Cornerstone Select Advisors LLC Has $3.35 Million Stock Position in Chevron Corporation $CVX

Cornerstone Select Advisors LLC increased its stake in shares of Chevron Corporation (NYSE:CVX) by 2.3% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 20,034 shares of the oil and gas company’s stock after acquiring an additional 442 shares during the quarter. Chevron accounts for 3.2% of Cornerstone Select Advisors LLC’s portfolio, making the stock its 5th biggest position. Cornerstone Select Advisors LLC’s holdings in Chevron were worth $3,351,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company’s stock worth $5,592,263,000 after buying an additional 1,574,464 shares in the last quarter. Northern Trust Corp grew its holdings in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after buying an additional 1,394,091 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Chevron by 1.3% during the fourth quarter. Ameriprise Financial Inc. now owns 16,718,838 shares of the oil and gas company’s stock worth $2,421,564,000 after buying an additional 211,023 shares in the last quarter. Invesco Ltd. grew its holdings in Chevron by 5.5% during the first quarter. Invesco Ltd. now owns 15,855,325 shares of the oil and gas company’s stock worth $2,652,437,000 after buying an additional 827,851 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Chevron by 2.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,755,894 shares of the oil and gas company’s stock worth $1,992,406,000 after buying an additional 292,585 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Morgan Stanley assumed coverage on Chevron in a research note on Monday, August 4th. They issued an “overweight” rating and a $174.00 price objective for the company. UBS Group restated a “buy” rating and issued a $186.00 price objective (up previously from $177.00) on shares of Chevron in a research note on Monday, August 4th. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Scotiabank restated a “sector perform” rating and issued a $160.00 price objective (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Finally, Redburn Atlantic restated 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. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Hold” and an average price target of $164.11.

Chevron Stock Performance

Shares of CVX opened at $156.52 on Monday. The stock’s 50-day simple moving average is $150.13 and its 200 day simple moving average is $148.49. The stock has a market capitalization of $270.46 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 2.35 and a beta of 0.87. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96.

Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%. The company’s quarterly revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 EPS. Research analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date is Tuesday, August 19th. Chevron’s dividend payout ratio is currently 88.03%.

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.