Varma Mutual Pension Insurance Co Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Varma Mutual Pension Insurance Co reduced its stake in Chevron Co. (NYSE:CVX) by 0.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 421,530 shares of the oil and gas company’s stock after selling 3,870 shares during the period. Chevron makes up 0.5% of Varma Mutual Pension Insurance Co’s portfolio, making the stock its 24th largest holding. Varma Mutual Pension Insurance Co’s holdings in Chevron were worth $65,936,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. American Capital Advisory LLC increased its position in Chevron by 403.2% in the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 125 shares during the last quarter. Frank Rimerman Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth about $30,000. Anfield Capital Management LLC raised its position in shares of Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares in the last quarter. Cooksen Wealth LLC purchased a new stake in shares of Chevron during the 4th quarter valued at about $40,000. Finally, Clear Investment Research LLC lifted its holdings in shares of Chevron by 264.9% in the 4th quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 204 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Down 1.7 %

Shares of Chevron stock traded down $2.37 during trading on Friday, hitting $138.56. 7,836,358 shares of the stock traded hands, compared to its average volume of 6,195,833. Chevron Co. has a 52-week low of $137.87 and a 52-week high of $171.70. The stock’s fifty day simple moving average is $150.82 and its 200 day simple moving average is $155.26. 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. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same quarter in the prior year, the firm posted $3.08 EPS. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts predict that Chevron Co. will post 11.86 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.71%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analysts Set New Price Targets

CVX has been the topic of a number of recent research reports. Sanford C. Bernstein downgraded 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. Truist Financial decreased their price target on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a report on Monday, August 5th. Barclays dropped their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Wolfe Research started coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, Mizuho lifted their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

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.