OneAscent Wealth Management LLC Increases Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by Defense World Staff on Jun 30th, 2023

OneAscent Wealth Management LLC boosted its position in shares of Chevron Co. (NYSE:CVX – Free Report) by 0.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,363 shares of the oil and gas company’s stock after purchasing an additional 65 shares during the period. Chevron makes up 0.5% of OneAscent Wealth Management LLC’s holdings, making the stock its 24th biggest holding. OneAscent Wealth Management LLC’s holdings in Chevron were worth $1,201,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its stake in Chevron by 104,997.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after buying an additional 24,467,521 shares during the period. Norges Bank purchased a new position in shares of Chevron during the 4th quarter worth approximately $3,058,235,000. Price T Rowe Associates Inc. MD increased its holdings in Chevron by 79.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,896,009 shares of the oil and gas company’s stock valued at $2,494,194,000 after purchasing an additional 6,133,227 shares during the last quarter. Morgan Stanley raised its position in Chevron by 12.7% in the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after purchasing an additional 3,711,923 shares during the period. Finally, Edmp Inc. lifted its stake in Chevron by 17,439.1% during the fourth quarter. Edmp Inc. now owns 2,949,893 shares of the oil and gas company’s stock worth $16,435,000 after purchasing an additional 2,933,074 shares in the last quarter. 69.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. UBS Group initiated coverage on Chevron in a report on Wednesday, April 19th. They issued a “buy” rating and a $212.00 price objective on the stock. JPMorgan Chase & Co. raised shares of Chevron from an “underweight” rating to a “neutral” rating and increased their price target for the stock from $161.00 to $170.00 in a research report on Wednesday, May 31st. Raymond James lowered their price objective on shares of Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a research note on Friday, April 14th. Scotiabank raised shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $195.00 to $200.00 in a research note on Thursday, April 13th. Finally, HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $189.00 price target for the company in a research report on Tuesday, May 23rd. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average price target of $191.68.

Chevron Stock Performance

Shares of CVX opened at $156.20 on Friday. The company has a market capitalization of $295.94 billion, a price-to-earnings ratio of 8.43, a price-to-earnings-growth ratio of 0.79 and a beta of 1.17. Chevron Co. has a 52-week low of $132.54 and a 52-week high of $189.68. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $157.68 and a 200 day moving average price of $165.21.

Chevron (NYSE:CVX – Free Report) last issued its earnings results 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 net margin of 14.74% and a return on equity of 23.15%. The business had revenue of $50.79 billion during the quarter, compared to analysts’ expectations of $49.49 billion. During the same quarter in the prior year, the business posted $3.36 EPS. The company’s revenue for the quarter was down 6.6% on a year-over-year basis. Research analysts predict that Chevron Co. will post 13.83 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is currently 32.61%.

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.