Cornerstone Investment Partners LLC Sells 289,565 Shares of Chevron Co. (NYSE:CVX)

Cornerstone Investment Partners LLC cut its holdings in Chevron Co. (NYSE:CVX) by 96.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,957 shares of the oil and gas company’s stock after selling 289,565 shares during the period. Cornerstone Investment Partners LLC’s holdings in Chevron were worth $1,784,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Cantor Fitzgerald Investment Advisor L.P boosted its position in shares of Chevron by 85.1% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock worth $25,908,000 after purchasing an additional 73,141 shares during the period. Axiom Financial Strategies LLC increased its stake in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after buying an additional 1,476 shares in the last quarter. GQG Partners LLC raised its holdings in Chevron by 4.7% during the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after acquiring an additional 1,813 shares during the period. Lumature Wealth Partners LLC lifted its position in shares of Chevron by 43.5% in the first quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock valued at $950,000 after acquiring an additional 1,770 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of Chevron by 13.8% in the first quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after acquiring an additional 250,840 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the topic of several recent analyst reports. The Goldman Sachs Group reissued a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Raymond James boosted their target price on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday. Truist Financial dropped their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Barclays initiated coverage on shares of Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $184.75.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now directly owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.18% of the company’s stock.

Chevron Trading Up 1.5 %

Shares of CVX stock traded up $2.38 during trading hours on Friday, reaching $159.95. 3,144,374 shares of the stock were exchanged, compared to its average volume of 8,456,656. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. Chevron Co. has a 12-month low of $139.62 and a 12-month high of $172.38. The firm has a market capitalization of $297.07 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 2.36 and a beta of 1.12. The company’s 50-day moving average price is $155.26 and its 200-day moving average price is $151.90.

Chevron (NYSE:CVX) last released its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. During the same quarter in the prior year, the firm posted $4.09 earnings per share. The company’s quarterly revenue was down 16.5% on a year-over-year basis. As a group, equities analysts anticipate that Chevron Co. will post 13.27 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.08%. This is an increase from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio (DPR) is 57.39%.

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.