Bartlett & CO. Wealth Management LLC Lowers Stake in Chevron Corporation $CVX

Bartlett & CO. Wealth Management LLC reduced its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 452,540 shares of the oil and gas company's stock after selling 26,003 shares during the period. Chevron makes up 1.2% of Bartlett & CO. Wealth Management LLC's investment portfolio, making the stock its 24th biggest position. Bartlett & CO. Wealth Management LLC's holdings in Chevron were worth $87,014,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. United Bank raised its stake in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after acquiring an additional 796 shares in the last quarter. Schnieders Capital Management LLC. boosted its stake in shares of Chevron by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock valued at $7,280,000 after purchasing an additional 4,214 shares in the last quarter. BNP Paribas boosted its stake in shares of Chevron by 76.4% in the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock valued at $63,000 after purchasing an additional 191 shares in the last quarter. Osterweis Capital Management Inc. grew its holdings in shares of Chevron by 678.9% during the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock valued at $195,000 after purchasing an additional 1,188 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its holdings in shares of Chevron by 3.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after purchasing an additional 553 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq to advance investments in major oil fields, including West Qurna 2 and Nassiriya, which could expand long-term production opportunities. Reuters article on Iraq oilfield MOUs
• Positive Sentiment: Reports that Chevron is exploring a pipeline alternative to the Strait of Hormuz suggest a potential way to boost Iraqi export capacity and lower shipping disruption risk, which investors may view as strategically important. The Motley Fool article on Hormuz bypass pipeline
• Positive Sentiment: Chevron is being highlighted as a relatively attractive long-term energy stock versus TotalEnergies because of its premium assets, strong balance sheet, and steadier earnings outlook. Yahoo Finance article comparing CVX and TTE
• Neutral Sentiment: Some commentary says Chevron stock looks closer to fairly valued after a strong five-year run, which may limit upside for investors expecting a clear bargain. Yahoo Finance article on valuation
• Neutral Sentiment: Chevron also benefited from broader energy-sector gains, with the sector rising even as the wider market was mixed. Yahoo Finance sector update

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Zacks Research downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 8th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Mizuho boosted their price target on shares of Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Weiss Ratings cut Chevron from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 2nd. Finally, Wolfe Research upgraded Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a report on Thursday, July 2nd. Nineteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $206.83.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares of the company's stock, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is owned by insiders.

Chevron Price Performance

CVX opened at $187.39 on Friday. The stock has a 50-day moving average price of $181.54 and a 200-day moving average price of $182.44. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The firm has a market cap of $373.21 billion, a PE ratio of 32.48, a P/E/G ratio of 0.64 and a beta of 0.50. Chevron Corporation has a 1 year low of $146.49 and a 1 year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron's revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.18 EPS. Sell-side analysts predict that Chevron Corporation will post 14.83 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. Chevron's payout ratio is 123.40%.

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.

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