Chevron Co. (NYSE:CVX) Shares Sold by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co lowered its holdings in Chevron Co. (NYSE:CVX - Free Report) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 421,530 shares of the oil and gas company's stock after selling 3,870 shares during the quarter. Chevron comprises approximately 0.5% of Varma Mutual Pension Insurance Co's investment portfolio, making the stock its 24th largest holding. Varma Mutual Pension Insurance Co's holdings in Chevron were worth $65,936,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CVX. Pacifica Partners Inc. increased its holdings in shares of Chevron by 1.8% in the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company's stock valued at $546,000 after acquiring an additional 63 shares during the period. Private Wealth Management Group LLC grew its stake in Chevron by 15.7% in the first quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company's stock valued at $73,000 after purchasing an additional 63 shares during the last quarter. Montz Harcus Wealth Management LLC raised its holdings in Chevron by 2.2% in the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company's stock worth $460,000 after purchasing an additional 63 shares in the last quarter. Hubbell Strickland Wealth Management LLC lifted its position in shares of Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company's stock valued at $1,485,000 after buying an additional 64 shares during the last quarter. Finally, Ellenbecker Investment Group boosted its holdings in shares of Chevron by 1.5% in the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company's stock valued at $686,000 after buying an additional 65 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

Shares of CVX stock traded down $2.37 on Friday, hitting $138.56. The company had a trading volume of 7,836,358 shares, compared to its average volume of 6,195,833. The firm has a market cap of $253.42 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 2.40 and a beta of 1.09. Chevron Co. has a twelve month low of $137.87 and a twelve month high of $171.70. The company has a 50-day moving average price of $150.82 and a 200-day moving average price of $155.26. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company's revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.08 earnings per share. As a group, equities research analysts predict that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.71%. Chevron's dividend payout ratio is presently 59.98%.

Analyst Ratings Changes

CVX has been the subject of a number of analyst reports. Royal Bank of Canada decreased their target price on shares of Chevron from $190.00 to $180.00 and set an "outperform" rating for the company in a research report on Monday, August 5th. Truist Financial reduced their target price on Chevron from $156.00 to $154.00 and set a "hold" rating on the stock in a research report on Monday, August 5th. Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They issued a "peer perform" rating for the company. Scotiabank cut their price objective on shares of Chevron from $195.00 to $180.00 and set a "sector outperform" rating on the stock in a report on Friday, July 12th. Finally, Sanford C. Bernstein lowered shares of Chevron from an "outperform" rating to a "market perform" rating and decreased their price objective for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $183.82.

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.