OneAscent Wealth Management LLC Acquires 2,383 Shares of Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Mar 22nd, 2023

OneAscent Wealth Management LLC grew its holdings in shares of Chevron Co. (NYSE:CVX – Get Rating) by 48.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,298 shares of the oil and gas company’s stock after buying an additional 2,383 shares during the quarter. Chevron makes up 0.6% of OneAscent Wealth Management LLC’s portfolio, making the stock its 12th largest position. OneAscent Wealth Management LLC’s holdings in Chevron were worth $1,310,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CVX. Northern Trust Corp grew its stake in shares of Chevron by 1.5% in the second quarter. Northern Trust Corp now owns 25,219,717 shares of the oil and gas company’s stock valued at $3,651,311,000 after buying an additional 371,458 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after acquiring an additional 189,762 shares during the last quarter. Legal & General Group Plc grew its position in shares of Chevron by 16.3% in the 2nd quarter. Legal & General Group Plc now owns 13,569,692 shares of the oil and gas company’s stock valued at $1,964,620,000 after acquiring an additional 1,899,104 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Chevron by 7.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 12,052,751 shares of the oil and gas company’s stock worth $1,731,739,000 after purchasing an additional 847,841 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Chevron by 62.3% in the 2nd quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock valued at $1,642,325,000 after purchasing an additional 4,354,660 shares during the period. 69.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Chevron

In related news, VP Rhonda J. Morris sold 19,666 shares of the stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total value of $3,343,220.00. Following the completion of the sale, the vice president now directly owns 3,967 shares of the company’s stock, valued at approximately $674,390. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CVX shares. Wells Fargo & Company reduced their price target on Chevron from $204.00 to $199.00 and set an “overweight” rating for the company in a report on Thursday, March 2nd. Morgan Stanley decreased their target price on Chevron from $197.00 to $195.00 and set an “equal weight” rating on the stock in a report on Monday, January 30th. Cowen cut their price target on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Truist Financial upped their price objective on shares of Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Finally, Mizuho restated a “neutral” rating and set a $206.00 target price on shares of Chevron in a research note on Friday, March 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $189.50.

Chevron Stock Performance

Shares of Chevron stock opened at $159.31 on Wednesday. The firm has a market capitalization of $303.75 billion, a P/E ratio of 8.71, a P/E/G ratio of 0.73 and a beta of 1.16. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.47 and a quick ratio of 1.23. The company’s 50 day moving average price is $168.31 and its two-hundred day moving average price is $169.52.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings data on Friday, January 27th. The oil and gas company reported $4.09 EPS for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The company had revenue of $56.47 billion during the quarter, compared to analyst estimates of $53.97 billion. During the same period in the prior year, the firm earned $2.56 earnings per share. Chevron’s revenue was up 17.1% compared to the same quarter last year. On average, equities analysts forecast that Chevron Co. will post 14.73 earnings per share for the current fiscal year.

Chevron declared that its Board of Directors has initiated a share repurchase plan on Wednesday, January 25th that allows the company to repurchase $75.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 21.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were given a $1.51 dividend. The ex-dividend date of this dividend was Wednesday, February 15th. This represents a $6.04 annualized dividend and a yield of 3.79%. This is an increase from Chevron’s previous quarterly dividend of $1.42. Chevron’s dividend payout ratio (DPR) is presently 33.04%.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.