Oregon Public Employees Retirement Fund cut its stake in Chevron Corporation (NYSE:CVX – Free Report) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 216,803 shares of the oil and gas company’s stock after selling 3,200 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Chevron were worth $33,043,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of CVX. Strategic Wealth Advisors LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $33,000. Decker Retirement Planning Inc. acquired a new position in shares of Chevron in the 3rd quarter worth approximately $34,000. Daytona Street Capital LLC acquired a new position in shares of Chevron in the 4th quarter worth approximately $44,000. Maseco LLP acquired a new position in shares of Chevron in the 4th quarter worth approximately $49,000. Finally, Turning Point Benefit Group Inc. acquired a new position in shares of Chevron in the 3rd quarter worth approximately $49,000. 72.42% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on CVX shares. Mizuho raised their price target on Chevron from $206.00 to $217.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target for the company in a report on Thursday, April 9th. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a report on Saturday, January 31st. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a report on Friday, April 3rd. Finally, TD Cowen raised their price target on Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $204.13.
Chevron Trading Up 0.7%
CVX stock opened at $185.95 on Wednesday. The business has a fifty day moving average price of $193.16 and a 200 day moving average price of $172.71. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71. The stock has a market capitalization of $370.33 billion, a price-to-earnings ratio of 32.23, a P/E/G ratio of 0.64 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.
Chevron (NYSE:CVX – Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company earned $2.18 EPS. Analysts expect that Chevron Corporation will post 15.02 EPS for the current fiscal year.
Chevron Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.
Trending Headlines about Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
- Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
- Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
- Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
- Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here’s Why a Drop in Oil Prices Might Be a Warning Sign for the Economy
Insider Transactions at Chevron
In other Chevron news, Vice Chairman Mark A. Nelson sold 139,600 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the transaction, the insider directly owned 11,337 shares in the company, valued at approximately $2,130,449.04. This trade represents a 92.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 195,000 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $184.78, for a total value of $36,032,100.00. Following the completion of the transaction, the director owned 658,045 shares in the company, valued at $121,593,555.10. The trade was a 22.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 816,434 shares of company stock worth $154,338,976. Corporate insiders own 0.56% of the company’s stock.
Chevron Profile
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.
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