Arizona State Retirement System Reduces Position in Chevron Corporation $CVX

Arizona State Retirement System reduced its position in Chevron Corporation (NYSE:CVX) by 2.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 512,155 shares of the oil and gas company’s stock after selling 12,017 shares during the quarter. Arizona State Retirement System’s holdings in Chevron were worth $84,895,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. United Bank grew its holdings in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company’s stock worth $1,586,000 after buying an additional 796 shares during the last quarter. Schnieders Capital Management LLC. raised its stake in Chevron by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company’s stock valued at $7,280,000 after acquiring an additional 4,214 shares during the last quarter. BNP Paribas raised its stake in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 191 shares during the last quarter. Osterweis Capital Management Inc. lifted its position in Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company’s stock worth $195,000 after acquiring an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC lifted its position in Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company’s stock worth $2,299,000 after acquiring an additional 553 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

NYSE CVX traded up $1.49 on Tuesday, hitting $210.09. 7,699,366 shares of the company’s stock were exchanged, compared to its average volume of 10,633,124. The firm has a market cap of $415.08 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 0.61 and a beta of 0.50. The firm’s 50-day moving average price is $191.90 and its two-hundred day moving average price is $190.01. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $214.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. During the same period last year, the firm earned $1.77 EPS. The company’s quarterly revenue was up 57.4% compared to the same quarter last year. On average, research analysts expect that Chevron Corporation will post 16.51 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.4%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron plans to double the number of oil rigs it operates in Venezuela as part of a five-year growth strategy. The expansion is intended to lift production in the country toward approximately 600,000 barrels per day, adding potentially significant upstream growth. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: The company’s planned investment of more than $7 billion over five years, including additional acreage in Venezuela’s Carabobo region, gives CVX a new production-growth avenue. Strong cash flow and expected Hess-related synergies could provide financial flexibility for the program. Chevron doubles down on Venezuela with a $7 billion oil bet
• Positive Sentiment: At the Barclays Energy-Power Conference, management highlighted the Venezuela expansion and broader production-growth plans. Analysts and market commentary continue to point to elevated energy prices, solid earnings and Chevron’s integrated business model as support for the shares. Chevron Barclays conference transcript
• Neutral Sentiment: Chevron’s stock has risen sharply and is close to a record high. BMO remains constructive on the company, but investors must determine whether oil prices, earnings growth and operational improvements can justify further gains at current levels. Chevron’s record run isn’t over yet, BMO says
• Negative Sentiment: The Venezuela strategy carries execution, political and sanctions-related risks. The large capital commitment also raises the stakes if production targets are delayed or oil prices weaken, while the recent rally leaves less room for disappointing results. Chevron stock is near a record high

Insiders Place Their Bets

In other Chevron news, insider R. Pate sold 2,470 shares of the business’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the sale, the insider directly owned 10,794 shares in the company, valued at approximately $2,213,957.34. The trade was a 18.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction on Monday, August 17th. The stock was 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 approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,152,582 shares of company stock worth $225,853,661 in the last ninety days. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CVX shares. Bank of America boosted their target price on Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Dbs Bank raised Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Piper Sandler lifted their price objective on shares of Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Jefferies Financial Group reissued a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Finally, Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $211.35.

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.