New Mexico Educational Retirement Board Acquires 5,000 Shares of Chevron Corporation $CVX

New Mexico Educational Retirement Board increased its stake in shares of Chevron Corporation (NYSE:CVX) by 5.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 98,392 shares of the oil and gas company’s stock after purchasing an additional 5,000 shares during the quarter. Chevron accounts for approximately 0.5% of New Mexico Educational Retirement Board’s portfolio, making the stock its 29th largest position. New Mexico Educational Retirement Board’s holdings in Chevron were worth $20,093,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CVX. Blue Capital Inc. purchased a new stake in shares of Chevron during the second quarter worth about $786,000. OneAscent Wealth Management LLC bought a new stake in shares of Chevron in the second quarter worth about $973,000. Global Retirement Partners LLC purchased a new position in Chevron during the 2nd quarter valued at about $14,276,000. Greg Jennings LLC purchased a new position in Chevron during the 3rd quarter valued at about $1,314,000. Finally, Ferguson Wellman Capital Management Inc. increased its holdings in Chevron by 0.6% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company’s stock valued at $186,182,000 after purchasing an additional 5,787 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Key Chevron News

Here’s some of the latest news about CVX:

• Positive Sentiment: Chevron’s recent third-quarter results reportedly strengthened the earnings outlook, and the company reaffirmed its quarterly dividend. One valuation analysis argues the shares could be substantially undervalued, though that estimate depends on the model’s assumptions. Chevron Could Be 76% Below Fair Value As Q3 Earnings Reset Valuation
• Positive Sentiment: A 25% stake in Chevron’s Namibia offshore license is being sold to QatarEnergy. Sharing exploration costs while retaining control could limit Chevron’s financial exposure and preserve potential upside from a discovery. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
• Negative Sentiment: Oil futures fell to their lowest level since August after comments that the Iran conflict was effectively over. Lower crude prices can weigh on energy-sector earnings expectations, although the report notes there was no confirmed deal and Iran denied talks. Oil Prices Just Fell to Their Lowest Since August

Chevron Stock Performance

Shares of Chevron stock opened at $213.21 on Thursday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $236.48. The firm has a market capitalization of $419.05 billion, a P/E ratio of 15.60, a P/E/G ratio of 0.49 and a beta of 0.47. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $215.23 and a two-hundred day simple moving average of $195.08.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The firm had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same period in the prior year, the firm earned $1.85 EPS. The company’s revenue was up 36.3% compared to the same quarter last year. On average, equities analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. Chevron’s dividend payout ratio (DPR) is currently 52.08%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research reports. Freedom Broker upgraded shares of Chevron from a “sell” rating to a “hold” rating and set a $218.00 price objective for the company in a report on Thursday, November 5th. Wall Street Zen raised shares of Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Royal Bank Of Canada boosted their price target on shares of Chevron from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, September 24th. TD Cowen increased their price target on shares of Chevron from $215.00 to $225.00 and gave the stock a “hold” rating in a research note on Monday, October 12th. Finally, BNP Paribas Exane cut their price objective on Chevron from $230.00 to $224.00 and set an “outperform” rating on the stock in a research report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $221.88.

Insider Buying and Selling at Chevron

In related news, insider Andrew Walz sold 16,800 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the transaction, the insider owned 14 shares of the company’s stock, valued at $2,814.84. This trade represents a 99.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 317,100 shares of Chevron stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 379,470 shares of company stock valued at $77,216,415. Corporate insiders own 0.56% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.