Cornerstone Advisors Asset Management LLC Boosts Stake in Chevron Corporation (NYSE:CVX)

Cornerstone Advisors Asset Management LLC lifted its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 126.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,540 shares of the oil and gas company's stock after purchasing an additional 1,974 shares during the quarter. Cornerstone Advisors Asset Management LLC's holdings in Chevron were worth $592,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sage Capital Advisors llc increased its holdings in shares of Chevron by 2.2% during the first quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after acquiring an additional 919 shares in the last quarter. CCG Wealth Management LLC boosted its stake in Chevron by 2.3% during the first quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after buying an additional 145 shares during the period. Pines Wealth Management LLC lifted its stake in Chevron by 3.3% during the first quarter. Pines Wealth Management LLC now owns 7,808 shares of the oil and gas company's stock worth $1,306,000 after purchasing an additional 253 shares during the last quarter. Viking Fund Management LLC grew its position in Chevron by 9.3% during the 1st quarter. Viking Fund Management LLC now owns 117,000 shares of the oil and gas company's stock worth $19,573,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Allianz SE bought a new position in shares of Chevron during the fourth quarter valued at approximately $9,369,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CVX has been the topic of several research reports. Hsbc Global Res lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Redburn Atlantic reissued a "sell" rating and issued a $124.00 price target (down from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Wells Fargo & Company reaffirmed an "overweight" rating and set a $165.00 price objective (up previously from $164.00) on shares of Chevron in a research report on Thursday. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research note on Tuesday, May 6th. Finally, TD Cowen cut their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $160.29.

Chevron Price Performance

Shares of NYSE:CVX traded down $0.47 on Monday, reaching $143.32. The company's stock had a trading volume of 6,977,789 shares, compared to its average volume of 8,249,644. The company has a 50-day simple moving average of $140.20 and a 200 day simple moving average of $148.17. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The company has a market cap of $250.29 billion, a P/E ratio of 16.38, a PEG ratio of 2.52 and a beta of 0.83.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.77%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio is currently 78.17%.

Chevron 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.