KLP Kapitalforvaltning AS Buys New Stake in Chevron Co. (NYSE:CVX)

KLP Kapitalforvaltning AS purchased a new stake in Chevron Co. (NYSE:CVX) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 522,200 shares of the oil and gas company’s stock, valued at approximately $75,635,000.

Several other large investors also recently bought and sold shares of CVX. United Bank grew its position in shares of Chevron by 8.4% during the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock worth $1,192,000 after acquiring an additional 629 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in Chevron by 20.2% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 5,471 shares of the oil and gas company’s stock worth $806,000 after purchasing an additional 920 shares during the last quarter. Darwin Wealth Management LLC acquired a new position in Chevron in the third quarter valued at $30,000. Citizens Financial Group Inc. RI raised its holdings in shares of Chevron by 10.4% in the third quarter. Citizens Financial Group Inc. RI now owns 55,736 shares of the oil and gas company’s stock valued at $8,208,000 after buying an additional 5,242 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its stake in shares of Chevron by 3.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 436,127 shares of the oil and gas company’s stock worth $64,228,000 after buying an additional 14,909 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction 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 $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Truist Financial decreased their price target on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Barclays dropped their price objective on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Price Performance

Shares of NYSE:CVX opened at $164.37 on Friday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The firm has a market capitalization of $289.39 billion, a price-to-earnings ratio of 16.91, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The business’s 50 day simple moving average is $156.29 and its 200-day simple moving average is $152.51. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 period last year, the business posted $3.45 earnings per share. As a group, equities analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio (DPR) is 70.37%.

Chevron Company Profile

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.