Nordea Investment Management AB Acquires 13,845 Shares of Chevron Corporation $CVX

Key Points

• Nordea Investment Management AB has increased its stake in Chevron Corporation by 3.5%, owning a total of 408,900 shares worth approximately $58.78 million after acquiring an additional 13,845 shares in the second quarter.
• Chevron recently reported earnings of $1.77 per share, exceeding analyst expectations and generating revenues of $44.82 billion, despite a 12.4% decline year-over-year.
• The company announced a quarterly dividend of $1.71 per share, resulting in an annualized dividend yield of 4.5% and a dividend payout ratio of 88.03%.

Nordea Investment Management AB lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 408,900 shares of the oil and gas company's stock after acquiring an additional 13,845 shares during the period. Nordea Investment Management AB's holdings in Chevron were worth $58,783,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. CCG Wealth Management LLC lifted its stake in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after acquiring an additional 145 shares in the last quarter. Ignite Planners LLC raised its holdings in shares of Chevron by 14.1% in the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock valued at $2,060,000 after purchasing an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. lifted its position in shares of Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock valued at $993,000 after purchasing an additional 495 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares during the last quarter. Finally, Capital Advisors Inc. OK grew its position in Chevron by 0.3% in the 1st quarter. Capital Advisors Inc. OK now owns 569,258 shares of the oil and gas company's stock worth $95,231,000 after purchasing an additional 1,755 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Chevron Price Performance

Shares of NYSE CVX opened at $153.12 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $156.03 and a two-hundred day simple moving average of $148.02. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96. The firm has a market cap of $264.58 billion, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue was down 12.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 earnings per share. Analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a $1.71 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.5%. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CVX shares. Melius Research began coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Evercore ISI reaffirmed an "outperform" rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. TD Cowen lifted their price target on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. UBS Group upped their price objective on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chevron in a research report on Wednesday, October 8th. Eleven analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Chevron presently has an average rating of "Hold" and a consensus price target of $165.25.

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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