Cornerstone Planning LLC Acquires New Position in Chevron Corporation $CVX

Cornerstone Planning LLC bought a new position in Chevron Corporation (NYSE:CVX) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 19,497 shares of the oil and gas company’s stock, valued at approximately $2,986,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Dakota Wealth Management lifted its stake in Chevron by 14.9% in the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock worth $12,690,000 after purchasing an additional 10,822 shares during the last quarter. Brooklyn FI LLC bought a new position in shares of Chevron during the third quarter valued at about $431,000. Clear Trail Advisors LLC purchased a new position in shares of Chevron in the fourth quarter worth about $10,167,000. Finemark National Bank & Trust increased its holdings in shares of Chevron by 40.3% in the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company’s stock worth $8,779,000 after buying an additional 16,243 shares during the period. Finally, Curtis Advisory Group LLC bought a new stake in shares of Chevron in the 4th quarter valued at about $1,381,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

CVX opened at $173.51 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a market cap of $345.56 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 0.57 and a beta of 0.48. The stock has a fifty day simple moving average of $186.63 and a two-hundred day simple moving average of $179.01. Chevron Corporation has a 12-month low of $142.40 and a 12-month high of $214.71.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.18 EPS. Research analysts predict that Chevron Corporation will post 15.88 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is 123.40%.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. HSBC upgraded Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a report on Friday, March 20th. Scotiabank boosted their price objective on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Zacks Research lowered Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a report on Friday, April 17th. Finally, Morgan Stanley lifted their target price on shares of Chevron from $212.00 to $214.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Eighteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $205.70.

Insider Activity

In other Chevron news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the sale, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider owned 8,638 shares of the company’s stock, valued at $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 615,200 shares of company stock worth $118,022,760 in the last three months. 0.56% of the stock is currently owned by insiders.

Chevron 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.