Chevron (NYSE:CVX) Stock Price Up 1.2% – Here’s Why

Shares of Chevron Corporation (NYSE:CVX) rose 1.2% during trading on Monday . The stock traded as high as $190.35 and last traded at $189.7130. Approximately 7,685,765 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 11,365,183 shares. The stock had previously closed at $187.38.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron and other energy names are benefiting from higher oil prices, with crude recently surging above $90 a barrel; that can boost Chevron’s upstream earnings and cash flow. Why Are BATL, TPET, XOM, CVX, USO, UCO Stocks Rising Overnight?
• Positive Sentiment: Analysts say Chevron looks poised to beat second-quarter earnings estimates, helped by elevated oil prices supporting production and broader energy demand. Chevron & 2 Energy Stocks Poised to Beat Q2 Earnings Estimates
• Positive Sentiment: Chevron is seen as a relatively lower-risk, high-free-cash-flow energy major versus ExxonMobil by one investing article, which can support investor sentiment toward CVX. Chevron vs. ExxonMobil: Only One Deserves a Spot in Your Portfolio Today.

Wall Street Analysts Forecast Growth

CVX has been the subject of several recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. UBS Group reaffirmed a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Mizuho increased their target price on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. TD Cowen lifted their price target on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a report on Friday, May 8th. Finally, Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research report on Thursday, July 2nd. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.83.

Chevron Trading Up 1.2%

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 stock has a market cap of $377.83 billion, a P/E ratio of 32.88, a P/E/G ratio of 0.66 and a beta of 0.50. The company has a 50-day simple moving average of $181.54 and a 200-day simple moving average of $182.66.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion during 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%.The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the company posted $2.18 earnings per share. On average, sell-side analysts forecast that Chevron Corporation will post 14.78 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio is presently 123.40%.

Insider Activity at Chevron

In related news, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, 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 SEC, which is available at the SEC website. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chevron

Hedge funds and other institutional investors have recently made changes to their positions in the company. Midwest Capital Advisors LLC bought a new position in shares of Chevron in the 1st quarter valued at about $25,000. Core Wealth Advisors LLC bought a new stake in shares of Chevron during the fourth quarter worth approximately $26,000. Phillip James Consulting Co. acquired a new position in Chevron in the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. acquired a new position in Chevron in the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. bought a new position in Chevron in the fourth quarter valued at approximately $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

About Chevron

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.