Parsons Capital Management Inc. RI Acquires 16,123 Shares of Chevron Co. (NYSE:CVX)

Parsons Capital Management Inc. RI boosted its holdings in shares of Chevron Co. (NYSE:CVX) by 16.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 114,122 shares of the oil and gas company’s stock after purchasing an additional 16,123 shares during the quarter. Chevron comprises 0.9% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 21st biggest holding. Parsons Capital Management Inc. RI’s holdings in Chevron were worth $16,529,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in CVX. Heirloom Wealth Management lifted its holdings in shares of Chevron by 3.4% in the fourth quarter. Heirloom Wealth Management now owns 2,766 shares of the oil and gas company’s stock worth $401,000 after buying an additional 90 shares in the last quarter. Cornell Pochily Investment Advisors Inc. increased its holdings in Chevron by 0.7% in the 4th quarter. Cornell Pochily Investment Advisors Inc. now owns 13,003 shares of the oil and gas company’s stock valued at $1,883,000 after acquiring an additional 92 shares during the last quarter. Mount Yale Investment Advisors LLC lifted its stake in Chevron by 94.7% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 21,463 shares of the oil and gas company’s stock worth $3,109,000 after purchasing an additional 10,442 shares in the last quarter. Valued Wealth Advisors LLC boosted its holdings in shares of Chevron by 95.5% during the 4th quarter. Valued Wealth Advisors LLC now owns 479 shares of the oil and gas company’s stock valued at $69,000 after purchasing an additional 234 shares during the last quarter. Finally, Curran Financial Partners LLC grew its position in shares of Chevron by 3.5% during the fourth quarter. Curran Financial Partners LLC now owns 6,596 shares of the oil and gas company’s stock valued at $955,000 after purchasing an additional 222 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CVX shares. Piper Sandler dropped their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Raymond James upped their price target on shares of Chevron from $175.00 to $180.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Finally, Truist Financial upped their target price on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.27.

Chevron Stock Performance

Shares of Chevron stock opened at $156.24 on Wednesday. Chevron Co. has a 52 week low of $135.37 and a 52 week high of $167.11. The company has a market capitalization of $280.78 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.37 and a beta of 1.12. The stock’s fifty day moving average is $153.74 and its two-hundred day moving average is $151.12. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm posted $3.05 EPS. As a group, analysts expect that Chevron Co. will post 10.18 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.17%. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

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.