KLP Kapitalforvaltning AS Has $72.68 Million Stock Position in Chevron Corporation $CVX

KLP Kapitalforvaltning AS lowered its stake in Chevron Corporation (NYSE:CVX) by 0.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 507,600 shares of the oil and gas company’s stock after selling 1,000 shares during the period. KLP Kapitalforvaltning AS’s holdings in Chevron were worth $72,683,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CVX. Kingstone Capital Partners Texas LLC boosted its position in Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after buying an additional 83,702,101 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Chevron during the first quarter worth $1,466,751,000. Nuveen LLC acquired a new position in shares of Chevron during the first quarter worth $1,362,232,000. Charles Schwab Investment Management Inc. lifted its holdings 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 worth $5,592,263,000 after purchasing an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Chevron by 141.2% during the first quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company’s stock worth $316,483,000 after purchasing an additional 1,107,628 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CVX shares. Scotiabank reiterated a “sector perform” rating and set a $160.00 price target (up previously from $143.00) on shares of Chevron in a report on Friday, July 11th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Melius Research started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Raymond James Financial reiterated an “outperform” rating on shares of Chevron in a report on Friday, August 1st. Finally, Mizuho cut their price target on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Eleven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and an average target price of $165.05.

Chevron Trading Up 0.3%

NYSE CVX opened at $153.99 on Tuesday. The business has a 50 day simple moving average of $156.19 and a 200 day simple moving average of $148.80. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96. The stock has a market capitalization of $266.09 billion, a P/E ratio of 19.82, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business had revenue of $44.82 billion during the quarter, compared to analysts’ expectations of $44.59 billion. During the same quarter last year, the firm posted $2.55 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. Research analysts expect 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. Investors of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron’s dividend payout ratio (DPR) is currently 88.03%.

Chevron 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.