Chevron Co. (NYSE:CVX) is Spirit of America Management Corp NY’s 7th Largest Position

Spirit of America Management Corp NY lowered its position in shares of Chevron Co. (NYSE:CVX) by 8.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 73,490 shares of the oil and gas company’s stock after selling 7,100 shares during the quarter. Chevron accounts for 2.2% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 7th largest holding. Spirit of America Management Corp NY’s holdings in Chevron were worth $10,644,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of Chevron during the 3rd quarter worth $29,000. Rational Advisors LLC acquired a new stake in Chevron in the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC acquired a new stake in Chevron in the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC acquired a new stake in Chevron in the 3rd quarter valued at about $31,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in Chevron in the 4th quarter valued at about $39,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Royal Bank of Canada reissued an “outperform” rating and issued a $175.00 price objective on shares of Chevron in a research note on Monday. Bank of America began coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Finally, Barclays lifted their price target on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.33.

Chevron Price Performance

Chevron stock opened at $153.14 on Wednesday. Chevron Co. has a 1 year low of $135.37 and a 1 year high of $167.11. The firm has a 50 day moving average price of $152.97 and a 200 day moving average price of $150.93. The company has a market cap of $275.20 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 1.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the company earned $3.45 earnings per share. Sell-side analysts predict that Chevron Co. will post 11.45 earnings per share for the current year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.47%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. Chevron’s payout ratio is presently 67.08%.

Insider Buying and Selling at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

About Chevron

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.