BI Asset Management Fondsmaeglerselskab A S Reduces Stock Position in Chevron Corporation $CVX

Key Points

• BI Asset Management Fondsmaeglerselskab A S decreased its position in Chevron Corporation by 32.8%, selling 29,028 shares, leaving it with 59,445 shares valued at approximately $9.95 million.
• Institutional investors continue to show interest in Chevron, with GQG Partners LLC and Nuveen LLC acquiring significant new stakes worth over $1.46 billion and $1.36 billion respectively during the first quarter.
• Chevron announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.5%, with a payout ratio of 88.03%.

BI Asset Management Fondsmaeglerselskab A S reduced its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 32.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 59,445 shares of the oil and gas company's stock after selling 29,028 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Chevron were worth $9,945,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. GQG Partners LLC purchased a new stake in Chevron in the first quarter worth about $1,466,751,000. Nuveen LLC purchased a new stake in Chevron in the first quarter worth about $1,362,232,000. GAMMA Investing LLC lifted its holdings in Chevron by 21,191.5% in the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after buying an additional 5,382,847 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock valued at $5,592,263,000 after purchasing an additional 1,574,464 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after purchasing an additional 1,394,091 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Price Performance

Shares of CVX opened at $152.2140 on Wednesday. The company has a market capitalization of $263.02 billion, a P/E ratio of 19.59, a price-to-earnings-growth ratio of 2.33 and a beta of 0.87. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $150.60 and a 200 day moving average of $148.56. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the firm earned $2.55 earnings per share. The firm's quarterly revenue was down 12.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's payout ratio is 88.03%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CVX shares. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Redburn Atlantic reaffirmed a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. TD Cowen raised their target price on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a research note on Monday, August 4th. DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Finally, HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and decreased their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $164.33.

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.

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