OneAscent Financial Services LLC Takes Position in Chevron Co. (NYSE:CVX)

OneAscent Financial Services LLC purchased a new stake in shares of Chevron Co. (NYSE:CVX) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,971 shares of the oil and gas company’s stock, valued at approximately $585,000.

Several other institutional investors have also recently made changes to their positions in CVX. China Universal Asset Management Co. Ltd. bought a new stake in Chevron during the first quarter valued at about $566,000. Empowered Funds LLC boosted its position in Chevron by 5.4% during the first quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock valued at $67,670,000 after purchasing an additional 22,047 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Chevron during the first quarter valued at about $12,461,000. Ossiam boosted its position in Chevron by 4,198.3% during the first quarter. Ossiam now owns 321,640 shares of the oil and gas company’s stock valued at $50,735,000 after purchasing an additional 314,157 shares in the last quarter. Finally, MQS Management LLC boosted its position in Chevron by 150.6% during the first quarter. MQS Management LLC now owns 5,986 shares of the oil and gas company’s stock valued at $944,000 after purchasing an additional 3,597 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

Chevron Trading Up 0.6 %

Chevron stock opened at $160.78 on Tuesday. The stock’s 50 day simple moving average is $149.80 and its two-hundred day simple moving average is $152.57. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The firm has a market cap of $288.94 billion, a PE ratio of 17.67, a P/E/G ratio of 3.63 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $3.05 EPS. Analysts anticipate that Chevron Co. will post 10.55 earnings per share for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CVX shares. Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a report on Tuesday, November 5th. UBS Group raised their price target on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Royal Bank of Canada raised their price target on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company reduced their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $174.93.

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.