VIRGINIA RETIREMENT SYSTEMS ET Al Grows Stake in Chevron Corporation $CVX

Key Points

• Virginia Retirement Systems increased its Chevron stake by 2.9% in the fourth quarter, bringing its holdings to 215,871 shares worth about $32.9 million.
• Chevron reported Q1 earnings of $1.41 per share, beating analyst expectations, even though revenue of $47.56 billion came in below estimates. The company also maintained a quarterly dividend of $1.78 per share, implying a 3.8% yield.
• Market sentiment is mixed: several analysts still rate Chevron a Moderate Buy, but insiders have sold heavily in recent months and commentary suggests the stock’s recent rally may leave limited upside if oil prices weaken.

VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Chevron Corporation (NYSE:CVX - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 215,871 shares of the oil and gas company's stock after acquiring an additional 6,100 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Chevron were worth $32,901,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Argos Wealth Advisors LLC purchased a new position in Chevron during the 4th quarter worth approximately $319,000. Purkiss Capital Advisors LLC lifted its position in Chevron by 18.9% during the 4th quarter. Purkiss Capital Advisors LLC now owns 11,206 shares of the oil and gas company's stock worth $1,708,000 after acquiring an additional 1,785 shares during the period. Provident Investment Management Inc. lifted its holdings in shares of Chevron by 12.9% in the 4th quarter. Provident Investment Management Inc. now owns 7,568 shares of the oil and gas company's stock valued at $1,153,000 after buying an additional 865 shares during the period. Glass Wealth Management Co LLC lifted its holdings in shares of Chevron by 8.3% in the 4th quarter. Glass Wealth Management Co LLC now owns 28,135 shares of the oil and gas company's stock valued at $4,288,000 after buying an additional 2,168 shares during the period. Finally, Versor Investments LP lifted its holdings in shares of Chevron by 6.8% in the 4th quarter. Versor Investments LP now owns 6,198 shares of the oil and gas company's stock valued at $945,000 after buying an additional 396 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher crude prices and Middle East supply fears are lifting the outlook for oil producers, with several articles naming Chevron as a stock that could benefit if oil prices move higher. 3 Oil Stocks to Buy Before Prices Head Higher
• Positive Sentiment: Reuters reported that Syria selected an offshore block for its first deep-water oil and gas project with Chevron and Qatar’s UCC Holding, which could expand Chevron’s international exploration opportunities if the project advances. Syria selects offshore block for first deep-water oil, gas project with Chevron
• Neutral Sentiment: ADL and JLens urged Chevron shareholders to vote against Proposal 6 at the May 27 annual meeting, highlighting ongoing ESG and geopolitical controversy around the company’s Israel-related operations. ADL and JLens Urge Chevron Shareholders to Vote AGAINST Proposal 6
• Neutral Sentiment: Analysts are debating whether Chevron is still a safe bet after its sharp rally, with some commentary suggesting limited upside from current levels despite the recent strength in oil. Is Chevron a Safe Bet in the Energy Sector?
• Negative Sentiment: Some market commentary argues a drop in oil prices could signal weaker economic demand, which would be a risk for Chevron if crude cools off from recent highs. Here's Why a Drop in Oil Prices Might Be a Warning Sign for the Economy

Insiders Place Their Bets

In other news, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the completion of the sale, the insider owned 11,337 shares of the company's stock, valued at $2,130,449.04. The trade was a 92.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares of the company's stock, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 816,434 shares of company stock valued at $154,338,976. 0.56% of the stock is currently owned by company insiders.

Chevron Stock Performance

Chevron stock opened at $185.95 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The stock has a fifty day moving average of $193.16 and a two-hundred day moving average of $172.71. The company has a market capitalization of $370.33 billion, a price-to-earnings ratio of 32.23, a PEG ratio of 0.64 and a beta of 0.51. Chevron Corporation has a fifty-two week low of $133.77 and a fifty-two week high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly 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. The company had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron's revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.18 earnings per share. On average, analysts anticipate that Chevron Corporation will post 15.02 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be given a $1.78 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron's payout ratio is currently 123.40%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Piper Sandler lifted their price objective on Chevron from $179.00 to $242.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Argus set a $203.00 price objective on Chevron in a report on Tuesday, February 3rd. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 price objective on shares of Chevron in a report on Tuesday, May 5th. Wall Street Zen raised Chevron from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Chevron in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $204.13.

Chevron 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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