Chevron Corporation $CVX Shares Purchased by Synergy Asset Management LLC

Key Points

• Synergy Asset Management LLC increased its stake in Chevron Corporation by 31.5% during the 2nd quarter, owning 70,537 shares worth approximately $10.1 million.
• Chevron reported $1.77 earnings per share (EPS) for the last quarter, exceeding analysts' expectations and marking a 12.4% year-over-year revenue decline.
• The company announced a quarterly dividend of $1.71 per share, yielding approximately 4.5%, with a payout ratio of 88.03%.

Synergy Asset Management LLC increased its stake in shares of Chevron Corporation (NYSE:CVX - Free Report) by 31.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,537 shares of the oil and gas company's stock after purchasing an additional 16,906 shares during the quarter. Chevron accounts for 1.2% of Synergy Asset Management LLC's holdings, making the stock its 23rd largest holding. Synergy Asset Management LLC's holdings in Chevron were worth $10,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Greenfield Savings Bank boosted its position in shares of Chevron by 0.6% during the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after acquiring an additional 68 shares in the last quarter. GDS Wealth Management boosted its position in shares of Chevron by 4.4% during the 1st quarter. GDS Wealth Management now owns 1,706 shares of the oil and gas company's stock worth $285,000 after acquiring an additional 72 shares in the last quarter. AIMZ Investment Advisors LLC boosted its position in shares of Chevron by 4.2% during the 1st quarter. AIMZ Investment Advisors LLC now owns 1,783 shares of the oil and gas company's stock worth $298,000 after acquiring an additional 72 shares in the last quarter. Garde Capital Inc. boosted its position in shares of Chevron by 3.2% during the 2nd quarter. Garde Capital Inc. now owns 2,355 shares of the oil and gas company's stock worth $337,000 after acquiring an additional 72 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its position in shares of Chevron by 0.3% during the 2nd quarter. North Star Investment Management Corp. now owns 23,000 shares of the oil and gas company's stock worth $3,293,000 after acquiring an additional 74 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This trade represents a 77.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.21% of the company's stock.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Barclays reaffirmed an "equal weight" rating on shares of Chevron in a research report on Tuesday, July 15th. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. TD Cowen boosted their target price on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. UBS Group boosted their target price on Chevron from $186.00 to $197.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Piper Sandler boosted their target price on Chevron from $164.00 to $168.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and an average price target of $165.05.

Chevron Stock Performance

Shares of CVX stock opened at $153.53 on Friday. The company has a market cap of $265.30 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 1.97 and a beta of 0.84. The stock has a 50 day simple moving average of $156.26 and a 200-day simple moving average of $149.14. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.55 EPS. On average, equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

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.

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