Osterweis Capital Management Inc. Has $29,000 Stock Holdings in Chevron Corporation $CVX

Key Points

• Osterweis Capital Management Inc. significantly reduced its holdings in Chevron Corporation, trimming its position by 90.5% to 175 shares during the first quarter, with holdings now valued at $29,000.
• Chevron's recent quarterly earnings report showed $1.77 earnings per share, exceeding the consensus estimate of $1.58, however, revenue declined 12.4% year-over-year.
• The company declared a quarterly dividend of $1.71 per share, resulting in an annualized dividend of $6.84 and a yield of 4.3%, with a current dividend payout ratio of 88.03%.

Osterweis Capital Management Inc. trimmed its position in Chevron Corporation (NYSE:CVX - Free Report) by 90.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 175 shares of the oil and gas company's stock after selling 1,675 shares during the quarter. Osterweis Capital Management Inc.'s holdings in Chevron were worth $29,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd grew its holdings in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new position in Chevron in the 1st quarter valued at $31,000. 10Elms LLP acquired a new position in Chevron in the 4th quarter valued at $29,000. IFS Advisors LLC grew its holdings in Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in Chevron in the 1st quarter valued at $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX stock opened at $158.26 on Friday. 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 twelve month low of $132.04 and a twelve month high of $168.96. The company has a market cap of $273.47 billion, a P/E ratio of 20.37, a P/E/G ratio of 1.99 and a beta of 0.90. The business has a fifty day simple moving average of $154.49 and a 200 day simple moving average of $148.88.

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

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Tuesday, August 19th were given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Scotiabank reaffirmed a "sector perform" rating and issued a $160.00 price objective (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Bank of America increased their target price on Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a report on Wednesday. TD Cowen increased their target price on Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a report on Monday, August 4th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Evercore ISI reissued an "outperform" rating and set a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $164.80.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction 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 ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is owned by corporate insiders.

Chevron 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.

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