Chevron (NYSE:CVX) Shares Up 0.5% – Here’s What Happened

Chevron Co. (NYSE:CVX) shares rose 0.5% on Thursday . The company traded as high as $159.90 and last traded at $159.12. Approximately 1,498,464 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 7,320,477 shares. The stock had previously closed at $158.33.

Analysts Set New Price Targets

Several brokerages recently weighed in on CVX. Truist Financial lifted their price target on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday. Bank of America assumed coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Barclays lifted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and increased their target price for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Finally, Royal Bank of Canada boosted their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $174.87.

Chevron Stock Performance

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 stock has a market capitalization of $286.38 billion, a P/E ratio of 17.52, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The company has a 50 day simple moving average of $153.78 and a 200-day simple moving average of $150.95.

Chevron (NYSE:CVX) last announced its quarterly earnings data 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 business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.05 EPS. On average, equities analysts forecast that Chevron Co. will post 10.39 EPS for the current year.

Chevron Announces Dividend

The firm 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 dividend on an annualized basis and a yield of 4.09%. Chevron’s dividend payout ratio is 71.65%.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction 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 completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Legacy Investment Solutions LLC purchased a new position in Chevron during the 3rd quarter valued at about $29,000. Rational Advisors LLC bought a new position in shares of Chevron during the third quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new position in Chevron during the third quarter valued at $30,000. RPg Family Wealth Advisory LLC purchased a new position in shares of Chevron in the 3rd quarter worth about $31,000. Finally, Cyrus J. Lawrence LLC lifted its stake in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after buying an additional 100 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

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.