New York State Common Retirement Fund Increases Stock Position in Chevron Corporation $CVX

New York State Common Retirement Fund grew its stake in Chevron Corporation (NYSE:CVX) by 10.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,894,470 shares of the oil and gas company’s stock after purchasing an additional 175,439 shares during the quarter. New York State Common Retirement Fund owned about 0.11% of Chevron worth $294,192,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Chevron during the 2nd quarter worth approximately $2,721,477,000. Bank of New York Mellon Corp boosted its holdings in Chevron by 27.9% in the third quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock worth $3,047,900,000 after purchasing an additional 4,279,918 shares during the last quarter. Laurel Wealth Advisors LLC boosted its holdings in Chevron by 14,194.2% in the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after purchasing an additional 3,696,177 shares during the last quarter. Berkshire Hathaway Inc raised its stake in Chevron by 2.9% during the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock valued at $17,478,458,000 after buying an additional 3,454,258 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Chevron by 32.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,125,735 shares of the oil and gas company’s stock valued at $1,417,135,000 after buying an additional 2,218,283 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.6%

Shares of CVX opened at $170.02 on Thursday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $170.42. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The company’s fifty day simple moving average is $155.45 and its 200-day simple moving average is $155.13. The company has a market cap of $342.35 billion, a P/E ratio of 23.91, a P/E/G ratio of 11.66 and a beta of 0.70.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.14. The business had revenue of $48.17 billion during the quarter, compared to the consensus estimate of $46.99 billion. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the company earned $2.48 earnings per share. As a group, analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.0%. The ex-dividend date was Tuesday, November 18th. Chevron’s payout ratio is 96.20%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Plans to boost Venezuelan crude exports to the U.S. to ~300,000 bpd in March (up from ~100,000 bpd in December) should lift volumes and near-term cash flow for Chevron. Chevron to boost exports of Venezuelan oil to US in March, sources say
• Positive Sentiment: Multiple brokerages reaffirmed or issued Buy/Outperform ratings (RBC, DBS, BMO), providing analyst support for the stock and backing current targets near the stock’s recent highs. RBC Capital Sticks to Their Buy Rating for Chevron (CVX)
• Positive Sentiment: Chevron added veteran executive Thomas W. Horton to its board and audit committee, which investors often view as a governance positive. Chevron appoints veteran executive Thomas Horton to board
• Positive Sentiment: Chevron signed an MoU with Libya’s national oil company to resume exploration activity after a long absence—an incremental upside if it yields new production or reserves. Chevron Signs MoU With Libya’s NOC to Boost Oil and Gas Exploration
• Neutral Sentiment: Chevron is negotiating with Iraq over better commercial terms before taking over Lukoil’s West Qurna 2 field—this could improve returns if successful but adds timing and execution risk. Exclusive: Chevron seeks better terms from Iraq before taking over Lukoil oilfield, sources say
• Neutral Sentiment: Large institutional managers have been increasing Chevron positions, which supports longer-term demand but is not an immediate catalyst. The Value Stock Big-Money Managers Are Quietly Buying
• Neutral Sentiment: Investors are positioned ahead of Chevron’s upcoming Q4 earnings release — that event could create short-term volatility depending on realized margins and production updates. Here’s How to Play Chevron Stock Before Q4 Earnings Release
• Negative Sentiment: Chevron has underperformed the S&P 500 over the last year, a reminder that relative performance and valuation concerns could temper upside despite operational wins. Do Wall Street Analysts Like Chevron Stock?

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. BMO Capital Markets reaffirmed an “outperform” rating on shares of Chevron in a report on Thursday, January 8th. HSBC set a $169.00 price objective on shares of Chevron and gave the stock a “buy” rating in a research note on Monday, December 1st. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, January 21st. Mizuho boosted their price objective on Chevron from $204.00 to $206.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, UBS Group reissued a “buy” rating on shares of Chevron in a report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $170.00.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 320,700 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $162.99, for a total transaction of $52,270,893.00. Following the sale, the chief executive officer owned 14,450 shares of the company’s stock, valued at approximately $2,355,205.50. The trade was a 95.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the sale, the director owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 635,190 shares of company stock worth $100,254,408. 0.20% of the stock is owned by insiders.

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.