Norges Bank Takes $3.02 Billion Position in Chevron Co. (NYSE:CVX)

Norges Bank bought a new position in shares of Chevron Co. (NYSE:CVX) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 20,835,056 shares of the oil and gas company’s stock, valued at approximately $3,017,750,000. Norges Bank owned approximately 1.16% of Chevron as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Life Planning Partners Inc acquired a new stake in shares of Chevron in the 4th quarter valued at about $25,000. IMG Wealth Management Inc. acquired a new stake in Chevron in the fourth quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron in the third quarter valued at approximately $29,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $29,000. Finally, Fairway Wealth LLC lifted its holdings in shares of Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 88 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CVX. UBS Group lowered their price objective on shares of Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Piper Sandler decreased their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Raymond James dropped their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Finally, Barclays decreased their price target on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Price Performance

Shares of NYSE:CVX opened at $167.95 on Thursday. The company has a 50-day moving average price of $156.87 and a two-hundred day moving average price of $153.11. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $168.96. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $295.69 billion, a PE ratio of 17.28, a P/E/G ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the business earned $3.45 earnings per share. Equities analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.07%. Chevron’s dividend payout ratio is 70.37%.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate 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.