Chevron Corporation $CVX Shares Bought by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board boosted its position in Chevron Corporation (NYSE:CVX) by 5.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 98,392 shares of the oil and gas company’s stock after acquiring an additional 5,000 shares during the period. Chevron accounts for approximately 0.5% of New Mexico Educational Retirement Board’s portfolio, making the stock its 29th largest holding. New Mexico Educational Retirement Board’s holdings in Chevron were worth $20,093,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of New York Mellon Corp bought a new stake in shares of Chevron in the second quarter valued at approximately $2,378,114,000. Legal & General Group Plc purchased a new stake in shares of Chevron during the 2nd quarter valued at approximately $1,462,412,000. Deutsche Bank AG purchased a new stake in shares of Chevron during the 2nd quarter valued at approximately $1,189,577,000. Finally, State Street Corp lifted its stake in shares of Chevron by 3.9% during the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after buying an additional 5,998,852 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chevron

In other news, CEO Michael Wirth sold 317,100 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Pate sold 40,700 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the transaction, the insider owned 8,791 shares in the company, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 379,470 shares of company stock valued at $77,216,415 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Chevron Stock Performance

NYSE CVX opened at $213.21 on Thursday. The company’s 50 day simple moving average is $215.23 and its two-hundred day simple moving average is $195.08. The stock has a market capitalization of $419.05 billion, a PE ratio of 15.60, a P/E/G ratio of 0.49 and a beta of 0.47. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $236.48.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The company had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm’s revenue was up 36.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.85 earnings per share. Analysts predict that Chevron Corporation will post 18.64 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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 paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s dividend payout ratio is currently 52.08%.

Top Chevron Stories

Investors following CVX have been watching these stories:

• 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 subject of several analyst reports. Weiss Ratings downgraded shares of Chevron from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, November 2nd. HSBC set a $90.00 target price on shares of Chevron in a report on Friday, September 25th. BMO Capital Markets increased their target price on Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research report on Thursday, September 3rd. Royal Bank Of Canada raised their price target on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, September 24th. Finally, BNP Paribas Exane reduced their price target on Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $221.88.

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.