Chevron Corporation $CVX Shares Sold by Bartlett & CO. Wealth Management LLC

Key Points

• Bartlett & CO. Wealth Management LLC reduced its stake in Chevron by 1.2% in Q2, owning 508,151 shares worth approximately $72.76 million, making it the fund's 27th largest position.
• Chevron's most recent quarterly earnings reported a net revenue of $44.82 billion and an EPS of $1.77, surpassing analysts' estimates.
• Insider trading activity included VP Alana K. Knowles and Director John B. Hess selling significant shares, reducing their positions by 77.11% and 21.09%, respectively.

Bartlett & CO. Wealth Management LLC lowered its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 1.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 508,151 shares of the oil and gas company's stock after selling 6,009 shares during the quarter. Chevron comprises about 1.0% of Bartlett & CO. Wealth Management LLC's holdings, making the stock its 27th largest position. Bartlett & CO. Wealth Management LLC's holdings in Chevron were worth $72,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Apella Capital LLC lifted its holdings in shares of Chevron by 21.6% during the first quarter. Apella Capital LLC now owns 10,477 shares of the oil and gas company's stock worth $1,753,000 after purchasing an additional 1,859 shares during the period. Amplius Wealth Advisors LLC lifted its stake in shares of Chevron by 6.0% in the 1st quarter. Amplius Wealth Advisors LLC now owns 3,379 shares of the oil and gas company's stock worth $565,000 after acquiring an additional 192 shares during the period. McAlister Sweet & Associates Inc. purchased a new stake in shares of Chevron in the first quarter valued at about $258,000. Accel Wealth Management boosted its holdings in shares of Chevron by 1.8% in the first quarter. Accel Wealth Management now owns 6,498 shares of the oil and gas company's stock valued at $1,087,000 after acquiring an additional 114 shares in the last quarter. Finally, Lakeshore Capital Group Inc. increased its stake in shares of Chevron by 2.1% during the first quarter. Lakeshore Capital Group Inc. now owns 4,337 shares of the oil and gas company's stock worth $726,000 after acquiring an additional 88 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CVX. Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Barclays restated an "equal weight" rating on shares of Chevron in a research note on Tuesday, July 15th. TD Cowen increased their price objective on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research report on Monday, August 4th. UBS Group raised their target price on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Bank of America upped their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Eleven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $165.05.

Chevron Trading Down 0.4%

Shares of CVX stock opened at $154.64 on Thursday. The stock has a market cap of $267.21 billion, a P/E ratio of 19.90, a P/E/G ratio of 1.97 and a beta of 0.84. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron Corporation has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The business has a fifty day simple moving average of $156.31 and a 200-day simple moving average of $149.17.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the firm earned $2.55 EPS. The business's revenue for the quarter was down 12.4% compared to the same quarter last year. On average, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is 88.03%.

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.

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