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

Key Points

• BI Asset Management cut its Chevron stake by 36.7% in the first quarter, selling 42,837 shares and ending with 73,872 shares valued at about $15.3 million.
• Insider selling has been notable, including Director John B. Hess selling 380,000 shares and insider R. Hewitt Pate selling 40,200 shares; insiders sold 615,200 shares total over the last three months.
• Chevron reported mixed quarterly results, beating EPS estimates at $1.41 but missing revenue expectations, while also paying a $1.78 quarterly dividend that implies a 4.1% yield.

BI Asset Management Fondsmaeglerselskab A S lowered its position in shares of Chevron Corporation (NYSE:CVX - Free Report) by 36.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 73,872 shares of the oil and gas company's stock after selling 42,837 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Chevron were worth $15,284,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CVX. State Street Corp lifted its position in Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company's stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Berkshire Hathaway Inc boosted its stake in Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company's stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC grew its holdings in Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company's stock worth $6,620,187,000 after purchasing an additional 134,890 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company's stock worth $5,492,377,000 after purchasing an additional 961,341 shares during the period. Finally, Norges Bank bought a new position in shares of Chevron during the fourth quarter valued at approximately $3,727,586,000. Institutional investors own 72.42% of the company's stock.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the 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 completion of the transaction, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 615,200 shares of company stock worth $118,022,760 over the last three months. Insiders own 0.56% of the company's stock.

Chevron Trading Down 0.1%

Chevron stock opened at $173.51 on Monday. The business's fifty day moving average is $186.63 and its 200 day moving average is $179.20. Chevron Corporation has a one year low of $142.40 and a one year high of $214.71. The stock has a market capitalization of $345.56 billion, a PE ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same period in the previous year, the company earned $2.18 earnings per share. The firm's quarterly revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 15.88 EPS for the current year.

Chevron Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CVX shares. HSBC upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $215.00 target price for the company in a report on Friday, March 20th. Bank of America raised their price objective on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a research report on Monday, March 2nd. Piper Sandler lifted their price objective on Chevron from $179.00 to $242.00 and gave the company an "overweight" rating in a research note on Thursday, March 12th. Mizuho lifted their price objective on Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, TD Cowen boosted their target price on Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a report on Friday, May 8th. Eighteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $205.70.

Chevron 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.

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