Bar Harbor Wealth Management Has $17.83 Million Stock Position in Chevron Co. (NYSE:CVX)

Posted by on Jul 10th, 2023

Bar Harbor Wealth Management cut its stake in Chevron Co. (NYSE:CVX – Free Report) by 2.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,246 shares of the oil and gas company’s stock after selling 3,113 shares during the period. Chevron comprises approximately 1.4% of Bar Harbor Wealth Management’s holdings, making the stock its 17th largest holding. Bar Harbor Wealth Management’s holdings in Chevron were worth $17,825,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Steph & Co. boosted its stake in shares of Chevron by 6.3% in the 1st quarter. Steph & Co. now owns 4,943 shares of the oil and gas company’s stock valued at $806,000 after purchasing an additional 295 shares in the last quarter. Mayflower Financial Advisors LLC boosted its position in Chevron by 1.6% in the fourth quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock valued at $16,533,000 after buying an additional 1,453 shares in the last quarter. M&R Capital Management Inc. increased its holdings in shares of Chevron by 9.8% during the fourth quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after buying an additional 674 shares in the last quarter. Albion Financial Group UT raised its stake in shares of Chevron by 0.6% in the fourth quarter. Albion Financial Group UT now owns 17,553 shares of the oil and gas company’s stock valued at $3,151,000 after acquiring an additional 105 shares during the last quarter. Finally, Miracle Mile Advisors LLC grew its position in Chevron by 5.1% during the 4th quarter. Miracle Mile Advisors LLC now owns 19,920 shares of the oil and gas company’s stock worth $3,575,000 after acquiring an additional 965 shares during the last quarter. Institutional investors own 69.65% of the company’s stock.

Chevron Stock Performance

CVX stock opened at $154.22 on Monday. Chevron Co. has a 1-year low of $132.54 and a 1-year high of $189.68. The business’s 50-day moving average price is $156.16 and its two-hundred day moving average price is $164.46. The firm has a market cap of $292.19 billion, a PE ratio of 8.33, a P/E/G ratio of 0.78 and a beta of 1.16. The company has a current ratio of 1.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX – Free Report) last issued its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The business had revenue of $50.79 billion during the quarter, compared to analyst estimates of $49.49 billion. During the same period in the previous year, the firm earned $3.36 EPS. Chevron’s quarterly revenue was down 6.6% compared to the same quarter last year. As a group, research analysts forecast that Chevron Co. will post 13.83 earnings per share for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were issued a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is presently 32.61%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CVX shares. UBS Group started coverage on Chevron in a research note on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Chevron from $192.00 to $198.00 in a report on Tuesday, May 23rd. Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $165.00 to $180.00 in a research note on Thursday, June 1st. Raymond James decreased their price target on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating on the stock in a research note on Friday, April 14th. Finally, JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and raised their price target for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $191.68.

Chevron Company Profile

(Free Report)

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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