State of Michigan Retirement System Sells 25,000 Shares of Chevron Corporation $CVX

Key Points

• State of Michigan Retirement System sold 25,000 shares of Chevron in the fourth quarter, trimming its stake to 495,539 shares valued at $75.53 million, while institutional investors collectively own about 72.42% of CVX.
• Chevron beat EPS estimates ($1.52 vs. $1.44) despite revenue falling 10.2% year-over-year, and raised its quarterly dividend to $1.78 (annualized $7.12) for a ~3.8% yield, though the payout ratio exceeds 100%.
• Analysts have lifted targets and ratings (average "Moderate Buy", avg target ≈ $198), but heavy insider selling (~779,407 shares worth ~$146M last quarter) and a disputed Venezuela asset-swap pose execution and geopolitical risks.

State of Michigan Retirement System lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 4.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 495,539 shares of the oil and gas company's stock after selling 25,000 shares during the period. State of Michigan Retirement System's holdings in Chevron were worth $75,525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CVX. Vanguard Group Inc. boosted its stake in shares of Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company's stock valued at $28,540,753,000 after purchasing an additional 27,961,463 shares in the last quarter. State Street Corp increased its stake in shares of Chevron by 9.1% in 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 buying an additional 12,789,399 shares during the period. Primecap Management Co. CA bought a new position in Chevron in the 3rd quarter valued at approximately $988,083,000. Bank of New York Mellon Corp raised its holdings in Chevron by 27.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company's stock valued at $3,047,900,000 after buying an additional 4,279,918 shares during the last quarter. Finally, Amundi boosted its position in Chevron by 41.8% during the 3rd quarter. Amundi now owns 11,760,376 shares of the oil and gas company's stock worth $1,811,333,000 after buying an additional 3,464,058 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Stock Performance

CVX stock opened at $185.13 on Monday. The stock has a 50-day moving average price of $192.56 and a 200-day moving average price of $170.28. Chevron Corporation has a 1-year low of $133.77 and a 1-year high of $214.71. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The firm has a market cap of $368.82 billion, a PE ratio of 27.80, a price-to-earnings-growth ratio of 0.78 and a beta of 0.60.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.44 by $0.08. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. During the same quarter in the prior year, the company earned $2.06 EPS. The firm's revenue for the quarter was down 10.2% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Corporation will post 12.49 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Tuesday, February 17th. This is a positive change from Chevron's previous quarterly dividend of $1.71. Chevron's dividend payout ratio (DPR) is currently 106.91%.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Wheatstone LNG has fully resumed production after cyclone repairs, restoring expected cash flow from the Australian LNG asset and removing a short-term production drag. Chevron resumes full production at Wheatstone LNG after repairs for cyclone damage
• Positive Sentiment: Chevron says it reached an asset-swap agreement that expands its stake in Venezuelan heavy oil operations — a move that could lift reserves and long-term production potential if implemented. Chevron Corporation (CVX) Expands Stakes in Venezuela Oil Operations
• Positive Sentiment: Warren Buffett’s ongoing stake and commentary on Chevron continue to be cited as a vote of confidence for long-term investors, supporting sentiment versus peers. Deepening Growth Pipeline Sustains Warren Buffett’s Confidence In Chevron (CVX)
• Positive Sentiment: Zacks has highlighted Chevron as a Bull of the Day and it's included in lists of high-flying "old economy" stocks with room to run — analyst attention can help prop up demand in a pullback. Chevron and Avis Budget have been highlighted as Zacks Bull and Bear of the Day
• Neutral Sentiment: Chevron is a trending stock with increased retail and analyst attention; that raises liquidity and volatility but is ambivalent for direction without fresh catalysts. Chevron Corporation (CVX) Is a Trending Stock: Facts to Know Before Betting on It
• Negative Sentiment: Venezuelan partner Suelopetrol says it was not informed of Chevron’s reported expansion — a public dispute that raises execution, legal and geopolitical risk around the asset-swap and could delay realization of the announced upside. Suelopetrol says it has not been Informed of Chevron’s (CVX) Expansion at Venezuela Joint Venture
• Negative Sentiment: Zacks preview flags an expected decline in Q1 earnings, which raises the risk of a disappointing release and near-term downside if results or guidance miss. Earnings Preview: Chevron (CVX) Q1 Earnings Expected to Decline
• Negative Sentiment: After a strong YTD rally, articles note a month-long cooldown and profit-taking in big oil names; that broader flow explains part of today’s pullback even without company-specific bad news. Exxon Stock and Chevron Stock Are Up 20%+ YTD – Why the Long Oil Trade Is Stalling Out

Analysts Set New Price Targets

CVX has been the topic of a number of research reports. Morgan Stanley boosted their target price on shares of Chevron from $174.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, March 27th. Zacks Research upgraded Chevron from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. Bank of America lifted their price objective on Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. Jefferies Financial Group increased their target price on shares of Chevron from $174.00 to $189.00 and gave the company a "buy" rating in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company raised their price target on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $198.09.

Insider Activity at Chevron

In other news, insider Andrew Benjamin Walz sold 11,600 shares of Chevron stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider R. Hewitt Pate sold 40,200 shares of the business's stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at $1,842,485.40. The trade was a 82.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 779,407 shares of company stock worth $145,972,971. Corporate insiders own 0.56% of the company's stock.

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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