Chevron Corporation $CVX Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio trimmed its Chevron stake by 0.8% in the first quarter, selling 6,793 shares and ending with 796,420 shares worth about $164.8 million.
• Institutional ownership remains heavy, with hedge funds and other large investors controlling 72.42% of Chevron shares; recent moves included major buying from firms like State Street and Berkshire Hathaway.
• Chevron saw mixed but generally supportive analyst sentiment: several firms reiterated buy or overweight ratings, though some trimmed price targets, and the stock currently carries a consensus “Moderate Buy” rating with a $205.17 target.

Public Employees Retirement System of Ohio reduced its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 796,420 shares of the oil and gas company's stock after selling 6,793 shares during the quarter. Chevron comprises approximately 0.5% of Public Employees Retirement System of Ohio's holdings, making the stock its 26th largest position. Public Employees Retirement System of Ohio's holdings in Chevron were worth $164,779,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc grew its stake in shares of Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after purchasing an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock valued at $6,620,187,000 after purchasing an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Chevron by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock valued at $5,492,377,000 after purchasing an additional 961,341 shares during the period. Finally, Norges Bank bought a new stake in shares of Chevron during the fourth quarter valued at about $3,727,586,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other Chevron 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 value of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.56% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVX. The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Morgan Stanley reduced their price target 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. Zacks Research cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Finally, Piper Sandler assumed coverage on shares of Chevron in a research note on Thursday. They set an "overweight" rating and a $207.00 price objective on the stock. Nineteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Chevron currently has an average rating of "Moderate Buy" and a consensus price target of $205.17.

Chevron Price Performance

NYSE:CVX opened at $194.39 on Friday. The business's 50-day moving average price is $182.04 and its 200 day moving average price is $183.75. The firm has a market cap of $387.15 billion, a P/E ratio of 33.69, a PEG ratio of 0.68 and a beta of 0.50. Chevron Corporation has a 52-week low of $146.49 and a 52-week high of $214.71. 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 (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the prior year, the company earned $2.18 EPS. Chevron's revenue was up 2.1% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is presently 123.40%.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Piper Sandler initiated coverage on Chevron as the only global oil major with an outperform rating, a constructive signal versus peers. Chevron only outperform-rated name among global oil majors initiated at Piper Sandler
• Positive Sentiment: Oil prices surged above $100 a barrel intraday amid geopolitical tensions, which should improve Chevron’s realized prices and near-term earnings prospects. BATL, CVX, XOM Stocks Rise As Brent Crude Tops $100 – Trump Threatens Iran With 'Major Military Punishment' After Houthi Attack On Saudi Ships
• Positive Sentiment: Chevron was highlighted as an outperformer among dividend and integrated energy names, reinforcing its appeal as a defensive income stock in a stronger oil market. Chevron Leads 3 Dividend Aristocrats Paying Up to 4% and Beating the S&P 500
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that may temporarily limit output but is not necessarily a long-term issue. Chevron shuts production at U.S. Gulf platform ahead of tropical storm
• Neutral Sentiment: TD Cowen raised Chevron’s price target to $200 from $197 while keeping a hold rating, suggesting modest upside but not a major change in sentiment. Chevron price target raised by TD Cowen
• Negative Sentiment: One warning sign is that some strategists see a possible China demand slowdown and falling crude imports as a threat to the recent oil-driven rally later this year. Chevron’s Biggest Stock Rally Since 2022 Faces a China-Sized Problem

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.

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