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

Massachusetts Financial Services Co. MA trimmed its position in Chevron Co. (NYSE:CVX) by 9.5% in the 4th quarter, Holdings Channel.com reports. The fund 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’s holdings in Chevron were worth $1,098,178,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. IMG Wealth Management Inc. purchased a new position in Chevron during the 4th quarter worth $25,000. Legacy Investment Solutions LLC acquired a new stake in Chevron in the third quarter worth about $29,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Chevron during the fourth quarter worth about $29,000. Fairway Wealth LLC increased its holdings 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 acquiring an additional 88 shares in the last quarter. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Chevron in the 4th quarter valued at approximately $39,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 0.7 %

CVX stock opened at $168.43 on Wednesday. The firm’s fifty day moving average is $157.43 and its 200 day moving average is $154.00. The firm has a market cap of $296.53 billion, a PE ratio of 17.33, a P/E/G ratio of 1.46 and a beta of 1.08. Chevron Co. has a one year low of $135.37 and a one year high of $168.96. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share 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 period last year, the firm posted $3.45 earnings per share. On average, research analysts forecast 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. Investors of record on Friday, February 14th were paid a $1.71 dividend. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 4.06%. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Raymond James cut 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. Royal Bank of Canada restated an “outperform” rating and issued a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Piper Sandler dropped their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays reduced their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Finally, UBS Group dropped their target price on Chevron from $195.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, February 3rd. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.13.

Insider Buying and Selling

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

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.