Chevron Co. (NYSE:CVX) Stake Cut by Texas Permanent School Fund

Texas Permanent School Fund cut its position in shares of Chevron Co. (NYSE:CVXGet Rating) by 6.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,037 shares of the oil and gas company’s stock after selling 15,845 shares during the quarter. Chevron accounts for about 0.6% of Texas Permanent School Fund’s investment portfolio, making the stock its 16th largest holding. Texas Permanent School Fund’s holdings in Chevron were worth $40,714,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CVX. Klingman & Associates LLC bought a new stake in Chevron in the first quarter valued at $591,000. AIA Group Ltd increased its holdings in shares of Chevron by 63.3% during the first quarter. AIA Group Ltd now owns 1,460 shares of the oil and gas company’s stock valued at $238,000 after purchasing an additional 566 shares during the period. IndexIQ Advisors LLC increased its holdings in shares of Chevron by 269.3% during the first quarter. IndexIQ Advisors LLC now owns 28,820 shares of the oil and gas company’s stock valued at $4,693,000 after purchasing an additional 21,015 shares during the period. Independent Advisor Alliance increased its holdings in shares of Chevron by 50.8% during the first quarter. Independent Advisor Alliance now owns 112,092 shares of the oil and gas company’s stock valued at $18,252,000 after purchasing an additional 37,758 shares during the period. Finally, Anchor Capital Advisors LLC acquired a new position in shares of Chevron during the first quarter valued at $34,462,000. 65.89% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Rhonda J. Morris sold 59,700 shares of the company’s stock in a transaction on Friday, May 13th. The stock was sold at an average price of $167.19, for a total transaction of $9,981,243.00. Following the transaction, the vice president now owns 830 shares of the company’s stock, valued at $138,767.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Chevron news, VP Rhonda J. Morris sold 59,700 shares of the stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $167.19, for a total value of $9,981,243.00. Following the completion of the sale, the vice president now directly owns 830 shares in the company, valued at $138,767.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Wanda M. Austin sold 12,039 shares of the stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the completion of the sale, the director now owns 3,543 shares of the company’s stock, valued at $628,138.47. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 399,043 shares of company stock valued at $67,010,843. 0.32% of the stock is currently owned by corporate insiders.

Chevron Stock Performance

CVX opened at $151.14 on Friday. The stock has a market cap of $296.96 billion, a PE ratio of 10.08, a P/E/G ratio of 0.63 and a beta of 1.15. The company has a current ratio of 1.43, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. Chevron Co. has a 1 year low of $92.86 and a 1 year high of $182.40. The stock’s 50 day simple moving average is $154.86 and its 200-day simple moving average is $155.19.

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

Chevron Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CVX shares. Piper Sandler lowered their target price on Chevron from $213.00 to $189.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Citigroup lowered their target price on Chevron from $170.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 13th. Credit Suisse Group lifted their price target on Chevron from $190.00 to $202.00 and gave the stock an “outperform” rating in a research note on Thursday, June 9th. Wells Fargo & Company lifted their price target on Chevron from $181.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Bank of America lifted their price target on Chevron from $178.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $173.00.

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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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