VIRGINIA RETIREMENT SYSTEMS ET Al Invests $64.25 Million in Chevron Corporation $CVX

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Chevron Corporation (NYSE:CVX) in the 2nd quarter, HoldingsChannel reports. The fund acquired 387,621 shares of the oil and gas company’s stock, valued at approximately $64,252,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Midwest Capital Advisors LLC acquired a new position in shares of Chevron during the first quarter worth approximately $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron in the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron in the fourth quarter worth $26,000. Quattro Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter worth $27,000. Finally, Karpus Management Inc. bought a new position in Chevron during the fourth quarter worth $27,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned investment of more than $7 billion in Venezuela is expected to expand production to approximately 600,000 barrels per day over five years. Investors view the Orinoco Belt opportunity as a potential source of significant production growth and attractive economics. Chevron Commits $7 Billion to Venezuela to Double Production
• Positive Sentiment: Analysts and fund managers remain constructive on Chevron, citing its scale, strong fundamentals, production growth following the Hess acquisition, dividend record and long-term exposure to energy demand. Rising crude prices above $90 per barrel have also supported sentiment toward major oil companies. Why Gabelli Remains Bullish on Chevron
• Positive Sentiment: A preliminary agreement covering Ghana’s South Deepwater Tano Cape Three Points block could provide Chevron with another international growth option, although commercial terms and ownership details have not been finalized. Chevron and Shell Sign Preliminary Ghana Agreement
• Neutral Sentiment: Chevron’s dividend remains a key attraction, with 39 consecutive years of increases. However, its sustainability would be tested if oil prices fall materially from current elevated levels. Chevron’s Dividend and Oil Price Risk
• Negative Sentiment: Investors remain concerned that the Venezuela strategy will require substantial capital, face operational challenges and carry elevated political and execution risk. Critics also question whether the expansion can deliver its projected returns. Capital Requirements and Operational Challenges
• Negative Sentiment: Valuation concerns have become more important after the rally: Chevron is trading near the upper end of its recent range, while reported insider activity has consisted of sales rather than purchases. A decline in oil prices could further pressure earnings and the stock.

Insiders Place Their Bets

In other Chevron news, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider R. Pate sold 2,470 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the transaction, the insider owned 10,794 shares in the company, valued at $2,213,957.34. The trade was a 18.62% 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 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by corporate insiders.

Chevron Stock Performance

NYSE:CVX opened at $208.48 on Monday. The firm has a market capitalization of $411.91 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50. The firm has a 50-day moving average price of $191.10 and a 200 day moving average price of $189.82. Chevron Corporation has a 12-month low of $146.49 and a 12-month high of $214.71. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. The firm’s quarterly revenue was up 57.4% compared to the same quarter last year. Research analysts anticipate that Chevron Corporation will post 16.51 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.4%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Mizuho set a $224.00 target price on shares of Chevron in a research note on Monday, August 3rd. Wells Fargo & Company raised their price target on shares of Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday. Jefferies Financial Group restated a “buy” rating and set a $216.00 price objective on shares of Chevron in a report on Friday, July 10th. Wall Street Zen raised shares of Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $211.35.

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.