Bartlett & CO. Wealth Management LLC Has $86.01 Million Stock Position in Chevron Corporation (NYSE:CVX)

Bartlett & CO. Wealth Management LLC decreased its stake in shares of Chevron Corporation (NYSE:CVX) by 3.8% during the 1st quarter, Holdings Channel reports. The firm owned 514,160 shares of the oil and gas company’s stock after selling 20,240 shares during the period. Chevron comprises about 1.3% of Bartlett & CO. Wealth Management LLC’s investment portfolio, making the stock its 23rd biggest position. Bartlett & CO. Wealth Management LLC’s holdings in Chevron were worth $86,014,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CVX. Geode Capital Management LLC boosted its stake in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after acquiring an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the period. Norges Bank bought a new position in shares of Chevron during the 4th quarter worth approximately $3,017,750,000. Northern Trust Corp boosted its stake in shares of Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in shares of Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after acquiring an additional 410,460 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Ratings Changes

CVX has been the subject of several research analyst reports. Barclays downgraded Chevron from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Piper Sandler reduced their target price on Chevron from $173.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, May 13th. Hsbc Global Res downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Wells Fargo & Company reiterated an “overweight” rating and set a $165.00 target price (up from $164.00) on shares of Chevron in a research note on Thursday. Finally, Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $160.29.

Chevron Stock Performance

CVX opened at $143.87 on Friday. The firm has a market cap of $251.26 billion, a P/E ratio of 16.44, a price-to-earnings-growth ratio of 2.54 and a beta of 0.83. Chevron Corporation has a 52-week low of $132.04 and a 52-week high of $168.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The business’s fifty day moving average is $140.20 and its 200-day moving average is $148.27.

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

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.75%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

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.