Syntax Research Inc. Acquires 22,647 Shares of Chevron Co. (NYSE:CVX)

Syntax Research Inc. raised its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 814.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,428 shares of the oil and gas company's stock after acquiring an additional 22,647 shares during the quarter. Chevron makes up 2.5% of Syntax Research Inc.'s portfolio, making the stock its 13th largest holding. Syntax Research Inc.'s holdings in Chevron were worth $3,745,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company's stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company's stock.

Chevron Trading Down 2.7 %

CVX stock traded down $4.03 during mid-day trading on Wednesday, reaching $144.08. 10,148,623 shares of the stock traded hands, compared to its average volume of 7,718,023. The business has a 50-day moving average price of $155.30 and a two-hundred day moving average price of $152.19. The stock has a market capitalization of $258.92 billion, a PE ratio of 15.83, a PEG ratio of 2.93 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. Chevron Co. has a one year low of $135.37 and a one year high of $167.11.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the firm posted $3.05 EPS. The firm's revenue was down 6.3% compared to the same quarter last year. Equities research analysts expect that Chevron Co. will post 10.5 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend was Monday, November 18th. Chevron's dividend payout ratio (DPR) is presently 71.65%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. DZ Bank raised Chevron from a "hold" rating to a "buy" rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. Truist Financial lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the company a "hold" rating in a research report on Friday, December 6th. UBS Group upped their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Bank of America assumed coverage on shares of Chevron in a report on Thursday, October 17th. They issued a "buy" rating and a $168.00 price target on the stock. Finally, Royal Bank of Canada increased their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an "outperform" rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $177.13.

Chevron Company 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.