Chevron (NYSE:CVX) Trading Up 1.1% – Here’s What Happened

Chevron Corporation (NYSE:CVX)’s stock price shot up 1.1% during mid-day trading on Wednesday . The company traded as high as $178.58 and last traded at $175.8940. Approximately 9,896,353 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 11,647,764 shares. The stock had previously closed at $174.01.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Oil prices jumped as the fragile U.S.–Iran ceasefire appeared to unravel, boosting Chevron alongside other major energy stocks because higher crude prices can improve upstream revenue and earnings. Ceasefire Cracks, Oil Bounces: Why Exxon, Chevron Stocks Are Hot Again
• Positive Sentiment: Reuters reported Chevron is offering its chemical technology to rival drillers to help boost shale output, a move that could support future production growth and strengthen its role in U.S. energy supply. Chevron offers rival drillers its chemical technology to boost shale oil output
• Positive Sentiment: Analyst and commentary pieces continue to frame Chevron as an attractive energy and dividend name, with one Yahoo Finance roundup highlighting its sizable upside potential and another citing it among top blue-chip dividend stocks. Here is Why Chevron (CVX) is One of the Most Promising Energy Stocks to Buy Now
• Neutral Sentiment: Chevron was recently removed from the Russell 1000 Dynamic Index, which may create some noise around passive fund flows, but investors appear to be focusing more on oil prices and project fundamentals than the index change. Chevron (CVX) Following Index Removal And Guyana Upgrades, Is The Valuation Case Intact?
• Negative Sentiment: Headline risk remains from the reported drone attack on a Chevron tanker in the Black Sea and from broader geopolitical volatility, which could disrupt logistics or raise operating risk for the company. Chevron tanker used for CPC oil hit by drone in Black Sea

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Scotiabank lifted their price objective on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price objective on shares of Chevron in a research report on Tuesday, May 5th. Citigroup raised their target price on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Mizuho lifted their target price on shares of Chevron from $225.00 to $230.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Morgan Stanley dropped their price target on shares of Chevron from $214.00 to $210.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Nineteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $205.71.

Chevron Stock Up 1.1%

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a market capitalization of $350.31 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 0.56 and a beta of 0.50. The firm has a fifty day moving average price of $182.69 and a 200 day moving average price of $180.94.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.18 earnings per share. As a group, sell-side analysts expect that Chevron Corporation will post 15.52 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. Chevron’s dividend payout ratio is 123.40%.

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares in the company, valued at $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Puff Wealth Management LLC purchased a new position in Chevron in the 2nd quarter valued at approximately $367,000. Community Trust & Investment Co. boosted its position in Chevron by 0.6% during the second quarter. Community Trust & Investment Co. now owns 102,012 shares of the oil and gas company’s stock worth $16,910,000 after purchasing an additional 580 shares in the last quarter. LifeGoal Investments LLC boosted its position in Chevron by 51.2% during the second quarter. LifeGoal Investments LLC now owns 3,037 shares of the oil and gas company’s stock worth $503,000 after purchasing an additional 1,029 shares in the last quarter. DWR Wealth Management LLC grew its holdings in Chevron by 5.1% in the second quarter. DWR Wealth Management LLC now owns 4,091 shares of the oil and gas company’s stock valued at $689,000 after purchasing an additional 198 shares during the last quarter. Finally, Elmwood Wealth Management Inc. boosted its position in shares of Chevron by 11.3% in the 2nd quarter. Elmwood Wealth Management Inc. now owns 3,547 shares of the oil and gas company’s stock worth $588,000 after buying an additional 361 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.