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

Massachusetts Financial Services Co. MA decreased its position in Chevron Co. (NYSE:CVX - Free Report) by 9.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 owned about 0.42% of Chevron worth $1,098,178,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. IMG Wealth Management Inc. bought a new position in Chevron during the 4th quarter worth $25,000. Legacy Investment Solutions LLC acquired a new position in Chevron in the third quarter valued at about $29,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron in the 4th quarter valued at approximately $29,000. Fairway Wealth LLC boosted its holdings in shares of Chevron by 75.9% in the 4th 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 during the 4th quarter worth $39,000. Institutional investors own 72.42% of the company's stock.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company's stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company's stock.

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Chevron Stock Down 1.1 %

Shares of CVX traded down $1.89 during trading hours on Wednesday, reaching $166.62. 7,025,073 shares of the stock traded hands, compared to its average volume of 7,620,161. 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 $293.35 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 1.46 and a beta of 1.08. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $168.96. The stock has a fifty day simple moving average of $157.63 and a 200 day simple moving average of $154.08.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the previous year, the business earned $3.45 EPS. On average, equities 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 issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Friday, February 14th. This is a boost from Chevron's previous quarterly dividend of $1.63. Chevron's payout ratio is 70.37%.

Analyst Upgrades and Downgrades

CVX has been the subject of several research reports. Royal Bank of Canada reissued an "outperform" rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday, February 3rd. UBS Group cut their target price on Chevron from $195.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, February 3rd. Raymond James decreased their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company decreased their price objective on shares of Chevron from $188.00 to $184.00 and set an "overweight" rating for the company in a research report on Monday, February 3rd. Finally, 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. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $174.13.

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.