Mattson Financial Services LLC Lowers Stake in Chevron Co. (NYSE:CVX)

Mattson Financial Services LLC reduced its holdings in shares of Chevron Co. (NYSE:CVX) by 0.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 25,259 shares of the oil and gas company’s stock after selling 158 shares during the period. Chevron makes up 1.4% of Mattson Financial Services LLC’s investment portfolio, making the stock its 13th largest holding. Mattson Financial Services LLC’s holdings in Chevron were worth $3,951,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bridgewater Associates LP boosted its holdings in shares of Chevron by 952.5% in the fourth quarter. Bridgewater Associates LP now owns 76,812 shares of the oil and gas company’s stock valued at $11,457,000 after acquiring an additional 69,514 shares in the last quarter. Hancock Whitney Corp boosted its holdings in shares of Chevron by 1.1% in the fourth quarter. Hancock Whitney Corp now owns 95,837 shares of the oil and gas company’s stock valued at $14,295,000 after acquiring an additional 1,000 shares in the last quarter. Rench Wealth Management Inc. boosted its holdings in shares of Chevron by 1.5% in the fourth quarter. Rench Wealth Management Inc. now owns 23,364 shares of the oil and gas company’s stock valued at $3,485,000 after acquiring an additional 349 shares in the last quarter. Vista Investment Management boosted its holdings in shares of Chevron by 14.7% in the fourth quarter. Vista Investment Management now owns 7,733 shares of the oil and gas company’s stock valued at $1,153,000 after acquiring an additional 993 shares in the last quarter. Finally, First Financial Bankshares Inc purchased a new stake in shares of Chevron in the fourth quarter valued at about $94,515,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on CVX. UBS Group lifted their target price on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday. Mizuho lowered their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial lowered their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Wolfe Research assumed coverage on shares of Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 price objective on shares of Chevron in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $178.59.

Chevron Stock Performance

Shares of CVX opened at $148.76 on Wednesday. The stock has a market cap of $274.16 billion, a P/E ratio of 13.69, a PEG ratio of 2.72 and a beta of 1.09. The company has a 50-day moving average of $145.88 and a two-hundred day moving average of $154.09. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $170.17. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $3.08 earnings per share. As a group, research analysts predict that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were issued a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.38%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

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.