Osterweis Capital Management Inc. Lowers Stake in Chevron Corporation $CVX

Key Points

• Osterweis Capital Management Inc. significantly reduced its stake in Chevron Corporation by 90.5% in the first quarter, owning only 175 shares after selling 1,675 shares.
• Chemical dividend declared recently by Chevron amounts to $1.71 per share, providing a 4.5% dividend yield based on an annualized basis.
• Chevron's quarterly earnings surpassed expectations, reporting $1.77 earnings per share (EPS) against a consensus estimate of $1.58, despite a 12.4% decline in year-over-year revenue.

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

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVX. Dorsey & Whitney Trust CO LLC raised its stake in shares of Chevron by 13.3% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 21,870 shares of the oil and gas company's stock valued at $3,659,000 after buying an additional 2,572 shares during the last quarter. Frisch Financial Group Inc. boosted its holdings in Chevron by 21.0% in the 1st quarter. Frisch Financial Group Inc. now owns 3,522 shares of the oil and gas company's stock worth $589,000 after buying an additional 611 shares during the last quarter. GDS Wealth Management boosted its holdings in Chevron by 4.4% in the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after buying an additional 72 shares during the last quarter. Capital Analysts LLC boosted its holdings in Chevron by 5.7% in the 1st quarter. Capital Analysts LLC now owns 45,230 shares of the oil and gas company's stock worth $7,567,000 after buying an additional 2,456 shares during the last quarter. Finally, Tradition Wealth Management LLC boosted its holdings in shares of Chevron by 3.8% during the 1st quarter. Tradition Wealth Management LLC now owns 9,228 shares of the oil and gas company's stock worth $1,544,000 after purchasing an additional 342 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Performance

NYSE:CVX opened at $152.2140 on Wednesday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market capitalization of $263.02 billion, a price-to-earnings ratio of 19.59, a PEG ratio of 2.33 and a beta of 0.87. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm's fifty day simple moving average is $150.60 and its 200 day simple moving average is $148.56.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (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 firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The firm's quarterly revenue was down 12.4% on a year-over-year basis. As a group, equities research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is currently 88.03%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CVX. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Morgan Stanley assumed coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective on the stock. Mizuho dropped their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a report on Tuesday, May 6th. Finally, TD Cowen increased their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $164.33.

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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