OneAscent Financial Services LLC Makes New Investment in Chevron Corporation $CVX

OneAscent Financial Services LLC acquired a new position in shares of Chevron Corporation (NYSE:CVX) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 7,150 shares of the oil and gas company’s stock, valued at approximately $1,185,000.

A number of other large investors have also made changes to their positions in CVX. BlackRock Inc. acquired a new stake in Chevron during the second quarter worth about $25,663,729,000. Norges Bank acquired a new position in Chevron in the 4th quarter valued at approximately $3,727,586,000. Bank of New York Mellon Corp acquired a new position in Chevron in the 2nd quarter valued at approximately $2,378,114,000. State Street Corp lifted its position in shares of Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after acquiring an additional 12,789,399 shares during the period. Finally, Berkshire Hathaway Inc lifted its position in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a research note on Thursday, July 2nd. Mizuho set a $224.00 price target on shares of Chevron in a research note on Monday, August 3rd. Wall Street Zen raised shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Twenty research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $207.48.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude recently approached $94–$95 per barrel amid renewed Middle East tensions and concerns about Strait of Hormuz disruptions. Sustained higher oil prices typically benefit Chevron’s upstream revenue, margins and cash flow. Chevron jumps as Brent crude approaches $94
• Positive Sentiment: Chevron confirmed an oil and gas condensate discovery at the 105-4X well in offshore Angola. Its proximity to existing facilities could allow a lower-cost tie-back, creating a potential source of future production. Chevron Angola discovery analysis
• Positive Sentiment: Chevron’s $1.78 quarterly dividend, equal to $7.12 annually and an approximately 3.5% yield, reinforces its appeal to income investors. The company also recently exceeded quarterly earnings and revenue expectations. Chevron raises dividend
• Neutral Sentiment: Analysis comparing Chevron with Exxon Mobil highlights differing long-term strategies, including Chevron’s continued emphasis on oil and gas. The approach could benefit from strong commodity prices but leaves CVX more exposed to future oil-demand and price cycles. Chevron versus Exxon Mobil analysis
• Negative Sentiment: Iraq plans to more than double its oil output over the next six years. If achieved, the added supply could pressure global crude prices and reduce the earnings benefit Chevron receives from today’s elevated prices. Iraq oil output and Chevron
• Negative Sentiment: Two Chevron insiders sold shares recently: Andrew Benjamin Walz sold 16,800 shares, while R. Hewitt Pate sold 2,470 shares. Although such transactions may reflect personal financial planning, they can create a modest sentiment overhang. Chevron insider sale report
• Negative Sentiment: A separate analysis says concerns remain centered on Chevron, including issues surrounding its Hess Midstream exposure and broader execution risks. The report may temper enthusiasm after CVX’s recent advance. Hess Midstream: The Issue Remains With Chevron

Chevron Trading Down 0.3%

CVX stock opened at $205.25 on Friday. Chevron Corporation has a 1-year low of $146.49 and a 1-year high of $214.71. The firm has a market cap of $405.53 billion, a P/E ratio of 19.68, a P/E/G ratio of 0.62 and a beta of 0.49. The business’s 50 day moving average is $185.03 and its 200-day moving average is $188.07. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last issued its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analysts’ expectations of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.77 EPS. Equities analysts anticipate that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is currently 68.26%.

Insider Buying and Selling

In other news, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Andrew Benjamin Walz sold 16,800 shares of the stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the sale, the insider owned 14 shares of the company’s stock, valued at $2,814.84. This trade represents a 99.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. Insiders own 0.56% of the company’s stock.

Chevron Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.