Short Interest in Chevron Co. (NYSE:CVX) Rises By 7.6%

Chevron Co. (NYSE:CVX) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 63,310,000 shares, an increase of 7.6% from the October 31st total of 58,860,000 shares. Based on an average trading volume of 7,310,000 shares, the days-to-cover ratio is currently 8.7 days. Approximately 3.5% of the company’s stock are sold short.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron 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 completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently bought and sold shares of the company. Inspire Trust Co. N.A. lifted its position in shares of Chevron by 19.9% in the third quarter. Inspire Trust Co. N.A. now owns 50,868 shares of the oil and gas company’s stock valued at $7,491,000 after acquiring an additional 8,445 shares in the last quarter. Old North State Trust LLC raised its stake in Chevron by 17.6% in the 3rd quarter. Old North State Trust LLC now owns 2,549 shares of the oil and gas company’s stock valued at $375,000 after purchasing an additional 381 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Chevron by 3.4% in the 3rd 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 purchasing an additional 573,218 shares in the last quarter. Tri Ri Asset Management Corp acquired a new stake in Chevron during the 3rd quarter worth $3,031,000. Finally, Castellan Group grew its holdings in shares of Chevron by 112.0% during the third quarter. Castellan Group now owns 18,570 shares of the oil and gas company’s stock worth $2,735,000 after buying an additional 9,810 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Down 0.2 %

Shares of CVX opened at $161.90 on Wednesday. The firm has a market cap of $290.95 billion, a P/E ratio of 17.79, a PEG ratio of 3.58 and a beta of 1.10. Chevron has a 12 month low of $135.37 and a 12 month high of $167.11. The stock’s 50 day moving average is $153.94 and its two-hundred day moving average is $152.46. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $3.05 EPS. Analysts predict that Chevron will post 10.53 earnings per share 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 dividend yield of 4.03%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CVX. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Truist Financial boosted their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. UBS Group increased their price target on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $175.63.

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.