VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Chevron Corporation $CVX

Key Points

• Virginia Retirement Systems has invested approximately $20.7 million in Chevron Corporation by acquiring 144,571 shares during the second quarter.
• Insider transactions included Director John B. Hess selling 375,000 shares, resulting in a 21.09% decrease in his position, while VP Alana K. Knowles sold 3,978 shares, marking a 77.11% decrease in her holdings.
• Chevron declared a quarterly dividend of $1.71 per share, yielding 4.5% annually, with a payout ratio of 88.03%.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 144,571 shares of the oil and gas company's stock, valued at approximately $20,701,000.

Several other hedge funds also recently bought and sold shares of the company. United Bank raised its holdings in Chevron by 7.7% in the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after purchasing an additional 796 shares during the period. Arnhold LLC acquired a new stake in Chevron in the second quarter worth $3,139,000. First National Bank of Hutchinson raised its holdings in Chevron by 7.4% in the second quarter. First National Bank of Hutchinson now owns 2,321 shares of the oil and gas company's stock worth $332,000 after purchasing an additional 160 shares during the period. CapWealth Advisors LLC raised its holdings in Chevron by 14.8% in the second quarter. CapWealth Advisors LLC now owns 200,330 shares of the oil and gas company's stock worth $28,685,000 after purchasing an additional 25,881 shares during the period. Finally, Citizens Business Bank raised its holdings in Chevron by 6.1% in the second quarter. Citizens Business Bank now owns 32,473 shares of the oil and gas company's stock worth $4,829,000 after purchasing an additional 1,881 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Melius Research started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a report on Wednesday, October 8th. Scotiabank raised their price objective on shares of Chevron from $160.00 to $165.00 and gave the stock a "sector perform" rating in a report on Thursday, October 9th. Evercore ISI restated an "outperform" rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Finally, Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Eleven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus target price of $165.25.

Chevron Stock Up 0.9%

Shares of CVX stock opened at $153.12 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm's fifty day moving average price is $156.03 and its two-hundred day moving average price is $147.96. The firm has a market capitalization of $264.58 billion, a P/E ratio of 19.71, a PEG ratio of 2.02 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. The company's revenue was down 12.4% compared to the same quarter last year. On average, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.5%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is presently 88.03%.

Chevron Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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