Spirit of America Management Corp NY lessened its stake in shares of Chevron Co. (NYSE:CVX – Get Rating) by 1.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 109,140 shares of the oil and gas company’s stock after selling 1,200 shares during the quarter. Chevron makes up approximately 4.0% of Spirit of America Management Corp NY’s portfolio, making the stock its biggest position. Spirit of America Management Corp NY’s holdings in Chevron were worth $17,807,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Mayflower Financial Advisors LLC lifted its stake in Chevron by 1.6% in the fourth quarter. Mayflower Financial Advisors LLC now owns 92,113 shares of the oil and gas company’s stock worth $16,533,000 after acquiring an additional 1,453 shares during the period. M&R Capital Management Inc. lifted its stake in Chevron by 9.8% in the fourth quarter. M&R Capital Management Inc. now owns 7,580 shares of the oil and gas company’s stock worth $1,361,000 after acquiring an additional 674 shares during the period. Albion Financial Group UT lifted its stake in Chevron by 0.6% in the fourth quarter. Albion Financial Group UT now owns 17,553 shares of the oil and gas company’s stock worth $3,151,000 after acquiring an additional 105 shares during the period. Miracle Mile Advisors LLC lifted its stake in Chevron by 5.1% in the fourth quarter. Miracle Mile Advisors LLC now owns 19,920 shares of the oil and gas company’s stock worth $3,575,000 after acquiring an additional 965 shares during the period. Finally, WC Walker & Associates Inc. lifted its stake in Chevron by 12.3% in the fourth quarter. WC Walker & Associates Inc. now owns 3,099 shares of the oil and gas company’s stock worth $497,000 after acquiring an additional 340 shares during the period. Hedge funds and other institutional investors own 69.65% of the company’s stock.
Wall Street Analyst Weigh In
CVX has been the subject of several recent research reports. Mizuho lowered their price objective on Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. Cowen lowered their price objective on Chevron from $185.00 to $170.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Scotiabank raised Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $195.00 to $200.00 in a research report on Thursday, April 13th. UBS Group initiated coverage on Chevron in a research report on Wednesday, April 19th. They set a “buy” rating and a $212.00 price objective for the company. Finally, Morgan Stanley raised their price objective on Chevron from $192.00 to $198.00 in a research report on Tuesday, May 23rd. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $191.68.
Chevron Price Performance
Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, topping the consensus estimate of $3.41 by $0.14. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The company had revenue of $50.79 billion during the quarter, compared to the consensus estimate of $49.49 billion. During the same period last year, the company earned $3.36 EPS. Chevron’s revenue for the quarter was down 6.6% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Co. will post 13.82 EPS for the current year.
Chevron Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 12th. Shareholders of record on Friday, May 19th were given a $1.51 dividend. The ex-dividend date was Thursday, May 18th. This represents a $6.04 annualized dividend and a yield of 3.96%. Chevron’s payout ratio is 32.61%.
About Chevron
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.
Further Reading
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