Chevron Corporation $CVX Stock Position Raised by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama increased its Chevron stake by 1.8%, adding 21,048 shares to hold 1.16 million shares valued at about $237.3 million. Institutional investors and hedge funds own 72.42% of Chevron.
• Chevron reported quarterly earnings of $5.28 per share, beating the $4.87 consensus estimate; revenue of $65.24 billion was up 36.3% year over year and also exceeded expectations.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to a 3.4% yield. Insiders sold 379,470 shares worth about $77.2 million over the past three months.

Retirement Systems of Alabama lifted its stake in Chevron Corporation (NYSE:CVX - Free Report) by 1.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,162,074 shares of the oil and gas company's stock after purchasing an additional 21,048 shares during the quarter. Chevron comprises about 0.7% of Retirement Systems of Alabama's portfolio, making the stock its 24th largest holding. Retirement Systems of Alabama owned about 0.06% of Chevron worth $237,307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CVX. State Street Corp boosted its position in Chevron by 3.9% in the second 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 during the last quarter. BlackRock Inc. purchased a new position in Chevron during the 2nd quarter worth approximately $25,663,729,000. Bank of America Corp DE raised its position in Chevron by 5.1% during the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock worth $5,716,694,000 after buying an additional 1,334,976 shares during the last quarter. Amundi raised its position in Chevron by 3.0% during the 1st quarter. Amundi now owns 12,185,436 shares of the oil and gas company's stock worth $2,521,166,000 after buying an additional 349,416 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Chevron during the 2nd quarter valued at approximately $2,378,114,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Michael Wirth sold 317,100 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Andrew Walz sold 16,800 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 379,470 shares of company stock worth $77,216,415. 0.56% of the stock is owned by insiders.

Chevron Trading Down 0.8%

Shares of Chevron stock opened at $210.91 on Tuesday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a twelve month low of $146.49 and a twelve month high of $236.48. The firm has a market capitalization of $416.71 billion, a PE ratio of 15.43, a P/E/G ratio of 0.51 and a beta of 0.47. The firm's 50-day moving average price is $215.09 and its 200 day moving average price is $194.63.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The company had revenue of $65.24 billion for the quarter, compared to analysts' expectations of $61.82 billion. During the same quarter in the previous year, the company posted $1.85 EPS. The firm's quarterly revenue was up 36.3% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron's dividend payout ratio (DPR) is currently 52.08%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a research note on Monday, November 2nd. Jefferies Financial Group raised their target price on shares of Chevron from $216.00 to $233.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Royal Bank Of Canada boosted their target price on shares of Chevron from $220.00 to $230.00 and gave the company an "outperform" rating in a research report on Thursday, September 24th. Raymond James Financial lowered their price target on shares of Chevron from $230.00 to $225.00 and set an "outperform" rating on the stock in a report on Tuesday, July 21st. Finally, Weiss Ratings downgraded Chevron from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, November 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock 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.

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