Public Employees Retirement System of Ohio Trims Stake in Chevron Co. (NYSE:CVX)

Public Employees Retirement System of Ohio lowered its stake in Chevron Co. (NYSE:CVX) by 1.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 779,426 shares of the oil and gas company’s stock after selling 7,714 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Chevron were worth $114,786,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lantz Financial LLC lifted its stake in shares of Chevron by 2.7% during the 2nd quarter. Lantz Financial LLC now owns 23,334 shares of the oil and gas company’s stock worth $3,650,000 after purchasing an additional 623 shares during the period. Intergy Private Wealth LLC acquired a new stake in shares of Chevron during the second quarter worth $205,000. Brendel Financial Advisors LLC acquired a new stake in shares of Chevron during the second quarter worth $1,266,000. Wedmont Private Capital boosted its holdings in shares of Chevron by 7.8% during the second quarter. Wedmont Private Capital now owns 13,982 shares of the oil and gas company’s stock worth $2,175,000 after purchasing an additional 1,016 shares during the last quarter. Finally, M&G Plc boosted its holdings in shares of Chevron by 84.4% during the second quarter. M&G Plc now owns 190,034 shares of the oil and gas company’s stock worth $29,645,000 after purchasing an additional 86,993 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 2.6 %

Shares of NYSE CVX opened at $155.24 on Monday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a market cap of $278.98 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 3.43 and a beta of 1.10. 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’s 50-day simple moving average is $154.77 and its 200-day simple moving average is $152.42.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the company earned $3.05 earnings per share. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Co. will post 10.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is currently 71.65%.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVX. Bank of America started coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. UBS Group lifted their target price on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Scotiabank reduced their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Truist Financial lifted their target price on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Friday. Finally, Barclays lifted their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $175.94.

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.