Spirit of America Management Corp NY Decreases Stake in Chevron Corporation (NYSE:CVX)

Spirit of America Management Corp NY lessened its stake in shares of Chevron Corporation (NYSE:CVX) by 13.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 63,590 shares of the oil and gas company’s stock after selling 9,900 shares during the quarter. Chevron makes up 2.2% of Spirit of America Management Corp NY’s holdings, making the stock its 7th biggest holding. Spirit of America Management Corp NY’s holdings in Chevron were worth $10,638,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVX. Parkside Financial Bank & Trust raised its holdings in shares of Chevron by 0.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company’s stock valued at $2,207,000 after purchasing an additional 66 shares during the period. Berkeley Capital Partners LLC lifted its position in Chevron by 0.4% in the 4th quarter. Berkeley Capital Partners LLC now owns 17,757 shares of the oil and gas company’s stock valued at $2,572,000 after acquiring an additional 67 shares in the last quarter. CBIZ Investment Advisory Services LLC lifted its position in Chevron by 6.1% in the 4th quarter. CBIZ Investment Advisory Services LLC now owns 1,184 shares of the oil and gas company’s stock valued at $171,000 after acquiring an additional 68 shares in the last quarter. Acorn Wealth Advisors LLC lifted its position in Chevron by 3.4% in the 4th quarter. Acorn Wealth Advisors LLC now owns 2,092 shares of the oil and gas company’s stock valued at $303,000 after acquiring an additional 69 shares in the last quarter. Finally, Unionview LLC lifted its position in shares of Chevron by 3.4% during the 4th quarter. Unionview LLC now owns 2,149 shares of the oil and gas company’s stock worth $311,000 after buying an additional 70 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CVX. BNP Paribas cut shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and dropped their target price for the stock from $176.00 to $158.00 in a research report on Tuesday, May 13th. TD Cowen dropped their target price on shares of Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Finally, Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Trading Down 0.4%

Shares of CVX stock opened at $148.18 on Friday. The company has a 50 day moving average of $139.09 and a 200-day moving average of $148.81. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96. The firm has a market cap of $258.78 billion, a P/E ratio of 16.93, a PEG ratio of 2.60 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the business posted $2.93 EPS. Chevron’s quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were paid a $1.71 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.62%. Chevron’s dividend payout ratio is 78.17%.

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.