State of Michigan Retirement System increased its holdings in Chevron Co. (NYSE:CVX) by 10.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 476,777 shares of the oil and gas company’s stock after purchasing an additional 43,409 shares during the period. State of Michigan Retirement System’s holdings in Chevron were worth $42,543,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of CVX. Selective Wealth Management Inc. acquired a new stake in shares of Chevron during the second quarter worth approximately $25,000. Corbenic Partners LLC increased its holdings in shares of Chevron by 276.0% during the first quarter. Corbenic Partners LLC now owns 361 shares of the oil and gas company’s stock worth $26,000 after buying an additional 265 shares in the last quarter. PARK CIRCLE Co acquired a new stake in shares of Chevron during the first quarter worth approximately $36,000. Marshall & Sullivan Inc. WA acquired a new stake in shares of Chevron during the second quarter worth approximately $36,000. Finally, Asset Advisors Investment Management LLC acquired a new stake in shares of Chevron in the second quarter valued at approximately $36,000. 64.60% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE CVX traded down $2.33 during midday trading on Friday, reaching $83.94. 19,120,651 shares of the stock were exchanged, compared to its average volume of 7,507,398. The business has a 50-day simple moving average of $88.84 and a two-hundred day simple moving average of $92.49. The company has a market capitalization of $156.71 billion, a price-to-earnings ratio of 40.95, a P/E/G ratio of 21.46 and a beta of 1.29. Chevron Co. has a 12 month low of $51.60 and a 12 month high of $125.27. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.01 and a quick ratio of 0.78.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a dividend of $1.29 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.16 dividend on an annualized basis and a dividend yield of 6.15%. Chevron’s payout ratio is 82.30%.
A number of analysts recently weighed in on CVX shares. Scotiabank raised their price target on shares of Chevron from $90.00 to $95.00 and gave the company a “sector outperform” rating in a report on Monday, July 13th. JPMorgan Chase & Co. raised their price target on shares of Chevron from $103.00 to $109.00 and gave the company an “overweight” rating in a report on Monday, June 8th. Jefferies Financial Group reissued a “buy” rating and issued a $92.00 price target on shares of Chevron in a report on Friday, May 1st. Goldman Sachs Group lowered shares of Chevron from a “conviction-buy” rating to a “buy” rating in a report on Monday, May 4th. Finally, Raymond James raised their price target on shares of Chevron from $95.00 to $100.00 and gave the company an “outperform” rating in a report on Monday, July 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $111.25.
Chevron Company Profile
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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