Spirit of America Management Corp NY Lowers Position in Chevron Corporation $CVX

Spirit of America Management Corp NY cut its stake in Chevron Corporation (NYSE:CVX) by 23.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,390 shares of the oil and gas company’s stock after selling 15,200 shares during the period. Chevron accounts for approximately 1.4% of Spirit of America Management Corp NY’s portfolio, making the stock its 14th largest position. Spirit of America Management Corp NY’s holdings in Chevron were worth $6,929,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CVX. GAMMA Investing LLC lifted its holdings in Chevron by 27.3% in the first quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock worth $5,408,000 after buying an additional 6,928 shares during the period. Curran Financial Partners LLC boosted its position in shares of Chevron by 1.3% in the 1st quarter. Curran Financial Partners LLC now owns 6,683 shares of the oil and gas company’s stock worth $1,118,000 after purchasing an additional 87 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Chevron by 6.2% in the 1st quarter. Blue Trust Inc. now owns 42,842 shares of the oil and gas company’s stock worth $7,167,000 after purchasing an additional 2,491 shares in the last quarter. DecisionMap Wealth Management LLC boosted its position in shares of Chevron by 13.2% in the 1st quarter. DecisionMap Wealth Management LLC now owns 1,924 shares of the oil and gas company’s stock worth $322,000 after purchasing an additional 225 shares in the last quarter. Finally, Walter & Keenan Wealth Management LLC IN ADV boosted its position in shares of Chevron by 3.7% in the 1st quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 8,310 shares of the oil and gas company’s stock worth $1,390,000 after purchasing an additional 295 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CVX shares. Melius Research started coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Jefferies Financial Group reissued a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Melius started coverage on Chevron in a research report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Finally, TD Cowen boosted their price target on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $165.25.

Chevron Price Performance

Shares of NYSE CVX opened at $153.12 on Friday. Chevron Corporation has a twelve month low of $132.04 and a twelve month high of $168.96. The firm has a market cap of $264.58 billion, a P/E ratio of 19.71, a PEG ratio of 2.00 and a beta of 0.84. The company has a 50 day moving average of $156.03 and a 200 day moving average of $148.15. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. During the same period in the previous year, the business earned $2.55 EPS. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. As a group, research analysts expect that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.5%. Chevron’s payout ratio is currently 88.03%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the business’s stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

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.