Cornerstone Wealth Group LLC Has $7.62 Million Holdings in Chevron Co. (NYSE:CVX)

Cornerstone Wealth Group LLC raised its position in shares of Chevron Co. (NYSE:CVX) by 5.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,740 shares of the oil and gas company’s stock after purchasing an additional 2,504 shares during the period. Cornerstone Wealth Group LLC’s holdings in Chevron were worth $7,624,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. American Capital Advisory LLC boosted its stake in Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after buying an additional 125 shares in the last quarter. Bare Financial Services Inc bought a new position in shares of Chevron during the 4th quarter worth about $27,000. Frank Rimerman Advisors LLC acquired a new stake in shares of Chevron during the 4th quarter valued at about $30,000. Cooksen Wealth LLC bought a new stake in Chevron in the fourth quarter valued at about $40,000. Finally, Clear Investment Research LLC raised its position in Chevron by 264.9% in the fourth quarter. Clear Investment Research LLC now owns 281 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 204 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CVX shares. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Truist Financial dropped their price objective on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada cut their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. TD Cowen upped their target price on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Monday, April 29th. Finally, HSBC upped their price objective on Chevron from $175.00 to $178.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.82.

Chevron Trading Up 1.3 %

Shares of NYSE:CVX traded up $1.89 during midday trading on Friday, hitting $147.62. 4,807,409 shares of the stock were exchanged, compared to its average volume of 7,814,396. The business’s 50-day moving average price is $153.07 and its 200 day moving average price is $155.82. Chevron Co. has a 12 month low of $139.62 and a 12 month high of $171.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The stock has a market capitalization of $272.06 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 2.46 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $3.08 EPS. Analysts predict that Chevron Co. will post 11.96 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.42%. Chevron’s dividend payout ratio (DPR) is currently 59.98%.

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.