State of New Jersey Common Pension Fund D Sells 26,130 Shares of Chevron Corporation $CVX

Key Points

• State of New Jersey Common Pension Fund D trimmed its Chevron stake by 3.8%, selling 26,130 shares and leaving it with 661,983 shares valued at roughly $100.9 million per the latest 13F filing.
• Analyst sentiment is mixed-but-tilting-positive: Chevron carries a consensus rating of "Moderate Buy" with an average price target of $198.09, alongside upgrades from HSBC, Zacks and RBC and some hold/price-target trims from TD Cowen.
• Insiders have been notable net sellers—about 768,673 shares (~$144.1M) sold in the last three months—while Chevron raised its quarterly dividend to $1.78 (annualized $7.12), a 3.8% yield and a payout ratio near 107%.

State of New Jersey Common Pension Fund D trimmed its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 3.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 661,983 shares of the oil and gas company's stock after selling 26,130 shares during the period. State of New Jersey Common Pension Fund D's holdings in Chevron were worth $100,893,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Prentice Wealth Management LLC boosted its position in Chevron by 1.4% in the fourth quarter. Prentice Wealth Management LLC now owns 4,575 shares of the oil and gas company's stock valued at $697,000 after buying an additional 65 shares in the last quarter. Heritage Investment Group Inc. acquired a new position in shares of Chevron in the fourth quarter valued at approximately $219,000. Joseph Group Capital Management boosted its position in Chevron by 5.1% during the 4th quarter. Joseph Group Capital Management now owns 26,765 shares of the oil and gas company's stock worth $4,079,000 after buying an additional 1,292 shares during the period. Canandaigua National Trust Co of Florida increased its position in Chevron by 56.4% in the 4th quarter. Canandaigua National Trust Co of Florida now owns 4,683 shares of the oil and gas company's stock valued at $714,000 after acquiring an additional 1,689 shares during the period. Finally, Renasant Bank raised its stake in shares of Chevron by 2.8% during the fourth quarter. Renasant Bank now owns 4,050 shares of the oil and gas company's stock valued at $617,000 after acquiring an additional 110 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. Wall Street Zen raised Chevron from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a report on Friday, March 20th. Zacks Research upgraded shares of Chevron from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 3rd. TD Cowen reduced their price target on shares of Chevron from $214.00 to $204.00 and set a "hold" rating for the company in a report on Monday, April 13th. Finally, Royal Bank Of Canada upped their price objective on shares of Chevron from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, April 13th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Chevron presently has a consensus rating of "Moderate Buy" and an average target price of $198.09.

Insider Activity at Chevron

In other news, CFO Eimear P. Bonner sold 32,100 shares of the firm's stock in a transaction on Friday, January 30th. The stock was sold at an average price of $175.01, for a total value of $5,617,821.00. Following the completion of the transaction, the chief financial officer directly owned 4,366 shares of the company's stock, valued at $764,093.66. This trade represents a 88.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the company's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $187.92, for a total value of $26,233,632.00. Following the sale, the insider owned 11,337 shares in the company, valued at approximately $2,130,449.04. This represents a 92.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 768,673 shares of company stock valued at $144,148,191 over the last three months. Insiders own 0.56% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Erste Group sharply raised its earnings forecasts for Chevron — boosting FY2026 EPS to $12.53 (from $7.94) and FY2027 to $11.55 (from $9.73) — which underpins higher forward profit expectations for CVX.
• Positive Sentiment: Libya signed a preliminary agreement with Chevron to jointly assess shale oil and gas in multiple basins, expanding Chevron’s upstream opportunity set and potential future production. Libya signs preliminary agreement with Chevron
• Positive Sentiment: Chevron’s increased imports of Venezuelan crude are helping ease feedstock constraints and marginally lower US pump-price pressure, which can improve refinery throughput and margins. Venezuelan Crude Will Eventually Lower US Gas Prices
• Neutral Sentiment: The White House met with Chevron and oil traders amid tensions with Iran; heightened geopolitical risk has pushed crude higher (supportive for integrated oil names) but raises policy and supply-risk uncertainty. White House meets with Chevron, oil traders amid Iran standoff - Politico
• Neutral Sentiment: CEO Mike Wirth warned jet-fuel supply/disruption from the Middle East could worsen aviation strain — a signal of tight product markets that can lift refining margins but also point to demand softness in transportation segments. Chevron CEO Wirth sees aviation strain worsening
• Neutral Sentiment: Reports say ENEOS is in late talks to buy roughly $2B of Chevron’s Asian assets — a portfolio simplification that could free capital but has limited immediate operational impact. ENEOS in final talks for $2B in Asian assets from Chevron
• Negative Sentiment: Wall Street expects a year-over-year decline in Chevron’s Q1 revenue and EPS; the company is widely noted to be “bracing” for lower quarterly results, making the upcoming earnings release a near-term catalyst that could disappoint if results and guidance underperform. Chevron braces for Q1 earnings and revenue decline

Chevron Stock Up 0.3%

Shares of NYSE CVX opened at $188.95 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86. The company has a 50-day moving average price of $192.91 and a 200-day moving average price of $170.93. The stock has a market capitalization of $376.45 billion, a P/E ratio of 28.37, a P/E/G ratio of 0.71 and a beta of 0.60. Chevron Corporation has a 1 year low of $133.77 and a 1 year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, topping 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 firm had revenue of $45.79 billion during the quarter, compared to the consensus estimate of $48.18 billion. During the same period in the prior year, the business posted $2.06 earnings per share. The company's quarterly revenue was down 10.2% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post 13.55 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 17th were issued a $1.78 dividend. This is an increase from Chevron's previous quarterly dividend of $1.71. This represents a $7.12 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Tuesday, February 17th. Chevron's dividend payout ratio is currently 106.91%.

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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