Chevron (NYSE:CVX) Trading 0.8% Higher – Here’s Why

Chevron Co. (NYSE:CVX) shares were up 0.8% during mid-day trading on Wednesday . The stock traded as high as $158.23 and last traded at $158.08. Approximately 1,881,915 shares were traded during trading, a decline of 74% from the average daily volume of 7,285,288 shares. The stock had previously closed at $156.90.

Analyst Ratings Changes

CVX has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. 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 on the stock. Piper Sandler dropped their price target on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Truist Financial boosted their price target on shares of Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a research report on Monday. Finally, UBS Group boosted their price target on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $174.87.

Chevron Stock Performance

The firm has a fifty day moving average of $153.78 and a 200-day moving average of $150.95. The firm has a market cap of $283.94 billion, a P/E ratio of 17.36, a PEG ratio of 2.93 and a beta of 1.12. 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 issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business earned $3.05 earnings per share. The company’s revenue was down 6.3% compared to the same quarter last year. Research analysts predict that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Rational Advisors LLC acquired a new position in Chevron in the 3rd quarter valued at $29,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron during the 3rd quarter valued at $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron during the 3rd quarter valued at $30,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Chevron during the 3rd quarter valued at $31,000. Finally, Cyrus J. Lawrence LLC lifted its position in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares during the period. 72.42% of the stock is owned by institutional investors and hedge funds.

About Chevron

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.