Chevron Corporation (NYSE:CVX) Shares Bought by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 11.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,316 shares of the oil and gas company's stock after acquiring an additional 5,687 shares during the quarter. Cornerstone Wealth Group LLC's holdings in Chevron were worth $9,087,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in CVX. Vectors Research Management LLC boosted its holdings in Chevron by 8.5% in the first quarter. Vectors Research Management LLC now owns 19,103 shares of the oil and gas company's stock worth $3,196,000 after purchasing an additional 1,502 shares during the period. Invesco LLC lifted its position in shares of Chevron by 5.9% in the 1st quarter. Invesco LLC now owns 12,455 shares of the oil and gas company's stock worth $2,084,000 after buying an additional 689 shares during the last quarter. Retirement Guys Formula LLC boosted its holdings in shares of Chevron by 25.4% in the 1st quarter. Retirement Guys Formula LLC now owns 7,185 shares of the oil and gas company's stock valued at $1,202,000 after buying an additional 1,456 shares during the period. Community Financial Services Group LLC boosted its holdings in shares of Chevron by 5.9% in the 1st quarter. Community Financial Services Group LLC now owns 16,537 shares of the oil and gas company's stock valued at $2,766,000 after buying an additional 923 shares during the period. Finally, LaFleur & Godfrey LLC boosted its holdings in shares of Chevron by 12.1% in the 1st quarter. LaFleur & Godfrey LLC now owns 75,027 shares of the oil and gas company's stock valued at $12,551,000 after buying an additional 8,127 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Redburn Atlantic reiterated a "sell" rating and set a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Piper Sandler reduced their price objective on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Scotiabank downgraded Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the stock from $160.00 to $143.00 in a research note on Friday, April 11th. Finally, HSBC cut Chevron from a "buy" rating to a "hold" rating and cut their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $160.24.

Chevron Price Performance

Shares of NYSE CVX opened at $143.67 on Wednesday. The firm's 50-day simple moving average is $139.78 and its 200 day simple moving average is $148.49. The stock has a market cap of $250.90 billion, a P/E ratio of 16.42, a P/E/G ratio of 2.58 and a beta of 0.83. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.93 EPS. Equities analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were given a $1.71 dividend. The ex-dividend date was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.76%. Chevron's dividend payout ratio (DPR) is 78.17%.

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.

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