Chevron Co. (NYSE:CVX) Stock Holdings Raised by Illinois Municipal Retirement Fund

Posted by Defense World Staff on Apr 25th, 2023

Illinois Municipal Retirement Fund lifted its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 260,531 shares of the oil and gas company’s stock after buying an additional 19,317 shares during the quarter. Chevron accounts for approximately 1.1% of Illinois Municipal Retirement Fund’s holdings, making the stock its 5th largest holding. Illinois Municipal Retirement Fund’s holdings in Chevron were worth $46,763,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. 9258 Wealth Management LLC increased its holdings in Chevron by 15.8% during the 4th quarter. 9258 Wealth Management LLC now owns 13,198 shares of the oil and gas company’s stock worth $2,369,000 after purchasing an additional 1,804 shares during the last quarter. White Pine Investment CO increased its holdings in Chevron by 0.7% during the 4th quarter. White Pine Investment CO now owns 32,001 shares of the oil and gas company’s stock worth $5,744,000 after purchasing an additional 208 shares during the last quarter. OLD National Bancorp IN increased its holdings in Chevron by 1.6% during the 4th quarter. OLD National Bancorp IN now owns 105,445 shares of the oil and gas company’s stock worth $18,926,000 after purchasing an additional 1,627 shares during the last quarter. Albion Financial Group UT increased its holdings in Chevron by 0.6% during the 4th quarter. Albion Financial Group UT now owns 17,553 shares of the oil and gas company’s stock worth $3,151,000 after purchasing an additional 105 shares during the last quarter. Finally, Ignite Planners LLC increased its holdings in Chevron by 73.5% during the 4th quarter. Ignite Planners LLC now owns 9,419 shares of the oil and gas company’s stock worth $1,693,000 after purchasing an additional 3,990 shares during the last quarter. 69.37% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Mizuho reiterated a “neutral” rating and issued a $206.00 target price on shares of Chevron in a research report on Tuesday, April 11th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $195.00 to $200.00 in a research report on Thursday, April 13th. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a research report on Tuesday, April 4th. Barclays lifted their target price on Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Finally, Raymond James reduced their price objective on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a research report on Friday, April 14th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $193.50.

Insider Buying and Selling at Chevron

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of the business’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the transaction, the vice president now owns 3,967 shares in the company, valued at $674,390. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Chevron Stock Performance

Shares of CVX stock opened at $171.48 on Tuesday. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The company has a current ratio of 1.47, a quick ratio of 1.23 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $324.89 billion, a price-to-earnings ratio of 9.38, a P/E/G ratio of 0.82 and a beta of 1.16. The stock’s fifty day simple moving average is $163.77 and its 200-day simple moving average is $171.54.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a net margin of 14.40% and a return on equity of 23.52%. The firm had revenue of $56.47 billion during the quarter, compared to analysts’ expectations of $53.97 billion. During the same quarter last year, the firm earned $2.56 EPS. The business’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, sell-side analysts predict that Chevron Co. will post 14.39 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Thursday, February 16th were paid a $1.51 dividend. The ex-dividend date was Wednesday, February 15th. This represents a $6.04 dividend on an annualized basis and a yield of 3.52%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s payout ratio is 33.04%.

Chevron announced that its board has initiated a stock repurchase program on Wednesday, January 25th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.