Chevron Corporation $CVX Shares Sold by Syntax Research Inc.

Syntax Research Inc. reduced its holdings in Chevron Corporation (NYSE:CVX) by 62.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,037 shares of the oil and gas company’s stock after selling 3,320 shares during the period. Syntax Research Inc.’s holdings in Chevron were worth $416,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp increased its holdings in shares of Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after purchasing an additional 5,998,852 shares during the period. BlackRock Inc. acquired a new stake in shares of Chevron during the second quarter worth approximately $25,663,729,000. Bank of America Corp DE boosted its holdings in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after purchasing an additional 1,334,976 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the second quarter worth approximately $2,378,114,000. Finally, Amundi grew its position in Chevron by 14.1% during the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after purchasing an additional 1,714,835 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CVX has been the topic of several research reports. Raymond James Financial dropped their price objective on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 21st. Piper Sandler increased their target price on shares of Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. BMO Capital Markets lifted their target price on shares of Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. Zacks Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $241.00 price target on shares of Chevron in a report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $221.88.

Insider Activity at Chevron

In other Chevron news, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares in the company, valued at $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider R. Pate sold 40,700 shares of the business’s stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the sale, the insider directly owned 8,791 shares of the company’s stock, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is currently owned by corporate insiders.

Chevron Stock Down 0.8%

CVX opened at $210.91 on Tuesday. The company has a market capitalization of $416.71 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 0.51 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. Chevron Corporation has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The business has a 50-day moving average of $215.09 and a 200-day moving average of $194.63.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.87 by $0.41. The business had revenue of $65.24 billion during the quarter, compared to analysts’ expectations of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.85 EPS. Equities research analysts forecast that Chevron Corporation will post 18.56 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be given a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 52.08%.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.