State Street Corp Boosts Stock Position in Chevron Corporation $CVX

Key Points

• State Street increased its Chevron stake by 3.9% in the second quarter, bringing its holdings to about 159.1 million shares worth $28.0 billion. Institutional investors collectively own 72.42% of Chevron.
• Chevron beat quarterly expectations with adjusted EPS of $6.06 and revenue of $67.2 billion, while reporting a 57.4% year-over-year revenue increase. The company also maintains a $1.78 quarterly dividend, yielding approximately 3.5% annually.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $211.35, but weak crude prices and recent insider selling pose near-term concerns.

State Street Corp increased its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 3.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 159,136,768 shares of the oil and gas company's stock after acquiring an additional 5,998,852 shares during the quarter. State Street Corp owned about 8.05% of Chevron worth $28,016,651,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Chevron in the 2nd quarter worth about $25,663,729,000. Norges Bank bought a new stake in Chevron during the fourth quarter worth about $3,727,586,000. Bank of New York Mellon Corp purchased a new stake in Chevron in the second quarter worth about $2,378,114,000. Legal & General Group Plc purchased a new stake in Chevron in the second quarter worth about $1,462,412,000. Finally, Berkshire Hathaway Inc increased its stake in shares of Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Stock Up 0.0%

CVX stock traded up $0.09 during midday trading on Tuesday, hitting $203.75. The company's stock had a trading volume of 3,174,694 shares, compared to its average volume of 10,696,471. The company has a market cap of $402.57 billion, a PE ratio of 19.55, a P/E/G ratio of 0.61 and a beta of 0.50. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $217.78. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The firm's 50-day moving average is $199.83 and its 200-day moving average is $191.85.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts' consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company's quarterly revenue was up 57.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.77 EPS. On average, equities research analysts forecast that Chevron Corporation will post 16.51 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron's dividend payout ratio is currently 68.26%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Bank of America lifted their target price on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Barclays reduced their price objective on Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a research report on Monday, August 17th. Jefferies Financial Group reiterated a "buy" rating and set a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Wells Fargo & Company boosted their target price on Chevron from $226.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, September 3rd. Finally, BMO Capital Markets increased their target price on Chevron from $210.00 to $235.00 and gave the stock an "outperform" rating in a research note on Thursday, September 3rd. Twenty analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $211.35.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher analyst estimates: Erste Group Bank raised its FY2026 EPS forecast to $16.09 from $15.94 and its FY2027 forecast to $13.52 from $13.40. The revisions suggest modestly improved expectations for Chevron’s earnings outlook. Erste Group Bank raises Chevron earnings estimates
• Positive Sentiment: Venezuela production expansion: Chevron plans to more than double the number of rigs it operates in Venezuela as part of a five-year effort to increase output. A sharp rise in U.S. imports of Venezuelan crude could give Chevron an important growth opportunity, although the strategy carries geopolitical and execution risks. Chevron expands Venezuela operations
• Positive Sentiment: Production and LNG growth: Chevron expects to increase the number of wells drilled next year and continues to emphasize liquefied natural gas as a long-term demand-growth area. These initiatives could support future production and diversify the company beyond oil. Chevron plans more wells next year
• Neutral Sentiment: Execution remains key: Commentary on Chevron’s integrated-energy strategy highlights the potential benefits of its upstream, refining and LNG businesses, but also the challenge of managing operations while crude-price volatility eases. Chevron integrated energy execution
• Negative Sentiment: Weak crude prices: Global oil prices fell for a fourth consecutive session, pressuring Chevron because lower commodity prices can reduce upstream revenue, cash flow and earnings expectations. This appears to be the main near-term reason the stock has decreased despite a stronger overall market. Why Chevron stock is falling

Insider Activity at Chevron

In other Chevron news, Director John Hess sold 100,000 shares of Chevron stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares of the company's stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael Wirth sold 317,100 shares of Chevron stock in a transaction on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares of the company's stock, valued at $5,273,701.68. The trade was a 92.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,152,582 shares of company stock worth $225,853,661. 0.56% of the stock is owned by insiders.

Chevron Profile

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron's upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.

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