California Public Employees Retirement System Buys 56,317 Shares of Chevron Corporation $CVX

California Public Employees Retirement System raised its stake in Chevron Corporation (NYSE:CVX) by 1.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,461,111 shares of the oil and gas company’s stock after purchasing an additional 56,317 shares during the quarter. California Public Employees Retirement System’s holdings in Chevron were worth $716,104,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Midwest Capital Advisors LLC bought a new stake in Chevron during the first quarter worth $25,000. Core Wealth Advisors LLC bought a new position in Chevron during the 4th quarter valued at $26,000. Phillip James Consulting Co. purchased a new position in Chevron during the 4th quarter worth $26,000. Basso Capital Management L.P. purchased a new position in Chevron during the 4th quarter worth $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron in the 4th quarter worth $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is currently owned by insiders.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Analysts Set New Price Targets

CVX has been the subject of several analyst reports. Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price for the company in a report on Thursday, April 9th. Morgan Stanley decreased their price objective on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a research note on Friday, April 17th. Scotiabank upped their target price on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Thursday, July 2nd. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $206.83.

Chevron Stock Up 1.9%

Chevron stock opened at $187.39 on Friday. The firm has a 50 day moving average price of $181.54 and a 200-day moving average price of $182.44. 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 Corporation has a twelve month low of $146.49 and a twelve month high of $214.71. The company has a market capitalization of $373.21 billion, a P/E ratio of 32.48, a P/E/G ratio of 0.64 and a beta of 0.50.

Chevron (NYSE:CVX) last posted its quarterly earnings results 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 net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter in the previous year, the firm posted $2.18 EPS. Chevron’s revenue was up 2.1% on a year-over-year basis. As a group, equities analysts predict that Chevron Corporation will post 14.83 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. Chevron’s payout ratio is presently 123.40%.

Chevron 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.