Chevron Corporation $CVX Shares Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA grew its stake in shares of Chevron Corporation (NYSE:CVX) by 32.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,125,735 shares of the oil and gas company’s stock after acquiring an additional 2,218,283 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.53% of Chevron worth $1,417,135,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CVX. Berkshire Hathaway Inc increased its holdings in shares of Chevron by 2.9% during the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after buying an additional 3,454,258 shares during the last quarter. Kingstone Capital Partners Texas LLC lifted its stake in shares of Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 4.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after purchasing an additional 1,342,723 shares during the period. Fisher Asset Management LLC increased its position in Chevron by 1.9% during the 2nd quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock worth $2,982,190,000 after purchasing an additional 378,936 shares in the last quarter. Finally, Norges Bank purchased a new position in Chevron in the second quarter valued at approximately $2,721,477,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

Shares of CVX stock opened at $166.27 on Friday. The firm has a fifty day moving average of $153.46 and a two-hundred day moving average of $154.22. The firm has a market cap of $334.79 billion, a P/E ratio of 23.39, a P/E/G ratio of 10.29 and a beta of 0.70. Chevron Corporation has a 1-year low of $132.04 and a 1-year high of $169.37. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.15 and a quick ratio of 0.86.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The business had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.48 EPS. As a group, research analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Tuesday, November 18th were given a $1.71 dividend. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 annualized dividend and a dividend yield of 4.1%. Chevron’s dividend payout ratio (DPR) is presently 96.20%.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron took a Final Investment Decision (FID) to expand the Leviathan offshore gas platform, adding wells and capacity to send more gas to Israel, Egypt and Jordan — a concrete growth project that should strengthen Chevron’s Eastern Mediterranean gas production and near?term cash flow. Reuters: Chevron takes final investment decision on Leviathan gas expansion
• Positive Sentiment: Multiple outlets report Chevron is likely to receive an expanded U.S. license to operate in Venezuela, which — if finalized and implemented — would enable higher production and exports from a large resource basin and materially improve future production upside. Reuters: Chevron expected to receive expanded Venezuela license
• Neutral Sentiment: Republican bill H.R.7084 (Defending American Property Abroad Act) would give the U.S. government additional tools related to ports and assets seized by foreign states — could be helpful for U.S. companies with expropriation risk, but timing and use of the law are uncertain. QuiverQuant: H.R.7084 summary
• Neutral Sentiment: Investor commentary and screening pieces are flagging Chevron as a dividend and income name worth buying on weakness — supportive to longer?term demand for the stock but less relevant to near?term price moves. Seeking Alpha: Buy the dip — dividend growth stocks
• Negative Sentiment: New legislation proposed (H.R.7094, No Aid for Russian Energy Act) would restrict U.S. persons and parent companies from supplying equipment/services to Russia’s energy sector — a potential regulatory headwind for U.S. majors with any exposure or plans tied to Russia. QuiverQuant: H.R.7094 summary
• Negative Sentiment: Insider selling: an executive sold 3,200 shares at roughly $168 — common but can be interpreted as a modest near?term negative signal to sentiment. SEC Form 4: insider sale
• Negative Sentiment: Oil prices slipped after an easing of Iran?related geopolitical risk, which pressures upstream margins and can temper short?term earnings for integrated majors including Chevron. Barron’s: Oil prices fall as Iran tensions ease

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 320,700 shares of Chevron stock in a transaction on Monday, January 5th. The shares were sold at an average price of $162.99, for a total value of $52,270,893.00. Following the completion of the transaction, the chief executive officer owned 14,450 shares of the company’s stock, valued at $2,355,205.50. The trade was a 95.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Alana K. Knowles sold 3,200 shares of the firm’s stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $168.00, for a total transaction of $537,600.00. Following the completion of the transaction, the insider owned 1,207 shares in the company, valued at approximately $202,776. The trade was a 72.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 635,190 shares of company stock valued at $100,254,408 over the last 90 days. Insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Barclays dropped their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. BMO Capital Markets restated an “outperform” rating on shares of Chevron in a report on Thursday, January 8th. Zacks Research upgraded shares of Chevron from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 23rd. Finally, UBS Group reissued a “buy” rating on shares of Chevron in a research report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $168.27.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.