,721,778.00. Following the completion of the sale, the executive vice president now owns 788 shares of the company’s stock, valued at $125,662.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider David A. Inchausti sold 5,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $164.85, for a total transaction of $923,160.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 399,043 shares of company stock valued at $67,010,843. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CVX shares. Credit Suisse Group upped their target price on Chevron from $190.00 to $202.00 and gave the stock an “outperform” rating in a research report on Thursday, June 9th. Raymond James increased their price objective on Chevron from $173.00 to $191.00 and gave the company an “outperform” rating in a research report on Monday, April 18th. Piper Sandler cut their target price on shares of Chevron from $213.00 to $189.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 19th. Barclays boosted their target price on shares of Chevron from $183.00 to $196.00 and gave the company an “overweight” rating in a research note on Tuesday, May 31st. Finally, Citigroup dropped their price target on shares of Chevron from $170.00 to $150.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $173.00.

Chevron Stock Performance

NYSE:CVX opened at $151.14 on Friday. Chevron Co. has a 12-month low of $92.86 and a 12-month high of $182.40. The company has a quick ratio of 1.22, a current ratio of 1.43 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $296.96 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 0.63 and a beta of 1.15. The firm has a 50-day moving average price of $154.86 and a 200 day moving average price of $155.19.

Chevron (NYSE:CVXGet Rating) last posted its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $1.16. Chevron had a net margin of 13.45% and a return on equity of 20.19%. The firm had revenue of $68.76 billion during the quarter, compared to analyst estimates of $57.69 billion. During the same quarter in the prior year, the business posted $1.71 earnings per share. The company’s quarterly revenue was up 82.9% compared to the same quarter last year. Research analysts anticipate that Chevron Co. will post 17.51 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be issued a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Thursday, August 18th. Chevron’s payout ratio is 37.89%.

About Chevron

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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.

See Also

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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