Cornerstone Capital Inc. Acquires New Shares in Chevron Corporation $CVX

Cornerstone Capital Inc. acquired a new stake in Chevron Corporation (NYSE:CVX) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 12,371 shares of the oil and gas company’s stock, valued at approximately $2,051,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Northstar Group Inc. bought a new stake in shares of Chevron during the 2nd quarter valued at about $210,000. First Community Trust NA lifted its stake in shares of Chevron by 1.6% in the 2nd quarter. First Community Trust NA now owns 8,066 shares of the oil and gas company’s stock worth $1,337,000 after purchasing an additional 129 shares during the period. Regent Peak Wealth Advisors LLC lifted its stake in shares of Chevron by 7.7% in the 2nd quarter. Regent Peak Wealth Advisors LLC now owns 4,883 shares of the oil and gas company’s stock worth $809,000 after purchasing an additional 350 shares during the period. Buska Wealth Management LLC boosted its holdings in shares of Chevron by 8.6% in the second quarter. Buska Wealth Management LLC now owns 1,231 shares of the oil and gas company’s stock worth $204,000 after buying an additional 97 shares during the last quarter. Finally, Accel Wealth Management boosted its holdings in shares of Chevron by 3.0% in the second quarter. Accel Wealth Management now owns 6,545 shares of the oil and gas company’s stock worth $1,085,000 after buying an additional 188 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

NYSE CVX opened at $199.99 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. Chevron Corporation has a 12 month low of $146.49 and a 12 month high of $214.71. The stock has a market cap of $395.13 billion, a price-to-earnings ratio of 19.17, a PEG ratio of 0.60 and a beta of 0.49. The company’s 50 day moving average is $183.30 and its two-hundred day moving average is $186.88.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The firm had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.77 earnings per share. As a group, research analysts anticipate that Chevron Corporation will post 15.86 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a $1.78 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.6%. Chevron’s dividend payout ratio is currently 68.26%.

Insiders Place Their Bets

In other news, Director John B. Hess sold 100,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director directly owned 178,045 shares in the company, valued at $34,587,021.70. The trade was a 35.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael K. Wirth sold 5,547 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $4,919,596. This trade represents a 17.41% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,196,212 shares of company stock valued at $231,819,366 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. Jefferies Financial Group reaffirmed a “buy” rating and set a $216.00 target price on shares of Chevron in a report on Friday, July 10th. Barclays lifted their price target on shares of Chevron from $213.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Monday, August 3rd. UBS Group reissued a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Sanford C. Bernstein raised their target price on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Finally, TD Cowen lifted their target price on Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Twenty research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $207.48.

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.