Ascentis Independent Advisors Acquires 22,825 Shares of Chevron Corporation $CVX

Key Points

• Ascentis Independent Advisors boosted its Chevron stake by 132.1% in the first quarter, buying 22,825 additional shares and bringing its total holdings to 40,109 shares valued at about $8.3 million.
• Several other institutions also increased their Chevron positions, and institutional investors now own 72.42% of the stock, while company insider ownership remains low at 0.56%.
• Chevron recently reported EPS of $1.41, beating estimates, and paid a quarterly dividend of $1.78 per share for an annualized yield of 4.2%; analysts currently rate the stock a Moderate Buy with a consensus target price of $205.71.

Ascentis Independent Advisors grew its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 132.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 40,109 shares of the oil and gas company's stock after acquiring an additional 22,825 shares during the quarter. Chevron accounts for approximately 0.6% of Ascentis Independent Advisors' holdings, making the stock its 24th biggest holding. Ascentis Independent Advisors' holdings in Chevron were worth $8,299,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. United Bank lifted its stake in shares of Chevron by 7.7% in the 2nd quarter. United Bank now owns 11,079 shares of the oil and gas company's stock valued at $1,586,000 after acquiring an additional 796 shares during the last quarter. Schnieders Capital Management LLC. grew its position in Chevron by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock worth $7,280,000 after acquiring an additional 4,214 shares during the last quarter. BNP Paribas grew its position in Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after acquiring an additional 191 shares during the last quarter. Osterweis Capital Management Inc. increased its stake in Chevron by 678.9% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after purchasing an additional 1,188 shares during the period. Finally, Main Street Financial Solutions LLC lifted its position in Chevron by 3.6% in the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock valued at $2,299,000 after purchasing an additional 553 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

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Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Mizuho increased their price objective on Chevron from $225.00 to $230.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research note on Tuesday, May 5th. Zacks Research lowered shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, Citigroup raised their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Nineteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $205.71.

Chevron Stock Down 0.6%

Shares of Chevron stock opened at $168.14 on Tuesday. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. Chevron Corporation has a 12-month low of $145.58 and a 12-month high of $214.71. The company has a market cap of $334.87 billion, a P/E ratio of 29.14, a PEG ratio of 0.57 and a beta of 0.50. The company's fifty day simple moving average is $183.31 and its two-hundred day simple moving average is $180.61.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. The firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $2.18 EPS. Research analysts anticipate that Chevron Corporation will post 15.52 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's dividend payout ratio is presently 123.40%.

About Chevron

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.

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