Financial Synergies Wealth Advisors Inc. Increases Stake in Chevron Corporation $CVX

Key Points

• Financial Synergies Wealth Advisors Inc. increased its stake in Chevron Corporation by 181.3% in the second quarter, owning 16,533 shares valued at approximately $2.37 million.
• Several institutional investors have also made significant changes to their Chevron positions, with Kingstone Capital Partners raising its stake by an extraordinary 652,139.5%.
• Chevron recently announced a quarterly dividend of $1.71 per share, representing an annualized yield of 4.5%.

Financial Synergies Wealth Advisors Inc. grew its position in Chevron Corporation (NYSE:CVX - Free Report) by 181.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,533 shares of the oil and gas company's stock after acquiring an additional 10,655 shares during the quarter. Financial Synergies Wealth Advisors Inc.'s holdings in Chevron were worth $2,367,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CVX. Kingstone Capital Partners Texas LLC raised its stake in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after acquiring an additional 83,702,101 shares during the period. GQG Partners LLC purchased a new stake in shares of Chevron in the first quarter valued at $1,466,751,000. Nuveen LLC purchased a new position in Chevron in the 1st quarter worth about $1,362,232,000. Charles Schwab Investment Management Inc. increased its stake in Chevron by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in Chevron by 141.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,891,824 shares of the oil and gas company's stock worth $316,483,000 after buying an additional 1,107,628 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Insider Transactions at Chevron

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

Analysts Set New Price Targets

Several research analysts recently commented on CVX shares. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target on the stock. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. Raymond James Financial reaffirmed an "outperform" rating and issued a $160.00 price target (down previously from $170.00) on shares of Chevron in a research note on Friday. Finally, Bank of America raised their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $165.25.

Chevron Stock Up 0.9%

Shares of Chevron stock opened at $153.12 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron Corporation has a 1 year low of $132.04 and a 1 year high of $168.96. The firm's 50-day moving average is $156.03 and its two-hundred day moving average is $148.02. The stock has a market cap of $264.58 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 2.01 and a beta of 0.84.

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 the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. During the same period in the prior year, the business earned $2.55 EPS. The firm's quarterly revenue was down 12.4% on a year-over-year basis. As a group, research analysts expect that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

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

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.

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