BI Asset Management Fondsmaeglerselskab A S Grows Stake in Chevron Co. (NYSE:CVX)

BI Asset Management Fondsmaeglerselskab A S increased its holdings in Chevron Co. (NYSE:CVX) by 43.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,414 shares of the oil and gas company’s stock after purchasing an additional 15,882 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Chevron were worth $8,268,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pacifica Partners Inc. raised its position in Chevron by 1.8% in the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after purchasing an additional 63 shares during the period. Private Wealth Management Group LLC raised its holdings in shares of Chevron by 15.7% in the first quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after buying an additional 63 shares during the period. Ellenbecker Investment Group lifted its stake in shares of Chevron by 1.5% during the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after acquiring an additional 65 shares during the last quarter. Mayfair Advisory Group LLC grew its position in Chevron by 0.7% in the 1st quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock valued at $1,484,000 after acquiring an additional 65 shares during the last quarter. Finally, Penbrook Management LLC increased its stake in Chevron by 3.9% in the first quarter. Penbrook Management LLC now owns 1,730 shares of the oil and gas company’s stock worth $273,000 after purchasing an additional 65 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Shares of Chevron stock traded up $0.90 during midday trading on Wednesday, hitting $153.88. The company had a trading volume of 1,155,577 shares, compared to its average volume of 7,907,782. The company has a fifty day simple moving average of $158.04 and a 200 day simple moving average of $155.03. The stock has a market cap of $283.60 billion, a price-to-earnings ratio of 14.13, a PEG ratio of 2.34 and a beta of 1.10. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $171.70.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The business had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter last year, the company posted $3.55 earnings per share. The business’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, analysts predict that Chevron Co. will post 13.18 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 10th. Shareholders of record on Friday, May 17th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Thursday, May 16th. This represents a $6.52 annualized dividend and a yield of 4.24%. Chevron’s payout ratio is presently 59.98%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CVX. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a report on Monday, April 1st. Truist Financial lifted their price target on shares of Chevron from $156.00 to $166.00 and gave the company a “hold” rating in a research note on Friday, May 10th. Piper Sandler raised their price objective on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a report on Thursday, April 18th. HSBC raised their price target on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Finally, Wells Fargo & Company increased their target price on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $186.95.

Insider Transactions at Chevron

In related news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total value of $410,389.00. Following the sale, the director now owns 7,647 shares in the company, valued at $1,231,167. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $161.00, for a total value of $410,389.00. Following the transaction, the director now directly owns 7,647 shares of the company’s stock, valued at approximately $1,231,167. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $45,540. The disclosure for this sale can be found here. Insiders sold a total of 16,746 shares of company stock worth $2,727,971 over the last three months. 0.20% of the stock is currently owned by insiders.

About Chevron

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.