Synovus Financial Corp Cuts Stock Position in Chevron Co. (NYSE:CVX)

Synovus Financial Corp trimmed its holdings in shares of Chevron Co. (NYSE:CVX - Free Report) by 4.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 223,573 shares of the oil and gas company's stock after selling 10,475 shares during the quarter. Synovus Financial Corp's holdings in Chevron were worth $32,925,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVX. State Street Corp raised its stake in shares of Chevron by 0.6% in the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock valued at $23,431,429,000 after acquiring an additional 874,962 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock worth $4,581,137,000 after buying an additional 3,203,899 shares during the period. Fisher Asset Management LLC grew its stake in shares of Chevron by 3.6% in the third quarter. Fisher Asset Management LLC now owns 19,482,388 shares of the oil and gas company's stock valued at $2,869,171,000 after buying an additional 672,244 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Chevron by 3.0% in the second quarter. Ameriprise Financial Inc. now owns 17,111,051 shares of the oil and gas company's stock valued at $2,676,957,000 after buying an additional 501,969 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in shares of Chevron by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 13,570,971 shares of the oil and gas company's stock valued at $2,122,772,000 after buying an additional 629,644 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Down 0.4 %

Shares of NYSE CVX traded down $0.69 during mid-day trading on Friday, reaching $154.02. The company had a trading volume of 4,088,710 shares, compared to its average volume of 7,664,593. The firm has a 50 day simple moving average of $155.29 and a two-hundred day simple moving average of $152.46. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $276.79 billion, a P/E ratio of 16.83, a PEG ratio of 2.98 and a beta of 1.10.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the company posted $3.05 earnings per share. The business's quarterly revenue was down 6.3% compared to the same quarter last year. Sell-side analysts predict that Chevron Co. will post 10.5 earnings per share for the current year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend was Monday, November 18th. Chevron's dividend payout ratio is currently 71.65%.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the company's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company's stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an "outperform" rating for the company in a research note on Monday, September 16th. Citigroup raised shares of Chevron from a "neutral" rating to a "buy" rating and raised their price target for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Scotiabank decreased their target price on Chevron from $180.00 to $163.00 and set a "sector outperform" rating for the company in a report on Thursday, October 10th. Barclays boosted their target price on Chevron from $168.00 to $174.00 and gave the stock an "overweight" rating in a research note on Monday, November 4th. Finally, DZ Bank raised Chevron from a "hold" rating to a "buy" rating and set a $170.00 price target on the stock in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, Chevron presently has an average rating of "Moderate Buy" and a consensus target price of $177.13.

Chevron 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.