Cornercap Investment Counsel Inc. Reduces Position in Chevron Co. (NYSE:CVX)

Cornercap Investment Counsel Inc. decreased its holdings in shares of Chevron Co. (NYSE:CVX) by 29.4% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,871 shares of the oil and gas company’s stock after selling 7,870 shares during the quarter. Chevron comprises about 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 21st biggest holding. Cornercap Investment Counsel Inc.’s holdings in Chevron were worth $2,952,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Eagle Capital Management LLC grew its holdings in shares of Chevron by 0.5% during the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after buying an additional 163 shares in the last quarter. Lane & Associates LLC purchased a new stake in shares of Chevron during the first quarter worth $345,000. Seven Mile Advisory grew its holdings in shares of Chevron by 9.8% during the fourth quarter. Seven Mile Advisory now owns 2,766 shares of the oil and gas company’s stock worth $413,000 after buying an additional 247 shares in the last quarter. KCM Investment Advisors LLC grew its holdings in shares of Chevron by 2.5% during the first quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after buying an additional 8,168 shares in the last quarter. Finally, Livelsberger Financial Advisory purchased a new stake in shares of Chevron in the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CVX. Scotiabank dropped their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Royal Bank of Canada dropped their price objective on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Truist Financial dropped their price objective on shares of Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Barclays dropped their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of “Moderate Buy” and an average price target of $183.82.

Chevron Trading Down 0.3 %

NYSE CVX opened at $137.82 on Thursday. The stock has a market capitalization of $252.06 billion, a P/E ratio of 12.68, a PEG ratio of 2.34 and a beta of 1.09. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The firm’s 50-day moving average is $149.75 and its two-hundred day moving average is $154.92.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the company posted $3.08 EPS. On average, sell-side analysts anticipate that Chevron Co. will post 11.86 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.73%. Chevron’s dividend payout ratio is presently 59.98%.

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.