Cornerstone Capital Inc. Invests $2.05 Million in Chevron Corporation $CVX

Key Points

• Cornerstone Capital bought 12,371 Chevron shares worth approximately $2.05 million during the second quarter. Institutional investors collectively own 72.42% of Chevron’s stock.
• Chevron reported quarterly EPS of $6.06, exceeding estimates of $5.55, while revenue rose 57.4% year over year to $67.20 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $207.48.
• Chevron declared a quarterly dividend of $1.78 per share, equivalent to an annualized $7.12 payout and a 3.6% yield. Meanwhile, company insiders sold roughly 1.2 million shares worth $231.8 million over the past 90 days.

Cornerstone Capital Inc. bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,371 shares of the oil and gas company's stock, valued at approximately $2,051,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Midwest Capital Advisors LLC bought a new stake in Chevron in the first quarter valued at $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the 4th quarter worth $26,000. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the 4th quarter worth about $26,000. Basso Capital Management L.P. purchased a new stake in shares of Chevron in the 4th quarter worth about $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron during the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 5,547 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $187.00, for a total value of $1,037,289.00. Following the sale, the chief executive officer directly owned 26,308 shares of the company's stock, valued at approximately $4,919,596. This represents a 17.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 710,665 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director owned 363,711 shares of the company's stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,196,212 shares of company stock valued at $231,819,366. 0.56% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 price target on shares of Chevron in a research report on Wednesday, May 6th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Piper Sandler initiated coverage on Chevron in a report on Thursday, July 23rd. They set an "overweight" rating and a $207.00 target price on the stock. Dbs Bank upgraded Chevron to a "moderate buy" rating in a report on Thursday, August 6th. Finally, Weiss Ratings raised Chevron from a "hold (c)" rating to a "buy (b)" rating in a research report on Tuesday. Twenty equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $207.48.

Chevron Stock Up 1.2%

NYSE:CVX opened at $199.99 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The firm's 50-day moving average price is $183.30 and its 200-day moving average price is $186.88. The company has a market capitalization of $395.13 billion, a PE ratio of 19.17, a P/E/G ratio of 0.60 and a beta of 0.49. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to analysts' expectations of $62.72 billion. During the same period last year, the company posted $1.77 EPS. Chevron's revenue was up 57.4% on a year-over-year basis. On average, equities analysts predict that Chevron Corporation will post 15.86 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron's dividend payout ratio (DPR) is 68.26%.

Chevron Company Profile

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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