OneAscent Financial Services LLC bought a new position in Chevron Corporation (NYSE:CVX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 7,150 shares of the oil and gas company's stock, valued at approximately $1,185,000.

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A number of other hedge funds and other institutional investors also recently made changes to their positions in CVX. BlackRock Inc. bought a new stake in shares of Chevron in the 2nd quarter valued at approximately $25,663,729,000. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at approximately $3,727,586,000. Bank of New York Mellon Corp bought a new stake in Chevron in the second quarter worth approximately $2,378,114,000. State Street Corp grew its position in Chevron by 9.1% in the third 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 in the last quarter. Finally, Berkshire Hathaway Inc increased its stake in shares of Chevron by 6.6% during 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 purchasing an additional 8,091,570 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about 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

Analyst Upgrades and Downgrades

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A number of research analysts have recently weighed in on CVX shares. Sanford C. Bernstein raised their price target on shares of Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. UBS Group reissued a "buy" rating on shares of Chevron in a research report on Tuesday, June 23rd. Bank of America raised their target price on Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Piper Sandler assumed coverage on Chevron in a research report on Thursday, July 23rd. They issued an "overweight" rating and a $207.00 price target for the company. Finally, Weiss Ratings upgraded Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $207.48.

Get Our Latest Research Report on Chevron

Chevron Stock Performance

• Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector

NYSE:CVX 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's fifty day simple moving average is $185.03 and its 200 day simple 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. The firm has a market capitalization of $405.53 billion, a PE ratio of 19.68, a PEG ratio of 0.62 and a beta of 0.49.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business's quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.77 EPS. On average, sell-side analysts anticipate that Chevron Corporation will post 16.17 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.5%. Chevron's payout ratio is presently 68.26%.

Insiders Place Their Bets

In other Chevron news, insider Andrew Benjamin Walz sold 16,800 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael K. Wirth sold 317,100 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company's stock.

Chevron Profile

(Free Report)

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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