Corundum Group Inc. Has $728,000 Position in Chevron Corporation (NYSE:CVX)

Corundum Group Inc. cut its stake in Chevron Corporation (NYSE:CVX) by 50.8% in the 1st quarter, Holdings Channel.com reports. The fund owned 4,354 shares of the oil and gas company’s stock after selling 4,500 shares during the quarter. Corundum Group Inc.’s holdings in Chevron were worth $728,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. IMG Wealth Management Inc. bought a new position in shares of Chevron in the fourth quarter worth $25,000. Life Planning Partners Inc acquired a new stake in Chevron during the fourth quarter worth about $25,000. Mizuho Securities Co. Ltd. acquired a new stake in Chevron during the fourth quarter worth about $29,000. 10Elms LLP bought a new position in Chevron in the 4th quarter valued at about $29,000. Finally, Fairway Wealth LLC increased its holdings in Chevron by 75.9% in the 4th quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 88 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

Chevron stock opened at $143.49 on Thursday. The stock has a 50-day moving average price of $139.95 and a two-hundred day moving average price of $148.45. Chevron Corporation has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a market capitalization of $250.59 billion, a PE ratio of 16.40, a P/E/G ratio of 2.52 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the prior year, the firm posted $2.93 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. Analysts expect that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.77%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

Analyst Ratings Changes

CVX has been the subject of a number of recent analyst reports. Piper Sandler cut their price target on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company lowered their price objective on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research report on Monday, May 5th. Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 target price (down previously from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Finally, Hsbc Global Res cut Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $160.24.

Chevron Company Profile

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.