Chevron Co. (NYSE:CVX) Shares Sold by Synovus Financial Corp

Synovus Financial Corp trimmed its stake in shares of Chevron Co. (NYSE:CVX - Free Report) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 219,605 shares of the oil and gas company's stock after selling 3,968 shares during the quarter. Synovus Financial Corp's holdings in Chevron were worth $31,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the last quarter. Norges Bank acquired a new position in Chevron during the 4th quarter worth $3,017,750,000. Fisher Asset Management LLC raised its position in shares of Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock valued at $2,881,280,000 after acquiring an additional 410,460 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Chevron by 0.5% in the 4th quarter. Franklin Resources Inc. now owns 17,280,105 shares of the oil and gas company's stock worth $2,502,850,000 after purchasing an additional 79,917 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

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Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company's stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays cut their price target on shares of Chevron from $174.00 to $171.00 and set an "overweight" rating for the company in a report on Wednesday, February 5th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Raymond James decreased their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research report on Monday, February 3rd. BNP Paribas lowered Chevron to a "cautious" rating in a research note on Tuesday. Finally, Scotiabank lowered shares of Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the company from $160.00 to $143.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $169.50.

Chevron Price Performance

CVX stock traded down $0.77 during midday trading on Tuesday, reaching $134.55. The company had a trading volume of 9,318,593 shares, compared to its average volume of 7,894,061. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $236.88 billion, a P/E ratio of 13.84, a P/E/G ratio of 1.46 and a beta of 0.93. The firm has a 50-day moving average price of $154.64 and a 200-day moving average price of $153.69. Chevron Co. has a 1 year low of $132.04 and a 1 year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 in the previous year, the firm posted $3.45 earnings per share. On average, research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 5.08%. This is an increase from Chevron's previous quarterly dividend of $1.63. The ex-dividend date was Friday, February 14th. Chevron's dividend payout ratio is presently 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.