Chevron Co. (NYSE:CVX) Shares Sold by Syntax Research Inc.

Syntax Research Inc. cut its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 61.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,770 shares of the oil and gas company's stock after selling 15,658 shares during the period. Syntax Research Inc.'s holdings in Chevron were worth $1,415,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. United Bank lifted its stake in Chevron by 8.4% in the third quarter. United Bank now owns 8,095 shares of the oil and gas company's stock worth $1,192,000 after acquiring an additional 629 shares during the last quarter. Truepoint Inc. acquired a new stake in shares of Chevron in the 3rd quarter valued at $203,000. StoneX Group Inc. lifted its position in shares of Chevron by 9.8% during the 3rd quarter. StoneX Group Inc. now owns 39,962 shares of the oil and gas company's stock worth $5,885,000 after purchasing an additional 3,576 shares during the last quarter. Sompo Asset Management Co. Ltd. grew its stake in shares of Chevron by 44.9% during the third quarter. Sompo Asset Management Co. Ltd. now owns 17,122 shares of the oil and gas company's stock worth $2,522,000 after purchasing an additional 5,302 shares in the last quarter. Finally, Managed Asset Portfolios LLC raised its stake in Chevron by 2.6% in the third quarter. Managed Asset Portfolios LLC now owns 126,767 shares of the oil and gas company's stock valued at $18,669,000 after buying an additional 3,231 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

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Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James dropped their price objective on Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. Wells Fargo & Company reduced their price objective on shares of Chevron from $188.00 to $184.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Truist Financial dropped their target price on shares of Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research report on Tuesday, February 4th. Citigroup upgraded shares of Chevron from a "neutral" rating to a "buy" rating and upped their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, UBS Group reduced their target price on Chevron from $195.00 to $194.00 and set a "buy" rating for the company in a report on Monday, February 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $174.13.

Chevron Stock Performance

CVX traded up $1.74 during trading on Wednesday, reaching $167.68. The company's stock had a trading volume of 4,570,230 shares, compared to its average volume of 7,331,374. The company has a market capitalization of $295.21 billion, a price-to-earnings ratio of 17.27, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. The company's fifty day moving average price is $156.67 and its 200-day moving average price is $153.01. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $168.93. 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 (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts' consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period last year, the business posted $3.45 EPS. On average, equities analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $1.71 dividend. This is a boost from Chevron's previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.08%. Chevron's dividend payout ratio (DPR) is 70.37%.

About Chevron

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.