Massachusetts Financial Services Co. MA Sells 799,984 Shares of Chevron Co. (NYSE:CVX)

Massachusetts Financial Services Co. MA trimmed its holdings in Chevron Co. (NYSE:CVX) by 9.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,582,009 shares of the oil and gas company’s stock after selling 799,984 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.42% of Chevron worth $1,098,178,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. IMG Wealth Management Inc. bought a new position in shares of Chevron during the fourth quarter worth $25,000. Legacy Investment Solutions LLC purchased a new stake in Chevron in the 3rd quarter worth $29,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron during the 4th quarter valued at about $29,000. Fairway Wealth LLC grew its position in shares of Chevron by 75.9% during the fourth quarter. Fairway Wealth LLC now owns 204 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 88 shares in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Chevron in the fourth quarter worth about $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Price Performance

CVX opened at $168.43 on Wednesday. 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 business has a fifty day moving average of $157.43 and a 200 day moving average of $154.00. Chevron Co. has a 52-week low of $135.37 and a 52-week high of $168.96. The stock has a market cap of $296.53 billion, a P/E ratio of 17.33, a PEG ratio of 1.46 and a beta of 1.08.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the firm earned $3.45 earnings per share. As a group, sell-side analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.06%. The ex-dividend date was Friday, February 14th. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Truist Financial cut their price target on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. UBS Group cut their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Raymond James decreased their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Barclays reduced their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a report on Wednesday, February 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by company insiders.

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.