Illinois Municipal Retirement Fund Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Illinois Municipal Retirement Fund cut its holdings in shares of Chevron Co. (NYSE:CVX) by 9.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,252 shares of the oil and gas company’s stock after selling 17,407 shares during the period. Illinois Municipal Retirement Fund’s holdings in Chevron were worth $24,910,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Berkshire Hathaway Inc boosted its holdings in shares of Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after buying an additional 15,845,037 shares during the last quarter. Norges Bank bought a new position in shares of Chevron in the fourth quarter worth about $2,902,007,000. Bank of New York Mellon Corp lifted its holdings in shares of Chevron by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock worth $2,540,135,000 after buying an additional 654,482 shares in the last quarter. Capital World Investors grew its stake in Chevron by 3.2% during the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock valued at $2,525,380,000 after acquiring an additional 495,879 shares in the last quarter. Finally, Franklin Resources Inc. lifted its stake in Chevron by 13.0% in the 4th quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock worth $2,330,235,000 after purchasing an additional 1,797,171 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Chevron stock traded down $2.37 during trading hours on Friday, hitting $138.56. 7,836,358 shares of the stock traded hands, compared to its average volume of 7,768,067. Chevron Co. has a 1 year low of $137.87 and a 1 year high of $171.70. The stock has a market capitalization of $255.36 billion, a price-to-earnings ratio of 12.74, a P/E/G ratio of 2.50 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm’s 50 day moving average price is $150.82 and its 200-day moving average price is $155.26.

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

Chevron Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have commented on CVX shares. Royal Bank of Canada dropped their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Mizuho increased their price objective on shares of Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Scotiabank decreased their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, Wolfe Research assumed coverage on shares of Chevron in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron 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.