State of Wisconsin Investment Board Sells 33,521 Shares of Chevron Corporation $CVX

State of Wisconsin Investment Board lowered its stake in shares of Chevron Corporation (NYSE:CVX) by 3.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 998,453 shares of the oil and gas company’s stock after selling 33,521 shares during the period. State of Wisconsin Investment Board’s holdings in Chevron were worth $152,174,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. State Street Corp increased its stake in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Chevron by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after purchasing an additional 134,890 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after purchasing an additional 961,341 shares during the last quarter. Norges Bank purchased a new stake in shares of Chevron during the 4th quarter worth approximately $3,727,586,000. Finally, Northern Trust Corp boosted its holdings in Chevron by 15.3% in the 3rd quarter. Northern Trust Corp now owns 22,724,515 shares of the oil and gas company’s stock worth $3,528,890,000 after buying an additional 3,007,403 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured regulatory approval to take a 70% interest in Greece’s offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding a new strategic growth avenue. Chevron Secures Strategic Entry Into Greece’s Offshore Block 10
• Neutral Sentiment: One recent article argued Chevron may be in a “wait-and-see” zone, noting that the stock has rallied from last summer’s lows but that a recent quarter’s cash flow data makes the dividend outlook look less compelling at the current valuation. Down From Its $209 Peak: This Is Why I’m Standing Pat on Chevron Stock
• Negative Sentiment: Chevron’s shares fell in tandem with crude after the U.S.-Iran news reduced the geopolitical risk premium in oil, pressuring the outlook for near-term earnings and free cash flow across energy stocks. Chevron (CVX) Stock Sinks As Market Gains: Here’s Why

Insider Transactions at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 615,200 shares of company stock worth $118,022,760 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CVX shares. Mizuho raised their price objective on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Morgan Stanley raised their price objective on shares of Chevron from $212.00 to $214.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Piper Sandler raised their price objective on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Finally, Tudor Pickering raised shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a report on Thursday, April 9th. Eighteen analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $205.70.

Chevron Price Performance

Shares of Chevron stock opened at $179.94 on Wednesday. The firm has a market capitalization of $358.38 billion, a PE ratio of 31.19, a price-to-earnings-growth ratio of 0.59 and a beta of 0.48. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 12 month low of $142.40 and a 12 month high of $214.71. The business’s 50-day moving average price is $188.01 and its 200-day moving average price is $178.70.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.18 EPS. Sell-side analysts forecast that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. Chevron’s payout ratio is presently 123.40%.

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.