Illinois Municipal Retirement Fund grew its stake in shares of Chevron Corporation (NYSE:CVX – Free Report) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 270,753 shares of the oil and gas company’s stock after buying an additional 8,273 shares during the quarter. Chevron comprises 0.6% of Illinois Municipal Retirement Fund’s holdings, making the stock its 17th biggest position. Illinois Municipal Retirement Fund’s holdings in Chevron were worth $55,290,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the period. BlackRock Inc. bought a new stake in Chevron during the second quarter worth approximately $25,663,729,000. Bank of America Corp DE lifted its position in Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the period. Amundi lifted its position in Chevron by 3.0% in the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock worth $2,521,166,000 after purchasing an additional 349,416 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in Chevron in the second quarter worth approximately $2,378,114,000. 72.42% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael K. Wirth sold 317,100 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the sale, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 379,470 shares of company stock worth $77,216,415 over the last ninety days. 0.56% of the stock is currently owned by company insiders.
Chevron Trading Up 0.2%
Shares of NYSE CVX opened at $211.15 on Wednesday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $236.48. The company has a market cap of $414.99 billion, a price-to-earnings ratio of 15.45, a P/E/G ratio of 0.49 and a beta of 0.47. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $215.19 and a 200-day simple moving average of $194.85.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. Chevron’s revenue was up 36.3% on a year-over-year basis. During the same quarter last year, the business posted $1.85 EPS. Sell-side analysts predict that Chevron Corporation will post 18.56 EPS for the current year.
Chevron Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be paid a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. Chevron’s dividend payout ratio is currently 52.08%.
Wall Street Analysts Forecast Growth
CVX has been the subject of a number of research reports. Piper Sandler increased their price target on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Wells Fargo & Company boosted their price objective on Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a research note on Monday, November 2nd. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $240.00 price objective on the stock. in a research note on Tuesday, November 3rd. Morgan Stanley upped their price objective on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Finally, Raymond James Financial decreased their target price on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $221.88.
View Our Latest Stock Analysis on CVX
Key Stories Impacting Chevron
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron is selling QatarEnergy a 25% stake in its PEL82 offshore exploration license in Namibia. The deal shares exploration costs while Chevron retains control and exposure to potential discoveries. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
- Positive Sentiment: Chevron is pursuing a $13.8 billion expansion in Argentina’s Vaca Muerta shale formation, aiming to triple its output there by 2035. Applying Permian expertise could support growth, though the plan faces high costs and pipeline constraints. Can Chevron’s $13.8B Vaca Muerta Bet Fuel Long-Term Growth?
- Neutral Sentiment: Chevron plans to double production in Venezuela, offering potential volume growth but exposing the company to political and investment risks. The article notes ExxonMobil’s reluctance to return after past asset seizures and flags uncertainty around long-term oil demand. Chevron Is Doubling Venezuela Production. ExxonMobil Says It’s Not in a Rush.
- Negative Sentiment: Oil prices fell to their lowest since August after President Trump said the Iran war was effectively over. Lower crude prices can weigh on Chevron’s earnings outlook; however, the report says there was no signed deal and Iran denied talks, leaving the situation uncertain. Oil Prices Just Fell to Their Lowest Since August
About Chevron
Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.
Featured Articles
- Five stocks we like better than Chevron
- Why Kinder Morgan’s Chairman Just Bought $15 Million in Stock
- Rocket Lab’s Record Backlog Could Fuel a Rebound, But Neutron Raises the Stakes
- Don’t Let Their Low Yields Fool You: 3 Dividend Stocks Worth Watching
- A $4 Billion Jolt: NRG Energy Powers Data Center Ambitions
Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.
