Ascent Group LLC Grows Stock Holdings in Chevron Corporation $CVX

Key Points

• Ascent Group LLC has increased its holdings in Chevron Corporation by 30.1% during the 1st quarter, with a total investment valued at approximately $6.87 million.
• Several other institutional investors also expanded their positions in Chevron, with notable increases from Sage Capital Advisors and Ignite Planners, reflecting strong interest in the oil giant.
• Chevron recently reported a quarterly earnings per share of $1.77, exceeding analyst expectations, while simultaneously declaring a $1.71 dividend per share, showcasing continued financial performance amidst market fluctuations.

Ascent Group LLC raised its stake in Chevron Corporation (NYSE:CVX - Free Report) by 30.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 41,040 shares of the oil and gas company's stock after acquiring an additional 9,488 shares during the period. Ascent Group LLC's holdings in Chevron were worth $6,866,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GDS Wealth Management lifted its position in shares of Chevron by 4.4% in the first quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after buying an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC lifted its position in shares of Chevron by 4.2% in the first quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after buying an additional 72 shares in the last quarter. Clayton Financial Group LLC lifted its position in shares of Chevron by 4.6% in the first quarter. Clayton Financial Group LLC now owns 1,702 shares of the oil and gas company's stock worth $285,000 after buying an additional 75 shares in the last quarter. Gill Capital Partners LLC lifted its position in shares of Chevron by 4.9% in the first quarter. Gill Capital Partners LLC now owns 1,619 shares of the oil and gas company's stock worth $271,000 after buying an additional 75 shares in the last quarter. Finally, Cordatus Wealth Management LLC lifted its position in shares of Chevron by 0.4% in the first quarter. Cordatus Wealth Management LLC now owns 19,723 shares of the oil and gas company's stock worth $3,299,000 after buying an additional 76 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CVX has been the topic of a number of research analyst reports. Mizuho decreased their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Evercore ISI restated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Jefferies Financial Group restated a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $163.95.

Chevron Trading Up 0.4%

Shares of CVX stock traded up $0.64 during trading hours on Tuesday, reaching $154.64. 7,765,594 shares of the stock were exchanged, compared to its average volume of 7,902,908. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The company's 50-day moving average price is $154.09 and its 200-day moving average price is $148.82. The firm has a market capitalization of $267.22 billion, a price-to-earnings ratio of 19.90, a price-to-earnings-growth ratio of 2.28 and a beta of 0.90.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.55 EPS. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. Chevron's dividend payout ratio is currently 88.03%.

Insider Buying and Selling

In other news, Director John B. Hess sold 375,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Chevron Profile

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.