South Dakota Investment Council Sells 21,716 Shares of Chevron Corporation $CVX

Key Points

• South Dakota Investment Council reduced its Chevron position by 21.5%, selling 21,716 shares and retaining 79,126 shares valued at approximately $16.4 million. Institutional investors collectively own 72.42% of Chevron.
• Analyst sentiment remains favorable, with 19 Buy ratings, six Holds and one Sell; Chevron has a consensus “Moderate Buy” rating and an average price target of $206.04.
• Chevron’s latest quarterly earnings beat expectations with adjusted EPS of $1.41 versus the $1.00 consensus, although EPS declined from $2.18 a year earlier. The stock opened at $191.91, while investors continue to monitor oil prices and upcoming second-quarter results.

South Dakota Investment Council trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 21.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,126 shares of the oil and gas company's stock after selling 21,716 shares during the quarter. South Dakota Investment Council's holdings in Chevron were worth $16,371,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Midwest Capital Advisors LLC bought a new stake in Chevron during the 1st quarter worth approximately $25,000. Main Street Group LTD purchased a new stake in Chevron in the 1st quarter worth approximately $28,000. Phillip James Consulting Co. bought a new position in Chevron in the 4th quarter valued at $26,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron during the 4th quarter valued at $26,000. Finally, Karpus Management Inc. purchased a new position in shares of Chevron during the 4th quarter valued at $27,000. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CVX shares. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective on the stock in a research report on Thursday, April 9th. UBS Group restated a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Zacks Research lowered Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Piper Sandler assumed coverage on Chevron in a research note on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 target price on the stock. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Nineteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and a consensus price target of $206.04.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.56% of the company's stock.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Geopolitical tensions lifted oil prices. Renewed hostilities involving Iran, U.S. forces and Iran-backed groups reduced hopes that the Strait of Hormuz would quickly reopen, supporting crude prices. Higher commodity prices generally benefit Chevron’s production and profitability. Oil Prices Spike After Iran Launches Surprise Attack on U.S. Forces
• Positive Sentiment: Chevron is benefiting from stronger Venezuelan production. Reports highlighted rising oil output following the U.S. takeover of Venezuela, adding to the company’s production growth narrative and helping CVX outperform many other Dow stocks. Dow Leader Rides Surging Oil Prices And Trump's Venezuela Spoils
• Positive Sentiment: Bank of America’s relative preference supports CVX. BofA downgraded Exxon Mobil to Neutral while maintaining a Buy-rated view on Chevron, providing a favorable analyst comparison for CVX within the large-cap oil sector. Exxon Cut to Neutral at BofA, Which Favors Buy-Rated Chevron
• Neutral Sentiment: Second-quarter earnings are the next major catalyst. Chevron is scheduled to report on July 31. Investors are weighing the benefit of higher oil prices against potentially volatile commodity-driven earnings and the company’s prior year-over-year earnings decline. Pre-Q2 Earnings: Is Chevron Stock a Buy, Hold, or Sell?
• Neutral Sentiment: International expansion remains an opportunity with execution risks. Chevron is discussing Iraqi oil fields and export projects while also seeking U.S. government support to protect its Kazakhstan assets. The initiatives could expand production, but they expose the company to geopolitical and regulatory uncertainty. Chevron Returns to Iraq: What Do the Latest Oilfield Talks Signal?

Chevron Stock Up 2.3%

CVX opened at $191.91 on Thursday. The business's fifty day simple moving average is $181.81 and its 200 day simple moving average is $184.66. 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. The stock has a market cap of $382.21 billion, a PE ratio of 33.26, a P/E/G ratio of 0.62 and a beta of 0.50.

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 (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same quarter in the previous year, the company posted $2.18 earnings per share. The company's revenue was up 2.1% compared to the same quarter last year. As a group, research analysts expect that Chevron Corporation will post 15.61 earnings per share for the current fiscal year.

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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