Varma Mutual Pension Insurance Co Makes New $51.26 Million Investment in Chevron Corporation $CVX

Varma Mutual Pension Insurance Co acquired a new position in shares of Chevron Corporation (NYSE:CVX) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 309,236 shares of the oil and gas company’s stock, valued at approximately $51,259,000.

A number of other large investors have also modified their holdings of CVX. Midwest Capital Advisors LLC acquired a new position in Chevron during the 1st quarter worth $25,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter worth about $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insider Transactions at Chevron

In related news, insider R. Hewitt Pate sold 2,470 shares of the 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 completion of the sale, the insider owned 10,794 shares in the company, valued at $2,213,957.34. This represents a 18.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the sale, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last ninety days. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVX. Piper Sandler assumed coverage on Chevron in a research report on Thursday, July 23rd. They set an “overweight” rating and a $207.00 price objective for the company. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Wall Street Zen raised shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. The Goldman Sachs Group reiterated a “buy” rating and issued a $216.00 price target on shares of Chevron in a research note on Wednesday, May 6th. Finally, Barclays lowered their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $207.48.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Chevron Price Performance

Shares of NYSE:CVX opened at $205.25 on Friday. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The firm has a market capitalization of $405.53 billion, a P/E ratio of 19.68, a P/E/G ratio of 0.61 and a beta of 0.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company’s fifty day moving average price is $185.03 and its 200 day moving average price is $188.07.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.5%. Chevron’s payout ratio is currently 68.26%.

Chevron Company Profile

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.