Chevron Co. (CVX) Holdings Cut by Cornerstone Advisors Inc.

Cornerstone Advisors Inc. lessened its position in Chevron Co. (NYSE:CVX) by 4.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,170 shares of the oil and gas company’s stock after selling 186 shares during the period. Cornerstone Advisors Inc.’s holdings in Chevron were worth $510,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Capital International Investors lifted its position in shares of Chevron by 157.4% in the 3rd quarter. Capital International Investors now owns 23,757,783 shares of the oil and gas company’s stock worth $2,905,102,000 after purchasing an additional 14,528,219 shares during the period. Charles Schwab Investment Advisory Inc. purchased a new stake in shares of Chevron in the 2nd quarter worth about $413,622,000. Standard Life Aberdeen plc lifted its position in shares of Chevron by 78.9% in the 2nd quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after purchasing an additional 2,994,612 shares during the period. Renaissance Technologies LLC lifted its position in shares of Chevron by 320.3% in the 3rd quarter. Renaissance Technologies LLC now owns 2,855,084 shares of the oil and gas company’s stock worth $349,120,000 after purchasing an additional 2,175,800 shares during the period. Finally, Vanguard Group Inc lifted its position in shares of Chevron by 1.3% in the 3rd quarter. Vanguard Group Inc now owns 149,871,580 shares of the oil and gas company’s stock worth $18,326,297,000 after purchasing an additional 1,897,503 shares during the period. 64.62% of the stock is currently owned by institutional investors and hedge funds.

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Shares of NYSE CVX opened at $120.08 on Thursday. Chevron Co. has a 1 year low of $100.22 and a 1 year high of $131.08. The stock has a market cap of $230.08 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 4.09 and a beta of 1.02. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.22 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, February 1st. The oil and gas company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Chevron had a net margin of 8.91% and a return on equity of 9.82%. The company had revenue of $42.35 billion during the quarter, compared to analysts’ expectations of $41.46 billion. During the same period last year, the company posted $1.64 EPS. Chevron’s revenue was up 12.6% on a year-over-year basis. As a group, research analysts forecast that Chevron Co. will post 6.72 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Friday, February 15th will be given a dividend of $1.19 per share. This is a boost from Chevron’s previous quarterly dividend of $1.12. This represents a $4.76 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Thursday, February 14th. Chevron’s dividend payout ratio (DPR) is 57.70%.

Several equities research analysts have recently commented on the stock. Wells Fargo & Co dropped their target price on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a research report on Monday, November 5th. Credit Suisse Group set a $135.00 target price on shares of Chevron and gave the stock a “buy” rating in a research report on Saturday, February 2nd. Bank of America reaffirmed a “neutral” rating and issued a $140.00 target price (up from $135.00) on shares of Chevron in a research report on Monday, November 5th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $130.00 target price on shares of Chevron in a research report on Monday, January 7th. Finally, HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and dropped their target price for the stock from $136.00 to $122.00 in a research report on Monday, January 14th. Eight investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $133.20.

In other Chevron news, EVP James William Johnson sold 4,750 shares of Chevron stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $120.92, for a total value of $574,370.00. Following the completion of the transaction, the executive vice president now directly owns 4,750 shares of the company’s stock, valued at $574,370. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeanette L. Ourada sold 7,200 shares of Chevron stock in a transaction dated Monday, February 4th. The stock was sold at an average price of $116.50, for a total transaction of $838,800.00. Following the completion of the transaction, the insider now directly owns 7,200 shares of the company’s stock, valued at $838,800. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,700 shares of company stock valued at $1,946,120. 0.46% of the stock is currently owned by corporate insiders.

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Chevron Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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