KLP Kapitalforvaltning AS Invests $75.64 Million in Chevron Co. (NYSE:CVX)

KLP Kapitalforvaltning AS purchased a new position in shares of Chevron Co. (NYSE:CVX - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 522,200 shares of the oil and gas company's stock, valued at approximately $75,635,000.

Several other institutional investors have also bought and sold shares of CVX. Wallace Capital Management Inc. raised its holdings in Chevron by 0.8% during the third quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company's stock valued at $1,212,000 after acquiring an additional 65 shares during the period. TFB Advisors LLC raised its stake in Chevron by 2.4% during the 4th quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock valued at $411,000 after purchasing an additional 66 shares during the period. W.H. Cornerstone Investments Inc. raised its stake in Chevron by 1.4% during the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company's stock valued at $677,000 after purchasing an additional 66 shares during the period. Parkside Financial Bank & Trust boosted its stake in Chevron by 0.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company's stock worth $2,207,000 after purchasing an additional 66 shares during the period. Finally, Meridian Financial Partners LLC grew its holdings in Chevron by 0.5% during the 4th quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company's stock valued at $1,943,000 after buying an additional 67 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

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Chevron Trading Up 0.6 %

Shares of CVX traded up $0.91 during midday trading on Tuesday, hitting $165.93. The stock had a trading volume of 7,867,285 shares, compared to its average volume of 7,343,123. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock's 50 day moving average is $156.67 and its 200 day moving average is $153.01. The firm has a market cap of $292.14 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts' consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the business earned $3.45 earnings per share. As a group, analysts forecast that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.12%. This is a boost from Chevron's previous quarterly dividend of $1.63. Chevron's payout ratio is presently 70.37%.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on CVX. Wells Fargo & Company dropped their target price on shares of Chevron from $188.00 to $184.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Barclays decreased their price target on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 5th. Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and raised their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Truist Financial decreased their target price on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, February 4th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Chevron presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.13.

About Chevron

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.