State of Michigan Retirement System Has $71.69 Million Holdings in Chevron Co. (NYSE:CVX)

State of Michigan Retirement System reduced its stake in shares of Chevron Co. (NYSE:CVXFree Report) by 1.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 480,615 shares of the oil and gas company’s stock after selling 5,800 shares during the quarter. State of Michigan Retirement System’s holdings in Chevron were worth $71,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new stake in shares of Chevron during the 3rd quarter worth about $26,000. Valley Forge Investment Consultants Inc. ADV increased its position in shares of Chevron by 80.0% during the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. Valued Wealth Advisors LLC acquired a new stake in shares of Chevron during the 4th quarter worth about $33,000. DHJJ Financial Advisors Ltd. acquired a new stake in shares of Chevron during the 3rd quarter worth about $35,000. Finally, Worth Asset Management LLC bought a new stake in Chevron during the 1st quarter worth about $36,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Performance

Shares of CVX stock opened at $159.82 on Wednesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27. The company has a market capitalization of $296.83 billion, a P/E ratio of 14.07, a price-to-earnings-growth ratio of 2.42 and a beta of 1.12. The company’s 50 day moving average price is $152.56 and its two-hundred day moving average price is $152.41. Chevron Co. has a 52 week low of $139.62 and a 52 week high of $172.88.

Chevron (NYSE:CVXGet Free Report) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, topping the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The firm had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. During the same period last year, the company posted $4.09 EPS. The business’s quarterly revenue was down 16.5% on a year-over-year basis. On average, analysts expect that Chevron Co. will post 13.13 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were issued a $1.63 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.08%. Chevron’s dividend payout ratio (DPR) is 57.39%.

Analyst Ratings Changes

CVX has been the topic of a number of research analyst reports. Piper Sandler decreased their price objective on shares of Chevron from $188.00 to $180.00 and set an “overweight” rating on the stock in a report on Thursday, March 14th. UBS Group decreased their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Thursday, December 14th. Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a research note on Monday, January 8th. Royal Bank of Canada raised their target price on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research note on Monday. Seven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $180.39.

Read Our Latest Stock Analysis on Chevron

About Chevron

(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.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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