Chevron Co. (NYSE:CVX) Stake Reduced by Employees Retirement System of Texas

Employees Retirement System of Texas reduced its holdings in Chevron Co. (NYSE:CVX) by 20.6% in the 4th quarter, Holdings Channel reports. The fund owned 14,610 shares of the oil and gas company’s stock after selling 3,800 shares during the period. Employees Retirement System of Texas’ holdings in Chevron were worth $21,161,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Allianz SE acquired a new position in shares of Chevron during the 4th quarter worth $9,369,000. Nicholas Company Inc. raised its holdings in Chevron by 4.3% during the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after buying an additional 3,280 shares in the last quarter. Dale Q Rice Investment Management Ltd acquired a new stake in shares of Chevron in the fourth quarter worth about $594,000. Unified Investment Management acquired a new stake in shares of Chevron in the fourth quarter worth about $729,000. Finally, Wedbush Securities Inc. boosted its stake in shares of Chevron by 6.8% during the 4th quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock worth $17,101,000 after acquiring an additional 7,557 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX stock opened at $143.10 on Monday. The firm has a market cap of $251.95 billion, a price-to-earnings ratio of 14.72, a P/E/G ratio of 1.46 and a beta of 0.93. The stock’s fifty day simple moving average is $157.38 and its 200 day simple moving average is $154.25. Chevron Co. has a one year low of $135.37 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the firm posted $3.45 EPS. On average, analysts expect that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.78%. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVX. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Wells Fargo & Company cut their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Barclays lowered their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, UBS Group reduced their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

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.