Retirement Systems of Alabama Sells 8,613 Shares of Chevron Corporation (NYSE:CVX)

Retirement Systems of Alabama cut its holdings in shares of Chevron Corporation (NYSE:CVX) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 876,499 shares of the oil and gas company’s stock after selling 8,613 shares during the quarter. Chevron makes up about 0.6% of Retirement Systems of Alabama’s investment portfolio, making the stock its 29th biggest position. Retirement Systems of Alabama’s holdings in Chevron were worth $146,630,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. IMG Wealth Management Inc. bought a new stake in Chevron during the fourth quarter valued at about $25,000. Life Planning Partners Inc bought a new stake in shares of Chevron in the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron in the fourth quarter worth about $29,000. 10Elms LLP bought a new stake in shares of Chevron in the fourth quarter worth about $29,000. Finally, Fairway Wealth LLC increased its holdings in shares of Chevron by 75.9% in the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of CVX opened at $148.18 on Friday. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The stock has a fifty day moving average price of $139.09 and a 200-day moving average price of $148.81. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The firm has a market cap of $258.78 billion, a PE ratio of 16.93, a P/E/G ratio of 2.60 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The firm had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter in the prior year, the business posted $2.93 EPS. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.62%. Chevron’s dividend payout ratio is presently 78.17%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CVX shares. Barclays cut Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Hsbc Global Res lowered Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, May 5th. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target for the company. in a report on Tuesday, May 6th. Finally, Piper Sandler lowered their price target on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has an average rating of “Hold” and an average target price of $160.24.

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.