Chevron Corporation $CVX Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Chevron stake by adding roughly 430.4 million shares in the second quarter, bringing its holdings to 432.7 million shares valued at about $71.7 billion.
• Analysts remain broadly positive on Chevron, with 20 Buy ratings, five Holds and one Sell; the stock has a consensus “Moderate Buy” rating and an average price target of $211.35.
• Chevron reported stronger-than-expected quarterly results, including $6.06 in earnings per share and $67.2 billion in revenue, and announced a quarterly dividend of $1.78 per share. Investors are also weighing growth opportunities in Venezuela and Ghana against capital, political and oil-price risks.

California State Teachers Retirement System lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 19,425.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 432,663,934 shares of the oil and gas company's stock after purchasing an additional 430,448,040 shares during the period. California State Teachers Retirement System owned about 21.90% of Chevron worth $71,718,374,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First PREMIER Bank boosted its stake in shares of Chevron by 0.8% in the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company's stock valued at $1,070,000 after buying an additional 50 shares during the period. Vanguard Capital Wealth Advisors grew its position in shares of Chevron by 1.8% during the second quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company's stock worth $467,000 after buying an additional 50 shares in the last quarter. Cornerstone Advisory LLC increased its stake in shares of Chevron by 0.9% during the first quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock worth $1,164,000 after buying an additional 52 shares during the period. Compton Financial Group LLC raised its holdings in Chevron by 1.9% in the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock valued at $609,000 after acquiring an additional 56 shares in the last quarter. Finally, Quantum Portfolio Management LLC raised its holdings in Chevron by 2.7% in the first quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock valued at $435,000 after acquiring an additional 56 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of recent research reports. Jefferies Financial Group reiterated a "buy" rating and issued a $216.00 price target on shares of Chevron in a research note on Friday, July 10th. UBS Group restated a "buy" rating on shares of Chevron in a report on Tuesday, June 23rd. Morgan Stanley lifted their price objective on shares of Chevron from $210.00 to $218.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Weiss Ratings upgraded shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Barclays dropped their target price on Chevron from $216.00 to $208.00 and set an "equal weight" rating on the stock in a report on Monday, August 17th. Twenty investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $211.35.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Chevron Trading Down 0.1%

Shares of Chevron stock opened at $208.48 on Monday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a fifty day simple moving average of $191.10 and a 200-day simple moving average of $189.82. The stock has a market cap of $411.91 billion, a price-to-earnings ratio of 19.99, a PEG ratio of 0.61 and a beta of 0.50. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping 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 firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same period last year, the business earned $1.77 EPS. Chevron's revenue for the quarter was up 57.4% compared to the same quarter last year. On average, equities analysts forecast that Chevron Corporation will post 16.51 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be given a dividend of $1.78 per share. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.4%. Chevron's payout ratio is 68.26%.

Insider Transactions at Chevron

In other news, insider Andrew Walz sold 16,800 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares of the company's stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider R. Pate sold 2,470 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider owned 10,794 shares in the company, valued at approximately $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. 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 quarter. Company insiders own 0.56% of the company's stock.

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.

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