VIRGINIA RETIREMENT SYSTEMS ET Al Sells 15,500 Shares of Chevron Corporation $CVX

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its holdings in shares of Chevron Corporation (NYSE:CVX) by 4.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 372,121 shares of the oil and gas company’s stock after selling 15,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Chevron were worth $75,991,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Gemmer Asset Management LLC lifted its position in Chevron by 1.1% in the third quarter. Gemmer Asset Management LLC now owns 4,254 shares of the oil and gas company’s stock valued at $869,000 after buying an additional 47 shares during the last quarter. Livet Wealth LLC raised its stake in shares of Chevron by 4.0% in the 3rd quarter. Livet Wealth LLC now owns 1,268 shares of the oil and gas company’s stock valued at $259,000 after acquiring an additional 49 shares during the period. First PREMIER Bank raised its stake in shares of Chevron by 0.8% in the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company’s stock valued at $1,070,000 after acquiring an additional 50 shares during the period. Vanguard Capital Wealth Advisors raised its stake in shares of Chevron by 1.8% in the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company’s stock valued at $467,000 after acquiring an additional 50 shares during the period. Finally, Nautilus Advisors LLC lifted its holdings in shares of Chevron by 2.8% in the 3rd quarter. Nautilus Advisors LLC now owns 1,859 shares of the oil and gas company’s stock worth $380,000 after acquiring an additional 50 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Raymond James Financial dropped their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a report on Tuesday, July 21st. TD Cowen upped their price target on Chevron from $215.00 to $225.00 and gave the stock a “hold” rating in a research note on Monday, October 12th. William Blair initiated coverage on Chevron in a research report on Wednesday. They set an “outperform” rating for the company. Wells Fargo & Company lifted their price objective on Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Finally, Piper Sandler boosted their price objective on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $213.96.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. Chevron reported adjusted earnings of $5.28 per share, above the roughly $4.87-$4.89 analyst consensus, while revenue reached $65.24 billion versus estimates of $61.82 billion. Adjusted earnings of approximately $10.4 billion nearly tripled from a year earlier. Chevron tops Q3 expectations on higher downstream profit
• Positive Sentiment: Refining was the standout business. Downstream earnings climbed to nearly $4.9 billion from about $1.1 billion a year earlier as refinery outages and conflicts involving Iran and Russia reduced fuel supplies and lifted margins. Chevron beats earnings expectations as refining profits soar
• Positive Sentiment: Cash generation and the balance sheet improved. Chevron generated roughly $12 billion of free cash flow and $16 billion of operating cash flow, while reducing net debt by about $7.8 billion. This supports dividends, potential buybacks and future investment. Chevron’s profit nearly tripled from a year ago
• Neutral Sentiment: Analyst sentiment has become more constructive. One valuation estimate increased from $227.71 to $232.50, with higher oil-price assumptions, strong refining results and possible Venezuela-related upside supporting revised targets. However, the stock’s rally has reduced its dividend yield for new investors. Chevron stock fair value edges higher
• Negative Sentiment: Investors face risks beyond the strong quarter. Chevron warned that downtime could reduce fourth-quarter production by approximately 225,000 barrels of oil equivalent per day. In addition, refining profits may normalize if geopolitical disruptions ease, while the stock’s elevated valuation and lingering questions about buybacks could limit further upside. Chevron says downtime could hit Q4 output

Insider Activity

In related news, insider R. Pate sold 40,700 shares of the stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the sale, the insider directly owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred 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 owned 14 shares of the company’s stock, valued at $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,195,682 shares of company stock worth $235,619,780 in the last three months. 0.56% of the stock is currently owned by company insiders.

Chevron Stock Up 1.8%

Shares of NYSE CVX opened at $235.62 on Friday. The business has a 50-day moving average of $213.16 and a two-hundred day moving average of $193.07. The company has a market capitalization of $465.53 billion, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48. 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 issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. The business had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company’s revenue was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.85 EPS. On average, analysts forecast that Chevron Corporation will post 18.20 earnings per share for the current fiscal year.

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.