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Once you get this email, 150 shares will be purchased by us Chevron (CVX)At approximately $111.79 The Charitable Trust will now own 700 Chevron shares following the transaction. CVX will be increased in weight by this purchase, from approximately 1.53% up to 1.94%. 

The rapid spread of the Omicron variant is causing markets to close lower on Monday, and there are concerns about the possible impact this will have upon the economy’s recovery.

Goldman Sachs also has COVID-19 uncertainties. cut its GDP forecastFor 2022, after discovering Sunday that Democratic senator Joe Manchin won’t support the Biden administration’s “Build back Better” plan.

Investors have been cautious this morning due to negative developments over the weekend. Stocks have fallen, yield on U.S. Treasury 10-year slightly lower and WTI crude oil price is now back below $70

Although the market is skewed towards the negative, prices are lower all around. However we’ll still buy because we have lots of cash and don’t hesitate to take advantage of a great discount. That being said, we want to be picky and selective with our buys right now as we still see the need to protect cash because the market is not yet oversold based on the most recent S&P Short-Range Oscillator reading. When prices drop and the market becomes too oversold we will put more money to work.

Chevron is an idea I wrote last Friday. With our trading restrictions removed Monday, it’s now possible to grab some shares and expand our position.

The dividend is the most attractive. Based on the price at which this article was written, the yield of 4.80% now seems very appealing. This yield is safe thanks to Chevron’s cash flow generation capabilities. Chevron estimates that it will generate 25 billion dollars in excess cash, even at $60/barrel. Excess is what’s left after the capital expenditure program has been funded and the dividend. Chevron is able to pull off this feat because their operating costs have fallen, its production has increased, and they are much more efficient with capital. Chevron today is better than it was just a few short years ago.

The dividend is great, and provides some support and protection in times when the market is under pressure. However, this story also highlights a stronger share repurchase strategy. The management recently increased their share repurchase goal to between $3 billion and $5 billion annually. This is an increase from the previous $2 billion to 3 billion target. This target is still feasible if oil prices rise or remain the same.

Chevron’s role in energy transition is a positive ESG decision. The company has announced, in September, that it will increase its investment in low-carbon businesses by doubling its planned capital to $10 billion, which includes $2 billion to reduce its carbon intensity.

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 (Jim Cramer’s Charitable Trust has CVX.