State of Michigan Retirement System Acquires 43,409 Shares of Chevron Co. (NYSE:CVX)
State of Michigan Retirement System raised its holdings in Chevron Co. (NYSE:CVX) by 10.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 476,777 shares of the oil and gas company’s stock after buying an additional 43,409 shares during the period. State of Michigan Retirement System’s holdings in Chevron were worth $42,543,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in CVX. Unison Advisors LLC increased its stake in shares of Chevron by 1.0% in the first quarter. Unison Advisors LLC now owns 11,414 shares of the oil and gas company’s stock worth $827,000 after buying an additional 110 shares during the period. Campbell Newman Asset Management Inc. grew its holdings in Chevron by 2.4% during the 2nd quarter. Campbell Newman Asset Management Inc. now owns 4,811 shares of the oil and gas company’s stock valued at $429,000 after buying an additional 111 shares in the last quarter. Nachman Norwood & Parrott Inc boosted its position in shares of Chevron by 0.4% during the 2nd quarter. Nachman Norwood & Parrott Inc now owns 30,912 shares of the oil and gas company’s stock valued at $2,758,000 after acquiring an additional 116 shares during the last quarter. Vivid Financial Management Inc. boosted its position in shares of Chevron by 1.2% during the 1st quarter. Vivid Financial Management Inc. now owns 9,907 shares of the oil and gas company’s stock valued at $718,000 after acquiring an additional 117 shares during the last quarter. Finally, Schulhoff & Co. Inc. boosted its position in shares of Chevron by 0.3% during the 1st quarter. Schulhoff & Co. Inc. now owns 38,957 shares of the oil and gas company’s stock valued at $2,822,000 after acquiring an additional 118 shares during the last quarter. 64.60% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms have recently commented on CVX. Piper Sandler increased their target price on Chevron from $96.00 to $108.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Goldman Sachs Group downgraded Chevron from a “conviction-buy” rating to a “buy” rating in a research report on Monday, May 4th. Independent Research downgraded Chevron to a “hold” rating in a research report on Tuesday, April 14th. UBS Group downgraded Chevron from a “buy” rating to a “neutral” rating and set a $95.00 target price for the company. in a research report on Tuesday, May 12th. Finally, Morgan Stanley increased their target price on Chevron from $103.00 to $107.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $111.25.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported ($1.59) EPS for the quarter, missing the consensus estimate of ($0.93) by ($0.66). The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $21.71 billion. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The business’s quarterly revenue was down 64.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.77 EPS. As a group, analysts forecast that Chevron Co. will post 0.8 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a dividend of $1.29 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.16 annualized dividend and a dividend yield of 6.15%. Chevron’s dividend payout ratio is currently 82.30%.
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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