Massachusetts Wealth Management decreased its position in shares of Chevron Co. (NYSE:CVX – Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,082 shares of the oil and gas company’s stock after selling 1,950 shares during the quarter. Chevron makes up 3.5% of Massachusetts Wealth Management’s holdings, making the stock its 4th largest holding. Massachusetts Wealth Management’s holdings in Chevron were worth $3,440,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in CVX. Rebalance LLC acquired a new stake in Chevron in the fourth quarter worth about $26,000. Worth Asset Management LLC purchased a new stake in shares of Chevron in the first quarter valued at approximately $36,000. Red Tortoise LLC purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $37,000. Western Pacific Wealth Management LP acquired a new stake in shares of Chevron in the fourth quarter worth approximately $37,000. Finally, JDM Financial Group LLC purchased a new stake in shares of Chevron during the fourth quarter worth approximately $42,000. Institutional investors own 69.65% of the company’s stock.
Chevron Price Performance
Shares of NYSE:CVX opened at $153.58 on Monday. The company has a market cap of $290.98 billion, a P/E ratio of 8.29, a P/E/G ratio of 0.78 and a beta of 1.16. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13. Chevron Co. has a 52 week low of $136.43 and a 52 week high of $189.68. The business has a fifty day simple moving average of $155.83 and a 200-day simple moving average of $163.76.
Chevron Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a dividend of $1.51 per share. This represents a $6.04 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date was Thursday, May 18th. Chevron’s dividend payout ratio (DPR) is presently 32.61%.
Wall Street Analyst Weigh In
Several analysts recently commented on CVX shares. Mizuho boosted their price target on Chevron from $202.00 to $205.00 in a research report on Tuesday, July 11th. Raymond James dropped their target price on Chevron from $212.00 to $208.00 and set an “outperform” rating for the company in a report on Friday, April 14th. BNP Paribas upgraded Chevron from an “underperform” rating to a “neutral” rating and set a $200.00 target price for the company in a report on Tuesday, April 4th. JPMorgan Chase & Co. upgraded Chevron from an “underweight” rating to a “neutral” rating and upped their target price for the company from $161.00 to $170.00 in a report on Wednesday, May 31st. Finally, Royal Bank of Canada upgraded Chevron from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $165.00 to $180.00 in a report on Thursday, June 1st. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $191.63.
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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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