TIAA Trust National Association Increases Stock Holdings in Chevron Corporation $CVX

TIAA Trust National Association grew its stake in shares of Chevron Corporation (NYSE:CVX) by 8.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 215,001 shares of the oil and gas company’s stock after purchasing an additional 17,477 shares during the quarter. TIAA Trust National Association’s holdings in Chevron were worth $33,388,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Perigon Wealth Management LLC grew its stake in Chevron by 19.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock worth $11,406,000 after buying an additional 11,875 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Chevron by 15.3% in the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock valued at $251,606,000 after acquiring an additional 215,345 shares during the period. Pictet North America Advisors SA purchased a new position in shares of Chevron during the third quarter worth approximately $5,662,000. New York State Common Retirement Fund increased its holdings in shares of Chevron by 10.2% in the 3rd quarter. New York State Common Retirement Fund now owns 1,894,470 shares of the oil and gas company’s stock valued at $294,192,000 after acquiring an additional 175,439 shares during the period. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Chevron by 8.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 4,891,609 shares of the oil and gas company’s stock valued at $759,618,000 after acquiring an additional 389,694 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $184.07 on Friday. The stock has a market capitalization of $367.29 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 12.19 and a beta of 0.70. The business’s 50 day moving average is $168.75 and its two-hundred day moving average is $159.34. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $187.90. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion for the quarter, compared to the consensus estimate of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.06 earnings per share. Research analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th will be paid a dividend of $1.78 per share. This is a boost from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. Chevron’s dividend payout ratio is currently 106.91%.

Analysts Set New Price Targets

CVX has been the topic of several research reports. Argus set a $203.00 price objective on shares of Chevron in a research report on Tuesday, February 3rd. TD Cowen increased their target price on shares of Chevron from $160.00 to $168.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Scotiabank reaffirmed a “sector perform” rating and set a $168.00 price objective on shares of Chevron in a research note on Friday, January 16th. Morgan Stanley decreased their price objective on Chevron from $180.00 to $174.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Finally, Sanford C. Bernstein boosted their target price on Chevron from $170.00 to $172.00 and gave the company a “market perform” rating in a report on Monday, January 5th. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $176.36.

Insiders Place Their Bets

In other Chevron news, Vice Chairman Mark A. Nelson sold 45,800 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $174.17, for a total value of $7,976,986.00. Following the completion of the transaction, the insider directly owned 7,161 shares of the company’s stock, valued at approximately $1,247,231.37. This trade represents a 86.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider R. Hewitt Pate sold 41,134 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $176.40, for a total value of $7,256,037.60. Following the sale, the insider directly owned 4,169 shares in the company, valued at $735,411.60. This trade represents a 90.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 534,898 shares of company stock worth $89,543,711. Insiders own 0.21% of the company’s stock.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.