Massachusetts Financial Services Co. MA Cuts Stock Holdings in Chevron Co. (NYSE:CVX)

Massachusetts Financial Services Co. MA reduced its position in shares of Chevron Co. (NYSE:CVX) by 1.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 8,381,993 shares of the oil and gas company’s stock after selling 155,866 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Chevron were worth $1,234,416,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Rational Advisors LLC purchased a new stake in shares of Chevron during the third quarter worth about $29,000. Darwin Wealth Management LLC acquired a new position in shares of Chevron during the third quarter valued at approximately $30,000. Anfield Capital Management LLC lifted its position 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. Cyrus J. Lawrence LLC grew its holdings in shares of Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Finally, Krane Funds Advisors LLC acquired a new stake in Chevron in the 3rd quarter valued at about $47,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX opened at $161.30 on Thursday. Chevron Co. has a twelve month low of $135.37 and a twelve month 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 firm has a market capitalization of $289.87 billion, a price-to-earnings ratio of 17.73, a PEG ratio of 3.59 and a beta of 1.09. The firm’s fifty day simple moving average is $150.70 and its 200-day simple moving average is $152.63.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.05 EPS. Equities analysts forecast that Chevron Co. will post 10.55 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is 71.65%.

Analysts Set New Price Targets

Several research firms recently commented on CVX. UBS Group increased their price target on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a report on Monday, November 4th. Wells Fargo & Company reduced their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a report on Friday, September 27th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research report on Tuesday, November 5th. Truist Financial boosted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Finally, Scotiabank decreased their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.93.

Insider Activity

In related 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 transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.20% of the company’s stock.

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.