Arizona State Retirement System Reduces Holdings in Chevron Corporation $CVX

Arizona State Retirement System reduced its stake in shares of Chevron Corporation (NYSE:CVX) by 2.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 512,155 shares of the oil and gas company’s stock after selling 12,017 shares during the quarter. Arizona State Retirement System’s holdings in Chevron were worth $84,895,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new position in Chevron during the first quarter worth $25,000. Core Wealth Advisors LLC purchased a new stake in shares of Chevron in the fourth quarter valued at $26,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the fourth quarter valued at $26,000. Basso Capital Management L.P. acquired a new stake in shares of Chevron during the fourth quarter valued at $27,000. Finally, Karpus Management Inc. acquired a new stake in shares of Chevron during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.7%

Chevron stock traded up $1.49 during trading on Tuesday, hitting $210.09. The company’s stock had a trading volume of 7,699,366 shares, compared to its average volume of 10,633,124. The stock’s fifty day moving average is $191.90 and its 200 day moving average is $190.01. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The stock has a market capitalization of $415.08 billion, a price-to-earnings ratio of 20.14, a P/E/G ratio of 0.61 and a beta of 0.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The firm had revenue of $67.20 billion for 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 firm’s quarterly revenue was up 57.4% on a year-over-year basis. During the same period last year, the company earned $1.77 EPS. As a group, equities research analysts predict that Chevron Corporation will post 16.51 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.

Analyst Ratings Changes

Several research analysts recently weighed in on CVX shares. Wells Fargo & Company boosted their target price on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Mizuho set a $224.00 price target on shares of Chevron in a research note on Monday, August 3rd. UBS Group reiterated a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Barclays cut their price objective on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Finally, Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $211.35.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron plans to double the number of oil rigs it operates in Venezuela as part of a five-year growth strategy. The expansion is intended to lift production in the country toward approximately 600,000 barrels per day, adding potentially significant upstream growth. Chevron to double oil rigs in Venezuela as part of growth plan
• Positive Sentiment: The company’s planned investment of more than $7 billion over five years, including additional acreage in Venezuela’s Carabobo region, gives CVX a new production-growth avenue. Strong cash flow and expected Hess-related synergies could provide financial flexibility for the program. Chevron doubles down on Venezuela with a $7 billion oil bet
• Positive Sentiment: At the Barclays Energy-Power Conference, management highlighted the Venezuela expansion and broader production-growth plans. Analysts and market commentary continue to point to elevated energy prices, solid earnings and Chevron’s integrated business model as support for the shares. Chevron Barclays conference transcript
• Neutral Sentiment: Chevron’s stock has risen sharply and is close to a record high. BMO remains constructive on the company, but investors must determine whether oil prices, earnings growth and operational improvements can justify further gains at current levels. Chevron’s record run isn’t over yet, BMO says
• Negative Sentiment: The Venezuela strategy carries execution, political and sanctions-related risks. The large capital commitment also raises the stakes if production targets are delayed or oil prices weaken, while the recent rally leaves less room for disappointing results. Chevron stock is near a record high

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at approximately $34,587,021.70. This represents a 35.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 over the last three months. Insiders own 0.56% of the company’s stock.

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.