Chevron Corporation (NYSE:CVX) Stock Position Reduced by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its stake in shares of Chevron Corporation (NYSE:CVX) by 10.2% during the first quarter, HoldingsChannel.com reports. The firm owned 577,936 shares of the oil and gas company’s stock after selling 65,789 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Chevron were worth $96,683,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Redmond Asset Management LLC grew its position in Chevron by 6.8% during the first quarter. Redmond Asset Management LLC now owns 23,601 shares of the oil and gas company’s stock valued at $3,948,000 after purchasing an additional 1,506 shares in the last quarter. American Century Companies Inc. lifted its stake in Chevron by 10.2% in the first quarter. American Century Companies Inc. now owns 2,099,039 shares of the oil and gas company’s stock valued at $351,149,000 after acquiring an additional 193,574 shares during the last quarter. Ethic Inc. lifted its stake in Chevron by 23.3% in the first quarter. Ethic Inc. now owns 27,929 shares of the oil and gas company’s stock valued at $4,706,000 after acquiring an additional 5,283 shares during the last quarter. Howard Wealth Management LLC acquired a new stake in Chevron in the first quarter valued at approximately $217,000. Finally, Aberdeen Group plc lifted its stake in Chevron by 83.4% in the first quarter. Aberdeen Group plc now owns 856,947 shares of the oil and gas company’s stock valued at $144,049,000 after acquiring an additional 389,684 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $178.00 target price on shares of Chevron in a research note on Friday, August 1st. TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, August 4th. Evercore ISI reiterated an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday, July 31st. Piper Sandler reiterated an “overweight” rating on shares of Chevron in a research note on Tuesday, July 15th. Finally, DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Hold” and a consensus target price of $164.11.

Chevron Price Performance

NYSE:CVX opened at $155.45 on Friday. The stock has a market cap of $268.62 billion, a P/E ratio of 20.01, a PEG ratio of 2.34 and a beta of 0.87. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The company has a fifty day moving average price of $149.80 and a 200 day moving average price of $148.59. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 EPS. Analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron’s payout ratio is 88.03%.

About Chevron

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.