Chevron (NYSE:CVX) Trading Up 1% – What’s Next?

Chevron Co. (NYSE:CVX)’s stock price traded up 1% on Tuesday . The company traded as high as $162.59 and last traded at $162.01. 2,510,545 shares were traded during trading, a decline of 67% from the average session volume of 7,639,497 shares. The stock had previously closed at $160.36.

Analyst Upgrades and Downgrades

CVX has been the topic of several research reports. UBS Group boosted their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Truist Financial boosted their target price on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $185.00 in a report on Tuesday. Royal Bank of Canada boosted their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Finally, Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.56.

Chevron Price Performance

The stock has a market capitalization of $291.33 billion, a PE ratio of 17.81, a P/E/G ratio of 3.54 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm’s 50 day simple moving average is $152.69 and its 200 day simple moving average is $152.56.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the firm posted $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.02%. Chevron’s payout ratio is 71.65%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

Institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its stake in shares of Chevron by 3.4% during the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after acquiring an additional 573,218 shares during the last quarter. Tri Ri Asset Management Corp purchased a new position in Chevron during the 3rd quarter valued at about $3,031,000. Castellan Group raised its position in Chevron by 112.0% during the 3rd quarter. Castellan Group now owns 18,570 shares of the oil and gas company’s stock valued at $2,735,000 after purchasing an additional 9,810 shares during the last quarter. Tidal Investments LLC lifted its holdings in Chevron by 5.8% in the 3rd quarter. Tidal Investments LLC now owns 94,880 shares of the oil and gas company’s stock worth $13,973,000 after buying an additional 5,222 shares during the period. Finally, Destination Wealth Management grew its position in shares of Chevron by 4.8% in the 3rd quarter. Destination Wealth Management now owns 32,616 shares of the oil and gas company’s stock worth $4,803,000 after buying an additional 1,492 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

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.