Retirement Systems of Alabama Trims Stake in Chevron Corporation $CVX

by · The Cerbat Gem

Retirement Systems of Alabama reduced its holdings in shares of Chevron Corporation (NYSE:CVX – Free Report) by 2.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 856,843 shares of the oil and gas company’s stock after selling 19,656 shares during the period. Retirement Systems of Alabama’s holdings in Chevron were worth $122,691,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Analyst IMS Investment Management Services Ltd. increased its holdings in Chevron by 1.0% during the second quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company’s stock valued at $966,000 after buying an additional 67 shares during the last quarter. Greenfield Savings Bank increased its holdings in Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company’s stock valued at $1,663,000 after buying an additional 68 shares during the last quarter. Atwater Malick LLC increased its holdings in Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company’s stock valued at $413,000 after buying an additional 68 shares during the last quarter. Hubbell Strickland Wealth Management LLC increased its holdings in Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company’s stock valued at $1,443,000 after buying an additional 68 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC increased its holdings in Chevron by 10.3% during the second quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company’s stock valued at $107,000 after buying an additional 70 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of NYSE:CVX opened at $154.92 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a fifty day moving average price of $156.11 and a 200 day moving average price of $148.82. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The firm has a market cap of $267.69 billion, a price-to-earnings ratio of 19.94, a P/E/G ratio of 4.38 and a beta of 0.84.

Chevron (NYSE:CVX – Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. Chevron’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, sell-side analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron’s dividend payout ratio is currently 88.03%.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company’s stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent analyst reports. Wells Fargo & Company initiated coverage on shares of Chevron in a research report on Friday, October 17th. They issued an “overweight” rating and a $190.00 price target for the company. Evercore ISI reiterated an “outperform” rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. UBS Group upped their price target on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Finally, Morgan Stanley initiated coverage on shares of Chevron in a research report on Monday, August 4th. They issued an “overweight” rating and a $174.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $165.25.

Check Out Our Latest Research Report on CVX

Chevron Profile

(Free Report)

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.

Further Reading

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