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

Synovus Financial Corp reduced its stake in shares of Chevron Co. (NYSE:CVX) by 4.5% in the third quarter, HoldingsChannel.com reports. The firm 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Chevron in the 3rd quarter valued at $29,000. Rational Advisors LLC purchased a new position in Chevron during the 3rd quarter worth $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron in the 3rd quarter worth $30,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Chevron in the third quarter valued at about $31,000. Finally, Anfield Capital Management LLC lifted its position in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. UBS Group upped their price objective on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Mizuho reduced their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Truist Financial lifted their price target on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Bank of America started coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Finally, Barclays raised their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.13.

Chevron Stock Down 1.0 %

CVX opened at $154.72 on Friday. Chevron Co. has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a 50 day moving average of $155.29 and a 200 day moving average of $152.46. 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 company has a market cap of $278.05 billion, a PE ratio of 17.00, a price-to-earnings-growth ratio of 2.98 and a beta of 1.10.

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, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the previous year, the firm earned $3.05 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts expect that Chevron Co. will post 10.5 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.21%. Chevron’s dividend payout ratio is presently 71.65%.

Insider Transactions at Chevron

In other Chevron 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 transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

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.