ING Groep NV Raises Holdings in Chevron Corporation $CVX

ING Groep NV boosted its position in Chevron Corporation (NYSE:CVX) by 430.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,089,562 shares of the oil and gas company’s stock after acquiring an additional 884,317 shares during the quarter. Chevron accounts for 0.9% of ING Groep NV’s investment portfolio, making the stock its 22nd biggest position. ING Groep NV’s holdings in Chevron were worth $169,198,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Chevron during the 2nd quarter worth about $2,721,477,000. Bank of New York Mellon Corp lifted its position in Chevron by 27.9% during the third quarter. Bank of New York Mellon Corp now owns 19,627,146 shares of the oil and gas company’s stock valued at $3,047,900,000 after buying an additional 4,279,918 shares in the last quarter. Laurel Wealth Advisors LLC grew its stake in Chevron by 14,194.2% during the second quarter. Laurel Wealth Advisors LLC now owns 3,722,217 shares of the oil and gas company’s stock worth $532,984,000 after buying an additional 3,696,177 shares during the period. Berkshire Hathaway Inc grew its stake in Chevron by 2.9% during the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after buying an additional 3,454,258 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Chevron by 32.1% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,125,735 shares of the oil and gas company’s stock worth $1,417,135,000 after acquiring an additional 2,218,283 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Chevron

In other news, CFO Eimear P. Bonner sold 32,100 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $175.01, for a total value of $5,617,821.00. Following the completion of the sale, the chief financial officer owned 4,366 shares of the company’s stock, valued at approximately $764,093.66. The trade was a 88.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Mark A. Nelson sold 45,800 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $174.17, for a total transaction of $7,976,986.00. Following the transaction, the insider directly owned 7,161 shares in the company, valued at $1,247,231.37. The trade was a 86.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 793,158 shares of company stock valued at $127,919,578 over the last ninety days. 0.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on CVX shares. Citigroup decreased their price target on shares of Chevron from $185.00 to $179.00 and set a “buy” rating for the company in a research report on Monday, January 5th. Zacks Research upgraded Chevron from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 23rd. Bank of America decreased their target price on Chevron from $183.00 to $180.00 and set a “buy” rating for the company in a research report on Thursday, December 11th. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a report on Monday, February 2nd. Finally, Scotiabank restated a “sector perform” rating and issued a $168.00 price target on shares of Chevron in a report on Friday, January 16th. Twelve analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned 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 $175.00.

Chevron Trading Down 0.1%

NYSE:CVX opened at $182.39 on Wednesday. The stock has a market cap of $367.25 billion, a price-to-earnings ratio of 27.39, a price-to-earnings-growth ratio of 12.28 and a beta of 0.70. Chevron Corporation has a one year low of $132.04 and a one year high of $182.95. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.86 and a current ratio of 1.15. The business’s 50-day simple moving average is $160.55 and its 200 day simple moving average is $156.86.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Chevron had a return on equity of 8.23% and a net margin of 6.51%.The firm had revenue of $45.79 billion during the quarter, compared to analyst estimates of $48.18 billion. During the same quarter last year, the firm earned $2.06 EPS. Chevron’s quarterly revenue was down 10.2% on a year-over-year basis. As a group, sell-side analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date is Tuesday, February 17th. Chevron’s payout ratio is presently 102.70%.

About Chevron

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.