Varma Mutual Pension Insurance Co Sells 34,500 Shares of Chevron Corporation $CVX

Key Points

• Varma Mutual Pension Insurance Co trimmed its Chevron stake by 10.1%, selling 34,500 shares and leaving 308,436 shares valued at about $47.0 million at the end of the quarter.
• Chevron announced a quarterly dividend of $1.78 per share (annualized $7.12, ~3.7% yield); the ex‑dividend date is May 19 and the payment is scheduled for June 10.
• Insider selling has been sizable: CEO Michael K. Wirth sold 272,624 shares on March 2, and insiders have sold 649,639 shares (about $123.3 million) in the last 90 days, leaving insiders with 0.56% ownership.

Varma Mutual Pension Insurance Co reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 10.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 308,436 shares of the oil and gas company's stock after selling 34,500 shares during the period. Varma Mutual Pension Insurance Co's holdings in Chevron were worth $47,009,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CVX. Dakota Wealth Management increased its position in Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock valued at $12,690,000 after acquiring an additional 10,822 shares in the last quarter. Brooklyn FI LLC acquired a new stake in Chevron in the 3rd quarter valued at about $431,000. New York State Teachers Retirement System increased its position in Chevron by 15.3% in the 3rd quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company's stock valued at $251,606,000 after acquiring an additional 215,345 shares in the last quarter. Clear Trail Advisors LLC acquired a new stake in Chevron in the 4th quarter valued at about $10,167,000. Finally, Finemark National Bank & Trust grew its position in shares of Chevron by 40.3% during the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after buying an additional 16,243 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $190.79 on Monday. The company's fifty day simple moving average is $193.08 and its 200-day simple moving average is $171.36. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.21. The firm has a market cap of $380.12 billion, a PE ratio of 33.07, a P/E/G ratio of 0.71 and a beta of 0.51. Chevron Corporation has a 12 month low of $133.77 and a 12 month high of $214.71.

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 analysts' consensus estimates of $1.00 by $0.41. The business had revenue of $48.61 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 7.01%. The firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.18 earnings per share. Equities research analysts expect that Chevron Corporation will post 14.13 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, May 19th. Chevron's payout ratio is presently 123.40%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. HSBC upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target for the company in a research report on Friday, March 20th. BNP Paribas Exane upgraded shares of Chevron from a "neutral" rating to an "outperform" rating and set a $174.00 price target for the company in a research report on Friday, April 17th. Wall Street Zen upgraded shares of Chevron from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. Finally, Wells Fargo & Company lifted their price target on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research 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 assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $198.61.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 272,624 shares of the company's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $189.35, for a total value of $51,621,354.40. Following the transaction, the chief executive officer directly owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider R. Hewitt Pate sold 58,000 shares of the firm's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the sale, the insider owned 8,558 shares of the company's stock, valued at approximately $1,614,466.70. This represents a 87.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 649,639 shares of company stock valued at $123,297,346 in the last 90 days. Company insiders own 0.56% of the company's stock.

Chevron Company Profile

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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