Cornerstone Investment Partners LLC Sells 289,565 Shares of Chevron Co. (NYSE:CVX)

Cornerstone Investment Partners LLC lessened its stake in shares of Chevron Co. (NYSE:CVX) by 96.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,957 shares of the oil and gas company’s stock after selling 289,565 shares during the period. Cornerstone Investment Partners LLC’s holdings in Chevron were worth $1,784,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Picton Mahoney Asset Management bought a new position in shares of Chevron in the 3rd quarter valued at $26,000. Valley Forge Investment Consultants Inc. ADV increased its stake in shares of Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares during the last quarter. Valued Wealth Advisors LLC acquired a new stake in shares of Chevron during the 4th quarter valued at $33,000. Worth Asset Management LLC acquired a new stake in shares of Chevron during the first quarter valued at about $36,000. Finally, Legacy Financial Group LLC bought a new stake in shares of Chevron during the third quarter worth about $43,000. Institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the sale, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.18% of the company’s stock.

Chevron Stock Performance

Shares of NYSE CVX traded up $2.38 during trading on Friday, reaching $159.95. 3,144,374 shares of the stock traded hands, compared to its average volume of 8,456,656. The company has a 50-day moving average of $155.26 and a 200-day moving average of $151.90. Chevron Co. has a 52-week low of $139.62 and a 52-week high of $172.38. The stock has a market capitalization of $297.07 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 2.36 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. The company had revenue of $47.18 billion for the quarter, compared to analysts’ expectations of $50.93 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. Chevron’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the company posted $4.09 EPS. Analysts forecast that Chevron Co. will post 13.27 EPS for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a yield of 4.08%. This is a boost from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is currently 57.39%.

Analyst Ratings Changes

CVX has been the topic of several analyst reports. Truist Financial reduced their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Wells Fargo & Company lifted their price objective on Chevron from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Thursday, April 4th. TD Cowen downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Royal Bank of Canada upped their price objective on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $184.75.

About Chevron

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.