Chevron Co. (NYSE:CVX) is Norway Savings Bank’s 8th Largest Position

Norway Savings Bank increased its stake in shares of Chevron Co. (NYSE:CVX) by 0.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,078 shares of the oil and gas company’s stock after purchasing an additional 73 shares during the quarter. Chevron makes up 1.9% of Norway Savings Bank’s holdings, making the stock its 8th largest position. Norway Savings Bank’s holdings in Chevron were worth $3,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the stock. Cantor Fitzgerald Investment Advisor L.P grew its holdings in Chevron by 85.1% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after acquiring an additional 73,141 shares during the period. Axiom Financial Strategies LLC grew its holdings in Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares during the period. GQG Partners LLC grew its holdings in Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after acquiring an additional 1,813 shares during the period. Lumature Wealth Partners LLC grew its holdings in Chevron by 43.5% during the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 1,770 shares during the period. Finally, First Trust Advisors LP grew its holdings in Chevron by 13.8% during the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares during the period. 68.87% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Performance

Shares of CVX stock opened at $167.22 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.13 and a current ratio of 1.43. Chevron Co. has a one year low of $140.46 and a one year high of $189.68. The company’s 50-day simple moving average is $160.80 and its 200-day simple moving average is $160.15. The stock has a market capitalization of $312.24 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 0.88 and a beta of 1.18.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, July 28th. The oil and gas company reported $3.08 EPS for the quarter, beating the consensus estimate of $2.95 by $0.13. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The company had revenue of $48.90 billion for the quarter, compared to analyst estimates of $48 billion. During the same quarter last year, the business earned $5.82 earnings per share. Chevron’s revenue was down 28.9% compared to the same quarter last year. Equities analysts anticipate that Chevron Co. will post 13.23 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 18th were paid a dividend of $1.51 per share. The ex-dividend date was Thursday, August 17th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.61%. Chevron’s dividend payout ratio is presently 38.30%.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the transaction, the vice president now owns 1,718 shares in the company, valued at $276,391.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Chevron news, CFO Pierre R. Breber sold 25,000 shares of Chevron stock in a transaction on Friday, August 11th. The shares were sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the completion of the sale, the chief financial officer now owns 6,021 shares of the company’s stock, valued at approximately $987,444. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total transaction of $603,300.00. Following the sale, the vice president now directly owns 1,718 shares of the company’s stock, valued at approximately $276,391.84. The disclosure for this sale can be found here. Company insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group increased their price target on Chevron from $202.00 to $209.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. The Goldman Sachs Group upgraded Chevron from a “neutral” rating to a “buy” rating and increased their price target for the stock from $166.00 to $187.00 in a research report on Monday, July 31st. HSBC increased their price target on Chevron from $180.00 to $184.00 in a research report on Wednesday, August 9th. Mizuho increased their price target on Chevron from $209.00 to $215.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Royal Bank of Canada upgraded Chevron from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $165.00 to $180.00 in a research report on Thursday, June 1st. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $190.61.

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.