State of Michigan Retirement System Reduces Stake in Chevron Corporation $CVX

Key Points

• State of Michigan Retirement System trimmed its Chevron stake by 1.2% in the first quarter, selling 5,900 shares and leaving it with 489,639 shares worth about $101.3 million.
• Chevron reported better-than-expected quarterly earnings of $1.41 per share, though revenue came in below estimates at $47.56 billion. The company also said it will pay a quarterly dividend of $1.78 per share, equal to a 3.9% annualized yield.
• Recent news remains broadly supportive for Chevron, including higher oil prices, a gas supply deal extension with Alinta Energy through 2032, and analyst optimism around future free cash flow and growth tied to AI-related power demand.

State of Michigan Retirement System cut its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 489,639 shares of the oil and gas company's stock after selling 5,900 shares during the quarter. Chevron accounts for 0.5% of State of Michigan Retirement System's investment portfolio, making the stock its 29th biggest holding. State of Michigan Retirement System's holdings in Chevron were worth $101,306,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CVX. Midwest Capital Advisors LLC purchased a new position in shares of Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC purchased a new stake in shares of Chevron in the 4th quarter worth about $26,000. Phillip James Consulting Co. acquired a new stake in Chevron in the 4th quarter valued at about $26,000. Basso Capital Management L.P. acquired a new stake in Chevron in the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. purchased a new position in Chevron during the 4th quarter valued at about $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Oil prices jumped after renewed U.S.-Iran tensions and a tougher stance on the Strait of Hormuz, boosting expectations for stronger cash flow and earnings for large integrated producers like Chevron. Oil Surges As Trump Asserts Control Over Strait Of Hormuz; What Happens Now
• Positive Sentiment: Chevron extended its gas supply agreement with Alinta Energy through 2032, reinforcing long-term demand visibility and underscoring the company’s role in regional energy security. Chevron Extends WA Gas Supply Deal With Alinta Energy Through 2032
• Positive Sentiment: Analysts are highlighting Chevron’s potential for a free-cash-flow surge in the second half of 2026, which could support shareholder returns and valuation. Chevron (CVX) Looks Ready for a Free Cash Flow Surge in H2 2026
• Positive Sentiment: Chevron’s joint venture with GE Vernova could benefit from rising electricity demand tied to AI data centers, giving the stock an additional growth narrative beyond traditional oil prices. Does Chevron's Joint Venture With GE Vernova Make the Stock a Buy Ahead of 2027?
• Neutral Sentiment: Industry reports say Chevron is among major oil companies preparing to explore offshore Uruguay, which is a longer-term opportunity but not an immediate earnings driver. Uruguay’s Offshore Oil Province Could Be Bigger Than Vaca Muerta
• Neutral Sentiment: Other coverage noting Chevron’s recent share strength and valuation commentary is broadly supportive, but does not add a major new catalyst on its own. Chevron NYSE: CVX Trading 1.3% Higher - Still a Buy?

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.56% of the company's stock.

Chevron Trading Up 3.2%

NYSE:CVX opened at $182.09 on Tuesday. The business's 50-day moving average is $181.68 and its two-hundred day moving average is $181.73. The firm has a market capitalization of $362.66 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 0.60 and a beta of 0.50. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. 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 (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 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 company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the prior year, the business earned $2.18 earnings per share. The company's revenue was up 2.1% compared to the same quarter last year. Research analysts predict that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Announces Dividend

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

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. The Goldman Sachs Group restated a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Tudor Pickering raised shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research note on Thursday, April 9th. Jefferies Financial Group reissued a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Friday. Royal Bank Of Canada restated an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Finally, Scotiabank upped their target price on Chevron from $168.00 to $187.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Nineteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $206.83.

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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