Norges Bank Invests $3.73 Billion in Chevron Corporation $CVX

Norges Bank acquired a new stake in Chevron Corporation (NYSE:CVX) in the fourth quarter, HoldingsChannel reports. The firm acquired 24,457,623 shares of the oil and gas company’s stock, valued at approximately $3,727,586,000.

Other hedge funds have also recently bought and sold shares of the company. Strategic Wealth Advisors LLC purchased a new position in shares of Chevron during the 4th quarter worth $33,000. Daytona Street Capital LLC purchased a new stake in shares of Chevron in the fourth quarter valued at $44,000. Turning Point Benefit Group Inc. purchased a new stake in shares of Chevron in the third quarter valued at $49,000. Maseco LLP acquired a new position in Chevron in the fourth quarter valued at $49,000. Finally, High Point Wealth Management LLC acquired a new position in Chevron in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Activity

In related news, insider Andrew Benjamin Walz sold 11,600 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 272,624 shares of Chevron stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 31,266 shares in the company, valued at approximately $5,920,217.10. This trade represents a 89.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,144,224 shares of company stock worth $218,075,038. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Sanford C. Bernstein dropped their price objective on shares of Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research note on Monday, May 11th. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective on the stock in a report on Friday, April 17th. Bank of America raised their target price on shares of Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Finally, Argus set a $203.00 target price on shares of Chevron in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $205.70.

Chevron Price Performance

Shares of Chevron stock opened at $182.44 on Friday. The business’s fifty day moving average price is $192.27 and its 200 day moving average price is $175.69. Chevron Corporation has a twelve month low of $135.21 and a twelve month high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $363.34 billion, a P/E ratio of 31.62, a PEG ratio of 0.60 and a beta of 0.51.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm’s revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.18 earnings per share. As a group, research analysts anticipate that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s dividend payout ratio is 123.40%.

Chevron News Roundup

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.