National Pension Service Acquires 419,539 Shares of Chevron Corporation $CVX

Key Points

• National Pension Service boosted its Chevron stake by 10.6% in the fourth quarter, buying 419,539 additional shares and bringing its total holding to 4.36 million shares worth about $664.5 million.
• Chevron reported better-than-expected earnings of $1.41 per share for the quarter, though revenue of $47.56 billion came in below analyst estimates. Analysts still expect the company to earn 15.74 EPS for the current fiscal year.
• Chevron declared a quarterly dividend of $1.78 per share, equal to an annualized $7.12 payout and a 3.9% yield, with payment scheduled for June 10.

National Pension Service increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 10.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,360,210 shares of the oil and gas company's stock after buying an additional 419,539 shares during the quarter. National Pension Service owned 0.22% of Chevron worth $664,540,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Chevron by 17.9% in the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock worth $28,540,753,000 after purchasing an additional 27,961,463 shares in the last quarter. State Street Corp grew its holdings in Chevron by 9.1% during the third 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. Geode Capital Management LLC increased its position in Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after buying an additional 134,890 shares in the last quarter. Northern Trust Corp raised its stake in shares of Chevron by 15.3% in the third quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company's stock worth $3,528,890,000 after buying an additional 3,007,403 shares during the period. Finally, Fisher Asset Management LLC lifted its position in shares of Chevron by 1.5% during the 4th quarter. Fisher Asset Management LLC now owns 21,471,919 shares of the oil and gas company's stock valued at $3,272,535,000 after buying an additional 319,859 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 0.5%

Shares of CVX opened at $183.24 on Friday. The firm has a market cap of $364.93 billion, a P/E ratio of 31.76, a price-to-earnings-growth ratio of 0.60 and a beta of 0.51. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. Chevron Corporation has a 1 year low of $135.21 and a 1 year high of $214.71. The company has a 50 day simple moving average of $192.60 and a two-hundred day simple moving average of $175.64.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. On average, equities analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron's dividend payout ratio is 123.40%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CVX. TD Cowen increased their target price on shares of Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Barclays upped their price target on shares of Chevron from $192.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Sanford C. Bernstein reduced their price objective on shares of Chevron from $216.00 to $204.00 and set a "market perform" rating for the company in a research note on Monday, May 11th. Scotiabank raised their price objective on shares of Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Mizuho upped their target price on shares of Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Chevron currently has an average rating of "Moderate Buy" and a consensus target price of $205.70.

Insider Buying and Selling at Chevron

In related news, Vice Chairman Mark A. Nelson sold 139,600 shares of the business's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the sale, the insider directly owned 11,337 shares in the company, valued at approximately $2,130,449.04. The trade was a 92.49% 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. Also, insider Andrew Benjamin Walz sold 11,600 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,144,224 shares of company stock worth $218,075,038. Insiders own 0.56% of the company's stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth said oil prices could rise further if Middle East tensions continue to disrupt supply, with the Strait of Hormuz blockade reducing global barrels and tightening market “shock absorbers.” Higher oil prices typically improve upstream earnings for Chevron. Chevron CEO Wirth warns oil prices likely to rise as Iran war hits supplies
• Positive Sentiment: Chevron filed to take control of an offshore Greek gas block, expanding its Mediterranean footprint and adding another potential long-term gas growth avenue. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron also highlighted stronger gas demand linked to data-center power needs, reinforcing the company’s outlook for natural gas as a key growth driver. Chevron Highlights Stronger Coal Consumption Outlook
• Neutral Sentiment: Chevron shareholders rejected a proposal to separate the board chair and CEO roles, which removes one governance overhang but is unlikely to be a major near-term stock driver. Chevron shareholders reject proposal that requires independent board chair separate from CEO role
• Neutral Sentiment: A proposed U.S. bill to temporarily cut fuel taxes could affect gasoline demand and pricing dynamics for Chevron, but it is only a proposal and not yet law. New Bill: Representative Anna Paulina Luna introduces H.R. 8795: American Families Gas Tax Relief Act

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.

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