Boston Common Asset Management LLC Has $664,000 Stock Holdings in Chevron Co. (NYSE:CVX)

Posted by on Apr 9th, 2023

Boston Common Asset Management LLC lowered its stake in Chevron Co. (NYSE:CVX – Get Rating) by 36.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,700 shares of the oil and gas company’s stock after selling 2,100 shares during the period. Boston Common Asset Management LLC’s holdings in Chevron were worth $664,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Good Life Advisors LLC raised its holdings in Chevron by 2.6% in the 3rd quarter. Good Life Advisors LLC now owns 28,054 shares of the oil and gas company’s stock valued at $4,031,000 after buying an additional 719 shares during the last quarter. Mayflower Financial Advisors LLC raised its stake in shares of Chevron by 1.6% during the fourth quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock valued at $16,533,000 after acquiring an additional 1,453 shares during the last quarter. M&R Capital Management Inc. raised its stake in shares of Chevron by 9.8% during the fourth quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock valued at $1,361,000 after acquiring an additional 674 shares during the last quarter. Sage Mountain Advisors LLC lifted its holdings in shares of Chevron by 77.1% during the second quarter. Sage Mountain Advisors LLC now owns 6,046 shares of the oil and gas company’s stock worth $875,000 after purchasing an additional 2,632 shares during the period. Finally, CapWealth Advisors LLC grew its stake in shares of Chevron by 0.6% in the third quarter. CapWealth Advisors LLC now owns 173,721 shares of the oil and gas company’s stock worth $24,959,000 after purchasing an additional 1,097 shares during the last quarter. Institutional investors own 69.37% of the company’s stock.

Chevron Stock Down 1.3 %

CVX stock opened at $167.65 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.23 and a current ratio of 1.47. Chevron Co. has a fifty-two week low of $132.54 and a fifty-two week high of $189.68. The stock’s 50 day simple moving average is $163.94 and its 200 day simple moving average is $169.83. The company has a market cap of $319.65 billion, a P/E ratio of 9.17, a price-to-earnings-growth ratio of 0.81 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its earnings results on Friday, January 27th. The oil and gas company reported $4.09 earnings per share for the quarter, missing analysts’ consensus estimates of $4.16 by ($0.07). Chevron had a return on equity of 23.52% and a net margin of 14.40%. The firm had revenue of $56.47 billion for the quarter, compared to analyst estimates of $53.97 billion. During the same period in the previous year, the company earned $2.56 earnings per share. Chevron’s revenue for the quarter was up 17.1% compared to the same quarter last year. On average, research analysts expect that Chevron Co. will post 14.56 earnings per share for the current fiscal year.

Chevron announced that its board has approved a share repurchase plan on Wednesday, January 25th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 21.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Thursday, February 16th were given a dividend of $1.51 per share. The ex-dividend date was Wednesday, February 15th. This is an increase from Chevron’s previous quarterly dividend of $1.42. This represents a $6.04 annualized dividend and a dividend yield of 3.60%. Chevron’s payout ratio is presently 33.04%.

Insider Buying and Selling

In other Chevron news, VP Rhonda J. Morris sold 19,666 shares of Chevron stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $170.00, for a total transaction of $3,343,220.00. Following the completion of the transaction, the vice president now owns 3,967 shares in the company, valued at approximately $674,390. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on CVX shares. BNP Paribas raised Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price on the stock in a report on Tuesday, April 4th. Truist Financial upped their target price on Chevron from $169.00 to $179.00 and gave the company a “hold” rating in a report on Tuesday, January 31st. Cowen lowered their price target on shares of Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, February 24th. StockNews.com assumed coverage on shares of Chevron in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Bank of America downgraded shares of Chevron from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $190.00 to $191.00 in a research note on Friday, January 6th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Chevron has an average rating of “Hold” and a consensus target price of $189.76.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.

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Institutional Ownership by Quarter for Chevron (NYSE:CVX)

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