DNB Asset Management AS Has $76.91 Million Holdings in Chevron Corporation $CVX

DNB Asset Management AS grew its stake in Chevron Corporation (NYSE:CVX) by 28.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 495,232 shares of the oil and gas company’s stock after buying an additional 108,267 shares during the period. DNB Asset Management AS’s holdings in Chevron were worth $76,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the company. Perigon Wealth Management LLC increased its position in shares of Chevron by 19.3% during the 3rd quarter. Perigon Wealth Management LLC now owns 73,448 shares of the oil and gas company’s stock worth $11,406,000 after purchasing an additional 11,875 shares in the last quarter. New York State Teachers Retirement System boosted its stake in Chevron by 15.3% in the third quarter. New York State Teachers Retirement System now owns 1,620,231 shares of the oil and gas company’s stock worth $251,606,000 after purchasing an additional 215,345 shares in the last quarter. Pictet North America Advisors SA bought a new stake in shares of Chevron during the third quarter worth $5,662,000. New York State Common Retirement Fund increased its stake in shares of Chevron by 10.2% in the third quarter. New York State Common Retirement Fund now owns 1,894,470 shares of the oil and gas company’s stock valued at $294,192,000 after buying an additional 175,439 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Chevron by 8.7% in the third quarter. Envestnet Asset Management Inc. now owns 4,891,609 shares of the oil and gas company’s stock valued at $759,618,000 after buying an additional 389,694 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 320,700 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer owned 14,450 shares in the company, valued at approximately $2,355,205.50. This represents a 95.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Eimear P. Bonner sold 32,100 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $175.01, for a total value of $5,617,821.00. Following the completion of the transaction, the chief financial officer owned 4,366 shares of the company’s stock, valued at $764,093.66. The trade was a 88.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 534,898 shares of company stock worth $89,543,711. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CVX has been the topic of several research analyst reports. HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a research note on Monday, February 2nd. Freedom Capital lowered shares of Chevron from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 6th. Melius Research raised Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research note on Tuesday, February 17th. TD Cowen lifted their price objective on Chevron from $160.00 to $168.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Finally, JPMorgan Chase & Co. upgraded Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 price objective for the company in a report on Tuesday, January 20th. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $176.36.

Chevron Price Performance

Shares of NYSE CVX opened at $184.07 on Friday. The firm has a market cap of $367.29 billion, a PE ratio of 27.64, a PEG ratio of 12.19 and a beta of 0.70. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $187.90. The company has a fifty day moving average price of $168.75 and a 200 day moving average price of $159.34.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion during the quarter, compared to analysts’ expectations of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The company’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.06 EPS. Research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 17th will be given a dividend of $1.78 per share. This is an increase from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. Chevron’s payout ratio is currently 106.91%.

About Chevron

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.