Chevron Co. (NYSE:CVX) Stake Increased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA increased its holdings in shares of Chevron Co. (NYSE:CVX) by 55.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,537,859 shares of the oil and gas company’s stock after buying an additional 3,048,819 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.46% of Chevron worth $1,335,492,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of CVX. Berkshire Hathaway Inc lifted its position in shares of Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after purchasing an additional 15,845,037 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Chevron by 4.2% in the 1st quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock valued at $2,540,135,000 after buying an additional 654,482 shares during the period. Capital World Investors lifted its position in Chevron by 3.2% in the 1st quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock worth $2,525,380,000 after buying an additional 495,879 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Chevron by 13.0% during the 4th quarter. Franklin Resources Inc. now owns 15,622,388 shares of the oil and gas company’s stock valued at $2,330,235,000 after buying an additional 1,797,171 shares during the period. Finally, Capital International Investors grew its holdings in shares of Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after acquiring an additional 743,042 shares in the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

NYSE CVX opened at $140.61 on Monday. The stock has a market capitalization of $257.16 billion, a PE ratio of 12.94, a P/E/G ratio of 2.41 and a beta of 1.09. The stock has a 50-day simple moving average of $149.12 and a 200 day simple moving average of $154.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron Co. has a twelve month low of $135.37 and a twelve month high of $171.70.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the prior year, the company posted $3.08 earnings per share. The firm’s revenue was up 4.7% compared to the same quarter last year. Research analysts anticipate that Chevron Co. will post 11.57 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.64%. Chevron’s payout ratio is 59.98%.

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. Barclays reduced their price objective on Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Truist Financial reduced their price target on Chevron from $156.00 to $154.00 and set a “hold” rating for the company in a report on Monday, August 5th. Scotiabank dropped their price objective on Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Royal Bank of Canada reduced their target price on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Wolfe Research began coverage on shares of Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.82.

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.