Parsons Capital Management Inc. RI Has $17.95 Million Stock Holdings in Chevron Co. (NYSE:CVX)

Parsons Capital Management Inc. RI cut its stake in Chevron Co. (NYSE:CVX) by 6.0% during the first quarter, HoldingsChannel reports. The fund owned 107,290 shares of the oil and gas company’s stock after selling 6,832 shares during the quarter. Chevron comprises approximately 1.0% of Parsons Capital Management Inc. RI’s holdings, making the stock its 18th biggest position. Parsons Capital Management Inc. RI’s holdings in Chevron were worth $17,949,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Ibex Wealth Advisors increased its stake in shares of Chevron by 2.6% in the first quarter. Ibex Wealth Advisors now owns 47,640 shares of the oil and gas company’s stock worth $7,970,000 after acquiring an additional 1,216 shares during the last quarter. SJS Investment Consulting Inc. increased its stake in shares of Chevron by 38.2% in the first quarter. SJS Investment Consulting Inc. now owns 1,096 shares of the oil and gas company’s stock worth $183,000 after acquiring an additional 303 shares during the last quarter. Sonora Investment Management Group LLC increased its stake in shares of Chevron by 5.1% in the first quarter. Sonora Investment Management Group LLC now owns 87,400 shares of the oil and gas company’s stock worth $14,621,000 after acquiring an additional 4,257 shares during the last quarter. Simplicity Wealth LLC increased its stake in shares of Chevron by 180.0% in the first quarter. Simplicity Wealth LLC now owns 17,162 shares of the oil and gas company’s stock worth $2,871,000 after acquiring an additional 11,032 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of 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 acquiring an additional 6,928 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 target price on the stock. in a research report on Tuesday, May 6th. Piper Sandler lowered their target price on shares of Chevron from $173.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, BNP Paribas downgraded shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron currently has an average rating of “Hold” and a consensus price target of $160.24.

Chevron Stock Up 0.4%

NYSE CVX opened at $140.76 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a 50-day simple moving average of $138.46 and a 200 day simple moving average of $149.50. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96. The stock has a market cap of $245.82 billion, a PE ratio of 14.48, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same quarter last year, the company earned $2.93 earnings per share. The firm’s revenue was down 2.3% on a year-over-year basis. On average, research analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date of this dividend is Monday, May 19th. 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.