Chevron Corporation $CVX Stock: Maryland State Retirement & Pension System Increases Position

Maryland State Retirement & Pension System grew its position in Chevron Corporation (NYSE:CVX) by 13.7% during the 3rd quarter, Holdings Channel reports. The fund owned 113,740 shares of the oil and gas company’s stock after buying an additional 13,713 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Chevron were worth $23,227,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CVX. Main Street Group LTD acquired a new stake in Chevron in the first quarter valued at about $28,000. Kilter Group LLC purchased a new stake in shares of Chevron in the second quarter valued at approximately $28,000. Principia Wealth Advisory LLC grew its holdings in Chevron by 49.6% during the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 60 shares during the period. Legacy Wealth Managment LLC ID increased its holdings in shares of Chevron by 81.8% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 220 shares of the oil and gas company’s stock valued at $46,000 after purchasing an additional 99 shares in the last quarter. Finally, Strategic Wealth Advisors LLC purchased a new position in shares of Chevron in the 2nd quarter valued at about $33,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Up 0.9%

NYSE:CVX opened at $213.21 on Thursday. The company has a market capitalization of $419.05 billion, a PE ratio of 15.60, a price-to-earnings-growth 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. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $236.48. The stock has a fifty day simple moving average of $215.23 and a 200-day simple moving average of $195.08.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating 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 net margin of 11.56% and a return on equity of 14.49%. The firm’s revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the company earned $1.85 EPS. On average, equities research analysts expect that Chevron Corporation will post 18.64 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. Chevron’s payout ratio is presently 52.08%.

Trending Headlines about Chevron

Investors following CVX have been watching these headlines:

• Positive Sentiment: A 25% stake in Chevron’s Namibia offshore license is being sold to QatarEnergy. Sharing exploration costs while retaining control could limit Chevron’s financial exposure and preserve potential upside from a discovery. Chevron Expands Namibia Ties With QatarEnergy Offshore Stake Deal
• Positive Sentiment: Chevron plans to invest $13.8 billion in Argentina’s Vaca Muerta shale region and aims to triple output there by 2035. Applying Permian expertise could support long-term production growth, if the company can manage high costs and pipeline constraints. Can Chevron’s $13.8B Vaca Muerta Bet Fuel Long-Term Growth?
• Negative Sentiment: Oil futures fell to their lowest level since August after comments that the Iran conflict was effectively over. Lower crude prices can weigh on energy-sector earnings expectations, although the report notes there was no confirmed deal and Iran denied talks. Oil Prices Just Fell to Their Lowest Since August

Wall Street Analyst Weigh In

CVX has been the topic of a number of research analyst reports. Raymond James Financial decreased their price objective on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a report on Thursday, August 6th. Freedom Broker upgraded shares of Chevron from a “sell” rating to a “hold” rating and set a $218.00 price target for the company in a research report on Thursday, November 5th. Wall Street Zen raised Chevron from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Wells Fargo & Company upped their price target on Chevron from $230.00 to $268.00 and gave the stock an “overweight” rating in a report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $221.88.

Insider Buying and Selling at Chevron

In other Chevron news, insider R. Pate sold 40,700 shares of the company’s 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 owned 8,791 shares of the company’s stock, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the sale, the insider owned 14 shares in the company, valued at $2,814.84. This represents a 99.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 379,470 shares of company stock valued at $77,216,415 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

Chevron Profile

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.