Cornerstone Wealth Management LLC Sells 847 Shares of Chevron Co. (NYSE:CVX)

Cornerstone Wealth Management LLC reduced its stake in shares of Chevron Co. (NYSE:CVX) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,892 shares of the oil and gas company’s stock after selling 847 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Chevron were worth $3,316,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Hengehold Capital Management LLC boosted its holdings in shares of Chevron by 3.1% during the fourth quarter. Hengehold Capital Management LLC now owns 30,931 shares of the oil and gas company’s stock worth $4,480,000 after purchasing an additional 916 shares during the period. Seneca House Advisors boosted its holdings in shares of Chevron by 9.7% during the fourth quarter. Seneca House Advisors now owns 5,210 shares of the oil and gas company’s stock worth $755,000 after purchasing an additional 459 shares during the period. Hedges Asset Management LLC boosted its holdings in shares of Chevron by 2.9% during the fourth quarter. Hedges Asset Management LLC now owns 13,600 shares of the oil and gas company’s stock worth $1,970,000 after purchasing an additional 388 shares during the period. Spinnaker Investment Group LLC boosted its holdings in shares of Chevron by 8.7% during the fourth quarter. Spinnaker Investment Group LLC now owns 2,420 shares of the oil and gas company’s stock worth $351,000 after purchasing an additional 193 shares during the period. Finally, Apeiron RIA LLC boosted its holdings in shares of Chevron by 5.4% during the fourth quarter. Apeiron RIA LLC now owns 8,420 shares of the oil and gas company’s stock worth $1,220,000 after purchasing an additional 433 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

CVX stock opened at $155.62 on Friday. The firm has a 50 day moving average price of $153.93 and a 200-day moving average price of $151.14. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market capitalization of $279.66 billion, a price-to-earnings ratio of 17.10, a PEG ratio of 1.37 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm earned $3.05 earnings per share. Equities research analysts forecast that Chevron Co. will post 10.18 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Bank of America began coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Finally, Piper Sandler lowered their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $175.27.

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.