Synovus Financial Corp Has $32.93 Million Stock Position in Chevron Co. (NYSE:CVX)

Synovus Financial Corp cut its stake in shares of Chevron Co. (NYSE:CVX) by 4.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 223,573 shares of the oil and gas company’s stock after selling 10,475 shares during the period. Synovus Financial Corp’s holdings in Chevron were worth $32,925,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CVX. Rational Advisors LLC bought a new stake in Chevron in the 3rd quarter valued at $29,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron during the third quarter worth $29,000. Darwin Wealth Management LLC acquired a new stake in shares of Chevron during the third quarter worth $30,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Chevron in the third quarter valued at about $31,000. Finally, Anfield Capital Management LLC grew its stake in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 118 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The stock was 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 owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by insiders.

Chevron Price Performance

Shares of CVX opened at $154.72 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a market cap of $278.05 billion, a PE ratio of 17.00, a PEG ratio of 2.98 and a beta of 1.10. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The business has a 50-day simple moving average of $155.29 and a two-hundred day simple moving average of $152.46.

Chevron (NYSE:CVX) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the firm posted $3.05 EPS. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts anticipate that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were given a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.21%. Chevron’s payout ratio is 71.65%.

Analysts Set New Price Targets

CVX has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on shares of Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday. Scotiabank dropped their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. Mizuho dropped their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $177.13.

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.