Chevron (NYSE:CVX) Stock Price Expected to Rise, Truist Financial Analyst Says

Chevron (NYSE:CVX) had its price target boosted by Truist Financial from $160.00 to $164.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the oil and gas company’s stock.

A number of other research analysts also recently commented on CVX. Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Scotiabank decreased their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Barclays lifted their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Finally, Wells Fargo & Company raised their price objective on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $174.87.

Chevron Stock Performance

Shares of NYSE:CVX opened at $158.25 on Monday. The company has a market cap of $284.39 billion, a P/E ratio of 17.39, a PEG ratio of 2.62 and a beta of 1.12. The business’s 50-day simple moving average is $153.78 and its 200 day simple moving average is $150.95. Chevron has a one year low of $135.37 and a one year high of $167.11. 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 issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the firm earned $3.05 EPS. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. On average, sell-side analysts forecast that Chevron will post 10.39 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by insiders.

Institutional Trading of Chevron

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Legacy Investment Solutions LLC acquired a new stake in Chevron in the third quarter worth approximately $29,000. Rational Advisors LLC acquired a new stake in Chevron in the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron in the 3rd quarter worth approximately $30,000. RPg Family Wealth Advisory LLC acquired a new position in Chevron in the third quarter worth approximately $31,000. Finally, Cyrus J. Lawrence LLC boosted its stake in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

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.