BI Asset Management Fondsmaeglerselskab A S Sells 42,837 Shares of Chevron Corporation $CVX

BI Asset Management Fondsmaeglerselskab A S cut its holdings in Chevron Corporation (NYSE:CVX) by 36.7% during the 1st quarter, Holdings Channel reports. The fund owned 73,872 shares of the oil and gas company’s stock after selling 42,837 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Chevron were worth $15,284,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of CVX. Dakota Wealth Management increased its holdings in Chevron by 14.9% in the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock worth $12,690,000 after acquiring an additional 10,822 shares in the last quarter. Brooklyn FI LLC purchased a new position in Chevron during the third quarter valued at approximately $431,000. Clear Trail Advisors LLC purchased a new position in Chevron during the fourth quarter valued at approximately $10,167,000. Finemark National Bank & Trust lifted its holdings in Chevron by 40.3% during the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company’s stock valued at $8,779,000 after purchasing an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC bought a new position in shares of Chevron in the fourth quarter worth approximately $1,381,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 0.1%

Chevron stock opened at $173.51 on Monday. Chevron Corporation has a 1 year low of $142.40 and a 1 year high of $214.71. The firm’s 50 day moving average price is $186.63 and its 200-day moving average price is $179.20. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The stock has a market cap of $345.56 billion, a P/E ratio of 30.07, a PEG ratio of 0.57 and a beta of 0.48.

Chevron (NYSE:CVX) last issued its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 earnings per share. On average, equities analysts predict that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 4.1%. Chevron’s payout ratio is presently 123.40%.

Insider Activity

In other Chevron news, Director John B. Hess sold 380,000 shares of the 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 completion of the transaction, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider owned 8,638 shares of the company’s stock, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 615,200 shares of company stock valued at $118,022,760 in the last three months. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CVX. Weiss Ratings cut shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. Tudor Pickering upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $225.00 target price on the stock in a research note on Thursday, April 9th. Wells Fargo & Company upped their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Finally, Mizuho raised their price target on Chevron from $225.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $205.70.

Chevron Company 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.