Chevron (NYSE:CVX) Trading 0.8% Higher – Here’s Why

Chevron Co. (NYSE:CVX) shares traded up 0.8% on Wednesday . The stock traded as high as $158.23 and last traded at $158.08. 1,881,915 shares were traded during trading, a decline of 74% from the average session volume of 7,285,288 shares. The stock had previously closed at $156.90.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Bank of America assumed coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Piper Sandler cut their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. UBS Group boosted their price target on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, Truist Financial boosted their price target on shares of Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a report on Monday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $174.87.

Chevron Stock Performance

The firm’s 50-day moving average is $153.78 and its 200 day moving average is $150.95. The stock has a market cap of $283.94 billion, a PE ratio of 17.36, a P/E/G ratio of 2.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.05 EPS. As a group, research analysts anticipate that Chevron Co. will post 10.5 EPS for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a $1.63 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.13%. Chevron’s dividend payout ratio is presently 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. TrueWealth Advisors LLC grew its position in shares of Chevron by 46.8% during the fourth quarter. TrueWealth Advisors LLC now owns 11,589 shares of the oil and gas company’s stock worth $1,679,000 after buying an additional 3,696 shares in the last quarter. Folger Nolan Fleming Douglas Capital Management Inc. grew its position in shares of Chevron by 2.1% during the fourth quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 48,683 shares of the oil and gas company’s stock worth $7,051,000 after buying an additional 982 shares in the last quarter. Brooklyn Investment Group grew its position in shares of Chevron by 118.7% during the fourth quarter. Brooklyn Investment Group now owns 7,737 shares of the oil and gas company’s stock worth $1,121,000 after buying an additional 4,200 shares in the last quarter. Whitener Capital Management Inc. grew its position in shares of Chevron by 13.2% during the fourth quarter. Whitener Capital Management Inc. now owns 21,569 shares of the oil and gas company’s stock worth $3,124,000 after buying an additional 2,513 shares in the last quarter. Finally, Helen Stephens Group LLC boosted its holdings in Chevron by 4.8% in the fourth quarter. Helen Stephens Group LLC now owns 3,489 shares of the oil and gas company’s stock worth $505,000 after purchasing an additional 159 shares during the period. Hedge funds and other institutional investors 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.