Chevron Corporation $CVX Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp lessened its stake in Chevron Corporation (NYSE:CVX) by 37.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,881 shares of the oil and gas company’s stock after selling 67,482 shares during the period. Texas Permanent School Fund Corp’s holdings in Chevron were worth $16,307,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Ethic Inc. raised its position in shares of Chevron by 23.3% in the first quarter. Ethic Inc. now owns 27,929 shares of the oil and gas company’s stock worth $4,706,000 after acquiring an additional 5,283 shares during the period. Alliance Wealth Advisors LLC UT increased its stake in shares of Chevron by 27.4% in the 1st quarter. Alliance Wealth Advisors LLC UT now owns 3,518 shares of the oil and gas company’s stock valued at $588,000 after purchasing an additional 757 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in shares of Chevron by 0.5% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 247,319 shares of the oil and gas company’s stock valued at $41,374,000 after purchasing an additional 1,168 shares in the last quarter. LeConte Wealth Management LLC acquired a new position in Chevron in the 1st quarter worth about $293,000. Finally, Ethos Financial Group LLC raised its holdings in Chevron by 3.4% in the 1st quarter. Ethos Financial Group LLC now owns 5,613 shares of the oil and gas company’s stock worth $939,000 after purchasing an additional 185 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the transaction, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Chevron Price Performance

Chevron stock opened at $149.95 on Monday. The company has a fifty day simple moving average of $152.74 and a 200-day simple moving average of $152.19. The firm has a market capitalization of $301.93 billion, a price-to-earnings ratio of 21.09, a PEG ratio of 8.91 and a beta of 0.68. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. Chevron’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.48 earnings per share. On average, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 dividend on an annualized basis and a yield of 4.6%. Chevron’s dividend payout ratio (DPR) is presently 96.20%.

Analyst Upgrades and Downgrades

CVX has been the topic of several research analyst reports. Bank of America dropped their price objective on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday. Melius began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Morgan Stanley boosted their price target on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Piper Sandler decreased their price objective on shares of Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday, November 10th. Finally, Zacks Research lowered shares of Chevron from a “hold” rating to a “strong sell” rating in a research report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $166.00.

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.