Massachusetts Financial Services Co. MA Lowers Position in Chevron Corporation $CVX

Massachusetts Financial Services Co. MA lessened its stake in Chevron Corporation (NYSE:CVX) by 4.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,907,452 shares of the oil and gas company’s stock after selling 293,840 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Chevron were worth $989,078,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CVX. Prospect Financial Services LLC grew its stake in Chevron by 8.6% in the 2nd quarter. Prospect Financial Services LLC now owns 1,598 shares of the oil and gas company’s stock valued at $229,000 after acquiring an additional 127 shares during the last quarter. Capstone Financial Advisors Inc. grew its position in shares of Chevron by 21.0% in the second quarter. Capstone Financial Advisors Inc. now owns 3,840 shares of the oil and gas company’s stock valued at $550,000 after purchasing an additional 667 shares during the last quarter. WP Advisors LLC increased its stake in shares of Chevron by 1.5% during the 2nd quarter. WP Advisors LLC now owns 17,873 shares of the oil and gas company’s stock worth $2,559,000 after purchasing an additional 269 shares in the last quarter. Grandfield & Dodd LLC raised its position in shares of Chevron by 1.2% during the 2nd quarter. Grandfield & Dodd LLC now owns 117,510 shares of the oil and gas company’s stock worth $16,826,000 after purchasing an additional 1,433 shares during the last quarter. Finally, King Wealth Management Group raised its position in shares of Chevron by 7.7% during the 2nd quarter. King Wealth Management Group now owns 16,208 shares of the oil and gas company’s stock worth $2,321,000 after purchasing an additional 1,153 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Performance

Shares of NYSE:CVX opened at $157.61 on Friday. The business’s 50-day simple moving average is $155.26 and its 200 day simple moving average is $150.22. The company has a market cap of $317.35 billion, a P/E ratio of 20.28, a PEG ratio of 4.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. Chevron Corporation has a one year low of $132.04 and a one year high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.48 EPS. On average, sell-side analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 18th will be paid a dividend of $1.71 per share. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.3%. Chevron’s payout ratio is 96.20%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several research firms have weighed in on CVX. Piper Sandler dropped their price target on Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a research report on Monday, November 10th. Raymond James Financial reiterated an “outperform” rating and set a $160.00 price objective (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. Scotiabank upped their target price on shares of Chevron from $160.00 to $165.00 and gave the company a “sector perform” rating in a report on Thursday, October 9th. Bank of America lifted their price target on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Finally, Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Eleven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Chevron has a consensus rating of “Hold” and a consensus price target of $166.55.

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.