Oregon Public Employees Retirement Fund Sells 3,200 Shares of Chevron Corporation $CVX

Oregon Public Employees Retirement Fund lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 216,803 shares of the oil and gas company’s stock after selling 3,200 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Chevron were worth $33,043,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in CVX. Vanguard Group Inc. boosted its stake in shares of Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after acquiring an additional 27,961,463 shares in the last quarter. State Street Corp boosted its stake in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares in the last quarter. Primecap Management Co. CA bought a new stake in shares of Chevron during the 3rd quarter worth about $988,083,000. Bank of New York Mellon Corp boosted its stake in shares of Chevron by 27.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock worth $3,047,900,000 after acquiring an additional 4,279,918 shares in the last quarter. Finally, Amundi boosted its stake in shares of Chevron by 41.8% during the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company’s stock worth $1,811,333,000 after acquiring an additional 3,464,058 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Key Chevron News

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

Chevron Price Performance

Shares of NYSE:CVX opened at $185.95 on Wednesday. The business has a 50 day moving average price of $193.16 and a 200 day moving average price of $172.71. Chevron Corporation has a twelve month low of $133.77 and a twelve month high of $214.71. The company has a market cap of $370.33 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 0.64 and a beta of 0.51. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter last year, the company earned $2.18 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis. Research analysts predict that Chevron Corporation will post 15.02 earnings per share for the current year.

Chevron Dividend Announcement

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. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Insider Buying and Selling

In other Chevron news, insider Andrew Benjamin Walz sold 11,600 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider owned 11,337 shares of the company’s stock, valued at $2,130,449.04. This represents a 92.49% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 816,434 shares of company stock worth $154,338,976. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CVX shares. Sanford C. Bernstein decreased their target price on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research note on Monday. Argus set a $203.00 target price on Chevron in a research note on Tuesday, February 3rd. Scotiabank increased their target price on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. UBS Group increased their target price on Chevron from $218.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Finally, BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price for the company in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $204.13.

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.