Synergy Asset Management LLC Boosts Holdings in Chevron Co. (NYSE:CVX)

Synergy Asset Management LLC increased its holdings in Chevron Co. (NYSE:CVX) by 83.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,350 shares of the oil and gas company’s stock after purchasing an additional 8,325 shares during the period. Synergy Asset Management LLC’s holdings in Chevron were worth $2,895,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Westhampton Capital LLC increased its stake in Chevron by 3.8% in the 1st quarter. Westhampton Capital LLC now owns 6,893 shares of the oil and gas company’s stock worth $1,087,000 after acquiring an additional 250 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. increased its stake in Chevron by 3.3% in the 1st quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 2,604 shares of the oil and gas company’s stock worth $411,000 after acquiring an additional 82 shares during the last quarter. Cullinan Associates Inc. increased its position in shares of Chevron by 0.8% during the 1st quarter. Cullinan Associates Inc. now owns 188,197 shares of the oil and gas company’s stock valued at $29,686,000 after purchasing an additional 1,573 shares during the last quarter. Iams Wealth Management LLC increased its position in shares of Chevron by 16.9% during the 1st quarter. Iams Wealth Management LLC now owns 11,801 shares of the oil and gas company’s stock valued at $1,798,000 after purchasing an additional 1,702 shares during the last quarter. Finally, tru Independence LLC bought a new position in shares of Chevron during the 1st quarter valued at approximately $5,166,000. Institutional investors own 72.42% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CVX. Wells Fargo & Company boosted their target price on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a research report on Tuesday, April 30th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the company from $170.00 to $195.00 in a research report on Thursday, April 11th. TD Cowen boosted their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Monday, April 29th. Piper Sandler boosted their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Finally, Raymond James upped their target price on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Five investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $186.95.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares in the company, valued at $76,429.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $161.00, for a total transaction of $410,389.00. Following the transaction, the director now owns 7,647 shares in the company, valued at $1,231,167. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now owns 477 shares in the company, valued at approximately $76,429.71. The disclosure for this sale can be found here. Insiders have sold a total of 16,746 shares of company stock valued at $2,727,971 over the last ninety days. Company insiders own 0.20% of the company’s stock.

Chevron Trading Up 0.1 %

Shares of NYSE:CVX opened at $156.75 on Wednesday. The business’s 50-day moving average is $159.11 and its 200 day moving average is $154.82. Chevron Co. has a 1 year low of $139.62 and a 1 year high of $171.70. The firm has a market capitalization of $288.89 billion, a P/E ratio of 14.42, a P/E/G ratio of 2.38 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93.

Chevron (NYSE:CVX) last posted its earnings results on Friday, April 26th. The oil and gas company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.84 by $0.09. The firm had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. Chevron’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period last year, the company earned $3.55 earnings per share. On average, research analysts predict that Chevron Co. will post 13.15 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 10th. Investors of record on Friday, May 17th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend was Thursday, May 16th. Chevron’s dividend payout ratio (DPR) is 59.98%.

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.