Syntax Research Inc. Grows Holdings in Chevron Co. (NYSE:CVX)

Syntax Research Inc. lifted its position in shares of Chevron Co. (NYSE:CVX) by 814.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,428 shares of the oil and gas company’s stock after buying an additional 22,647 shares during the quarter. Chevron makes up 2.5% of Syntax Research Inc.’s investment portfolio, making the stock its 13th largest position. Syntax Research Inc.’s holdings in Chevron were worth $3,745,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CVX. Rational Advisors LLC acquired a new stake in Chevron in the 3rd quarter worth about $29,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron in the third quarter worth approximately $29,000. Darwin Wealth Management LLC acquired a new stake in shares of Chevron in the third quarter worth approximately $30,000. RPg Family Wealth Advisory LLC acquired a new position in Chevron during the third quarter worth approximately $31,000. Finally, Anfield Capital Management LLC increased its position in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on CVX shares. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. UBS Group boosted their price target on Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Truist Financial raised their price objective on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Bank of America began coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. Finally, Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $177.13.

Chevron Stock Performance

Chevron stock opened at $148.16 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm’s fifty day moving average price is $155.30 and its 200 day moving average price is $152.19. The company has a market capitalization of $266.26 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the firm posted $3.05 earnings per share. The company’s revenue was down 6.3% compared to the same quarter last year. On average, research analysts forecast that Chevron Co. will post 10.5 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.40%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

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.