Chevron Corporation (NYSE:CVX) Shares Bought by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lifted its holdings in Chevron Corporation (NYSE:CVX) by 11.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,316 shares of the oil and gas company’s stock after purchasing an additional 5,687 shares during the period. Cornerstone Wealth Group LLC’s holdings in Chevron were worth $9,087,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. IMG Wealth Management Inc. purchased a new stake in shares of Chevron in the fourth quarter valued at $25,000. Life Planning Partners Inc acquired a new position in Chevron during the fourth quarter valued at $25,000. Mizuho Securities Co. Ltd. purchased a new stake in Chevron in the 4th quarter worth about $29,000. 10Elms LLP acquired a new stake in Chevron during the 4th quarter worth about $29,000. Finally, Fairway Wealth LLC boosted its position in Chevron by 75.9% during the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 88 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CVX. HSBC lowered shares of Chevron from a “buy” rating to a “hold” rating and reduced their price target for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. Redburn Atlantic reiterated a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. UBS Group cut their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research report on Monday, April 7th. BNP Paribas cut shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. Finally, Piper Sandler dropped their price target on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Price Performance

Shares of Chevron stock opened at $143.67 on Wednesday. The stock has a market capitalization of $250.90 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 2.58 and a beta of 0.83. The firm’s 50-day moving average price is $139.78 and its two-hundred day moving average price is $148.49. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. Chevron’s revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.93 EPS. On average, equities analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

Chevron Company Profile

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.