24,457,623 Shares in Chevron Corporation $CVX Bought by Norges Bank

Key Points

• Norges Bank bought a new stake in Chevron during the fourth quarter, acquiring 24,457,623 shares valued at about $3.73 billion. The position gave the fund roughly 1.21% of Chevron at the end of the reporting period.
• Chevron reported quarterly earnings of $1.41 per share, beating analyst estimates of $1.00, though revenue of $47.56 billion came in below expectations. Analysts still expect Chevron to generate 15.74 EPS for the current fiscal year.
• The company also announced a quarterly dividend of $1.78 per share, or $7.12 annualized, implying a yield of about 3.9%. Meanwhile, several analysts raised price targets, and the stock currently carries a Moderate Buy consensus rating.

Norges Bank purchased a new stake in Chevron Corporation (NYSE:CVX - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 24,457,623 shares of the oil and gas company's stock, valued at approximately $3,727,586,000. Norges Bank owned about 1.21% of Chevron at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Strategic Wealth Advisors LLC acquired a new position in Chevron in the fourth quarter valued at $33,000. Daytona Street Capital LLC purchased a new position in shares of Chevron in the 4th quarter valued at approximately $44,000. Turning Point Benefit Group Inc. acquired a new position in shares of Chevron in the third quarter valued at approximately $49,000. Maseco LLP purchased a new stake in shares of Chevron during the fourth quarter worth approximately $49,000. Finally, High Point Wealth Management LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $53,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Stock Down 0.3%

CVX opened at $182.44 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market cap of $363.34 billion, a price-to-earnings ratio of 31.62, a PEG ratio of 0.60 and a beta of 0.51. Chevron Corporation has a one year low of $135.21 and a one year high of $214.71. The business's fifty day moving average is $192.27 and its two-hundred day moving average is $175.69.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $2.18 earnings per share. Analysts anticipate that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is 123.40%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CVX. HSBC upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 price objective on the stock in a research report on Friday, March 20th. Mizuho raised their target price on shares of Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a research note on Wednesday. Citigroup lifted their target price on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a report on Thursday, April 2nd. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price target on the stock in a research note on Thursday, April 9th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average target price of $205.70.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 272,624 shares of Chevron stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the completion of the transaction, the chief executive officer owned 31,266 shares in the company, valued at approximately $5,920,217.10. The trade was a 89.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total transaction of $2,187,528.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,144,224 shares of company stock valued at $218,075,038 in the last quarter. 0.56% of the stock is owned by corporate insiders.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron CEO Mike Wirth warned that attacks on ships in the Strait of Hormuz highlight “very real” supply risks, reinforcing the case for tighter oil markets and potentially higher prices for Chevron’s production. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Positive Sentiment: Chevron and Exxon executives also warned that falling inventories could push oil higher, which would likely support Chevron’s cash flow and earnings if crude prices continue rising. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Chevron filed to take a 70% stake in a Greek offshore gas block, signaling continued international expansion and a larger long-term resource base. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron said it will not pay a toll to move ships through Hormuz, showing it is holding firm on operational and geopolitical terms while the region remains volatile. Chevron won't pay toll to move ships through Hormuz, CEO tells Bloomberg TV
• Neutral Sentiment: Chevron announced Scott A. Keller will become general counsel, while current chief legal officer R. Hewitt Pate’s retirement is expected later, a routine leadership transition with limited near-term operating impact. Chevron Names New General Counsel
• Neutral Sentiment: Market commentary and investor-interest pieces suggest Chevron remains on traders’ radar, but these items do not add major new fundamentals by themselves. Chevron Corporation (CVX) is Attracting Investor Attention: Here is What You Should Know
• Negative Sentiment: Oil prices softened on hopes for a U.S.-Iran truce extension, which could ease supply fears and weigh on Chevron shares if crude remains under pressure. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce
• Negative Sentiment: Draft ceasefire and shipping-normalization talks around the Strait of Hormuz could reduce the geopolitical risk premium embedded in oil prices, which may cap near-term upside for CVX. U.S. and Iran Reach Draft 60-Day Ceasefire and Nuclear Talks Framework Pending Trump Approval

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.