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

Ascentis Independent Advisors raised its position in shares of Chevron Corporation (NYSE:CVX) by 132.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 40,109 shares of the oil and gas company’s stock after purchasing an additional 22,825 shares during the period. Chevron comprises about 0.6% of Ascentis Independent Advisors’ investment portfolio, making the stock its 24th largest position. Ascentis Independent Advisors’ holdings in Chevron were worth $8,299,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Midwest Capital Advisors LLC bought a new position in shares of Chevron in the 1st quarter worth about $25,000. Core Wealth Advisors LLC purchased a new position in Chevron during the 4th quarter valued at about $26,000. Phillip James Consulting Co. bought a new stake in Chevron during the fourth quarter worth about $26,000. Basso Capital Management L.P. bought a new stake in Chevron during the fourth quarter worth about $27,000. Finally, Karpus Management Inc. purchased a new stake in Chevron in the fourth quarter worth about $27,000. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CVX shares. TD Cowen raised their target price on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research note on Friday, May 8th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price target on the stock in a research report on Thursday, April 9th. Weiss Ratings downgraded Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 2nd. UBS Group reaffirmed a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, Piper Sandler raised their price objective on Chevron from $179.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.71.

Chevron Trading Down 0.6%

Chevron stock opened at $168.14 on Tuesday. The business’s fifty day moving average is $183.31 and its 200 day moving average is $180.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The stock has a market capitalization of $334.87 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 0.57 and a beta of 0.50. Chevron Corporation has a one year low of $145.58 and a one year high of $214.71.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period in the previous year, the company earned $2.18 earnings per share. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 15.52 EPS for the current year.

Chevron Announces Dividend

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

Chevron Company 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.