Chevron (NYSE:CVX) Trading 0.5% Higher – Here’s What Happened

Chevron Co. (NYSE:CVX) traded up 0.5% on Thursday . The company traded as high as $149.55 and last traded at $148.72. 955,729 shares were traded during mid-day trading, a decline of 87% from the average session volume of 7,608,916 shares. The stock had previously closed at $148.05.

Analysts Set New Price Targets

Several brokerages have commented on CVX. UBS Group raised their price objective on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Scotiabank cut their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Mizuho decreased their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $173.07.

Chevron Stock Up 0.2 %

The business has a fifty day moving average of $146.79 and a 200 day moving average of $153.04. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The stock has a market capitalization of $271.32 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.08 earnings per share. As a group, equities analysts predict that Chevron Co. will post 10.86 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.40%. Chevron’s dividend payout ratio is currently 64.55%.

Hedge Funds Weigh In On Chevron

Institutional investors have recently bought and sold shares of the company. Rational Advisors LLC acquired a new position in shares of Chevron in the third quarter worth $29,000. Anfield Capital Management LLC increased its stake in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after buying an additional 118 shares during the period. Cyrus J. Lawrence LLC raised its holdings in Chevron by 66.7% in the second 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 in the last quarter. Krane Funds Advisors LLC purchased a new position in Chevron in the third quarter worth approximately $47,000. Finally, Livelsberger Financial Advisory acquired a new position in Chevron during the 3rd quarter worth approximately $47,000. 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.