Chevron (NYSE:CVX) Stock Price Up 1.1% – Here’s Why

Chevron Corporation (NYSE:CVX) shot up 1.1% during mid-day trading on Friday . The company traded as high as $151.52 and last traded at $151.21. 3,848,252 shares were traded during mid-day trading, a decline of 56% from the average session volume of 8,826,865 shares. The stock had previously closed at $149.51.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CVX shares. Melius Research initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Melius started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 target price on the stock. Morgan Stanley boosted their price target on Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. Zacks Research downgraded Chevron from a “hold” rating to a “strong sell” rating in a research note on Monday, November 24th. Finally, Piper Sandler cut their price objective on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research note on Monday, November 10th. Ten analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $165.58.

Chevron Price Performance

The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average is $153.97 and its 200-day moving average is $151.22. The firm has a market cap of $304.46 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.14. The company had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period last year, the business posted $2.48 EPS. As a group, equities analysts anticipate that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.5%. Chevron’s dividend payout ratio is 96.20%.

Insider Activity at Chevron

In other news, Director John B. Hess sold 275,000 shares of Chevron stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the sale, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This trade represents a 19.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of institutional investors have recently bought and sold shares of CVX. Vermillion & White Wealth Management Group LLC raised its position in Chevron by 156.9% in the third quarter. Vermillion & White Wealth Management Group LLC now owns 655 shares of the oil and gas company’s stock worth $102,000 after purchasing an additional 400 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Chevron in the 3rd quarter worth approximately $150,000. Connors Investor Services Inc. lifted its position in shares of Chevron by 11.7% during the 3rd quarter. Connors Investor Services Inc. now owns 82,271 shares of the oil and gas company’s stock worth $12,776,000 after buying an additional 8,602 shares during the period. LWM Advisory Services LLC lifted its position in shares of Chevron by 12.0% during the 3rd quarter. LWM Advisory Services LLC now owns 2,857 shares of the oil and gas company’s stock worth $443,000 after buying an additional 307 shares during the period. Finally, Kimelman & Baird LLC boosted its stake in Chevron by 7.9% in the 3rd quarter. Kimelman & Baird LLC now owns 40,653 shares of the oil and gas company’s stock valued at $6,313,000 after buying an additional 2,993 shares in the last quarter. Institutional investors and hedge funds 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.