Chevron Co. (NYSE:CVX) Stock Position Reduced by Employees Retirement System of Texas

Employees Retirement System of Texas decreased its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 20.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,610 shares of the oil and gas company's stock after selling 3,800 shares during the period. Employees Retirement System of Texas' holdings in Chevron were worth $21,161,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CVX. Geode Capital Management LLC boosted its position in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after purchasing an additional 392,916 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock worth $4,613,960,000 after buying an additional 746,806 shares in the last quarter. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at about $3,017,750,000. Fisher Asset Management LLC increased its holdings in Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock valued at $2,881,280,000 after acquiring an additional 410,460 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Chevron by 0.5% during the fourth quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock worth $2,502,850,000 after acquiring an additional 79,917 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Down 6.5 %

NYSE CVX traded down $9.53 during mid-day trading on Thursday, hitting $136.50. The company's stock had a trading volume of 11,073,834 shares, compared to its average volume of 7,815,734. The firm has a market capitalization of $240.32 billion, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron Co. has a 52-week low of $133.88 and a 52-week high of $168.96. The stock's fifty day simple moving average is $155.99 and its two-hundred day simple moving average is $153.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period last year, the company earned $3.45 earnings per share. Research analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. This is an increase from Chevron's previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 5.01%. Chevron's dividend payout ratio (DPR) is 70.37%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group lowered their target price on Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a report on Monday. Barclays dropped their price objective on Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a research report on Wednesday, February 5th. Raymond James cut their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company decreased their price target on shares of Chevron from $188.00 to $184.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Finally, Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $173.53.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm's stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company's stock.

Chevron Company Profile

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.