Norges Bank Invests $2.183692 Billion in Chevron Co. (CVX)
Norges Bank bought a new stake in Chevron Co. (NYSE:CVX) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 18,553,034 shares of the oil and gas company’s stock, valued at approximately $2,183,692,000. Chevron makes up 1.0% of Norges Bank’s holdings, making the stock its 14th largest position. Norges Bank owned approximately 0.98% of Chevron at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Boston Partners bought a new stake in Chevron during the third quarter valued at $736,167,000. State Street Corp increased its stake in Chevron by 3.3% in the fourth quarter. State Street Corp now owns 117,508,471 shares of the oil and gas company’s stock valued at $13,830,748,000 after buying an additional 3,719,388 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in Chevron by 1,003.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 3,341,628 shares of the oil and gas company’s stock valued at $393,351,000 after buying an additional 3,038,922 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in shares of Chevron by 17,780.6% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,445,527 shares of the oil and gas company’s stock valued at $2,445,000 after buying an additional 2,431,850 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Chevron during the fourth quarter valued at approximately $179,172,000. 62.50% of the stock is owned by hedge funds and other institutional investors.
Shares of Chevron Co. (NYSE:CVX) traded up 1.28% on Friday, hitting $106.52. The stock had a trading volume of 8,383,478 shares. The firm’s 50-day moving average price is $106.58 and its 200 day moving average price is $110.85. Chevron Co. has a 12 month low of $97.53 and a 12 month high of $119.00. The firm has a market cap of $201.81 billion, a P/E ratio of 69.12 and a beta of 1.22.
Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, April 28th. The oil and gas company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.56. The firm had revenue of $33.42 billion for the quarter, compared to the consensus estimate of $34.05 billion. Chevron had a negative net margin of 0.43% and a positive return on equity of 1.26%. The firm’s revenue was up 42.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. Analysts anticipate that Chevron Co. will post $4.46 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Friday, May 19th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Wednesday, May 17th. Chevron’s dividend payout ratio is currently -1,600.00%.
Several brokerages have commented on CVX. TheStreet downgraded Chevron from a “b-” rating to a “c” rating in a research note on Friday, February 3rd. Simmons cut their target price on Chevron from $129.00 to $124.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 19th. Jefferies Group LLC restated a “buy” rating and issued a $147.00 price target on shares of Chevron in a research note on Wednesday, March 8th. Evercore ISI restated an “underweight” rating on shares of Chevron in a research note on Monday, February 27th. Finally, Credit Suisse Group AG restated a “hold” rating on shares of Chevron in a research note on Friday, March 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $121.03.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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