Massachusetts Wealth Management Has $3.06 Million Position in Chevron Co. (NYSE:CVX)

Massachusetts Wealth Management trimmed its holdings in shares of Chevron Co. (NYSE:CVX) by 8.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,788 shares of the oil and gas company’s stock after selling 1,803 shares during the period. Chevron accounts for 1.9% of Massachusetts Wealth Management’s portfolio, making the stock its 9th biggest position. Massachusetts Wealth Management’s holdings in Chevron were worth $3,061,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in shares of Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock worth $7,218,280,000 after buying an additional 4,876,260 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Chevron by 55.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after acquiring an additional 3,048,819 shares in the last quarter. Wulff Hansen & CO. boosted its position in Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after acquiring an additional 1,168,137 shares during the period. Capital International Investors increased its holdings in shares of Chevron by 5.9% during the first 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 purchasing an additional 743,042 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in Chevron by 38.6% in the second quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock worth $382,448,000 after purchasing an additional 681,394 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

Chevron stock opened at $150.82 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The company has a market cap of $277.96 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 3.30 and a beta of 1.09. Chevron Co. has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The firm’s 50 day simple moving average is $146.59 and its 200-day simple moving average is $153.36.

Chevron (NYSE:CVX) last released its earnings results 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). The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $3.08 EPS. As a group, equities research analysts predict that Chevron Co. will post 10.86 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a yield of 4.32%. Chevron’s payout ratio is 59.98%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Mizuho dropped their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and issued a $170.00 target price on shares of Chevron in a research report on Tuesday, October 8th. Truist Financial lowered their price target on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, September 30th. Wells Fargo & Company cut their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Finally, Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $173.07.

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.