New York State Teachers Retirement System Reduces Stake in Chevron Co. (NYSE:CVX)

New York State Teachers Retirement System lowered its holdings in Chevron Co. (NYSE:CVX) by 5.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,479,151 shares of the oil and gas company’s stock after selling 91,792 shares during the quarter. Chevron comprises 0.5% of New York State Teachers Retirement System’s investment portfolio, making the stock its 29th biggest holding. New York State Teachers Retirement System owned about 0.08% of Chevron worth $214,240,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CVX. Klingenstein Fields & Co. LP boosted its position in shares of Chevron by 0.8% in the 4th quarter. Klingenstein Fields & Co. LP now owns 60,359 shares of the oil and gas company’s stock valued at $8,742,000 after purchasing an additional 487 shares during the period. Campbell Wealth Management boosted its position in shares of Chevron by 181.3% in the 4th quarter. Campbell Wealth Management now owns 5,907 shares of the oil and gas company’s stock valued at $856,000 after purchasing an additional 3,807 shares during the period. Asset Planning Inc acquired a new stake in shares of Chevron in the 4th quarter valued at about $1,297,000. Nova R Wealth Inc. boosted its position in shares of Chevron by 2.3% in the 4th quarter. Nova R Wealth Inc. now owns 4,375 shares of the oil and gas company’s stock valued at $634,000 after purchasing an additional 97 shares during the period. Finally, W.H. Cornerstone Investments Inc. lifted its position in Chevron by 1.4% during the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company’s stock worth $677,000 after acquiring an additional 66 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company’s stock.

Chevron Stock Performance

Chevron stock opened at $156.00 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a fifty day moving average of $151.92 and a two-hundred day moving average of $150.84. The company has a market capitalization of $280.35 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 1.39 and a beta of 1.11. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the company posted $3.45 EPS. On average, analysts anticipate that Chevron Co. will post 10.84 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.38%. Chevron’s dividend payout ratio (DPR) is 67.08%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CVX shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Wells Fargo & Company decreased 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. Piper Sandler decreased their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Finally, UBS Group decreased their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

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.