Chevron (NYSE:CVX) Stock Price Up 1.4% Following Analyst Upgrade

Chevron Co. (NYSE:CVX) shares were up 1.4% during trading on Monday after Raymond James raised their price target on the stock from $175.00 to $180.00. Raymond James currently has an outperform rating on the stock. Chevron traded as high as $161.77 and last traded at $161.54. Approximately 9,233,657 shares were traded during mid-day trading, an increase of 18% from the average daily volume of 7,835,055 shares. The stock had previously closed at $159.38.

CVX has been the topic of a number of other research reports. Scotiabank reduced their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and increased their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Wells Fargo & Company increased their target price on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a report on Monday, December 9th. Finally, Piper Sandler reduced their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated 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 owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tacita Capital Inc lifted its position in shares of Chevron by 16.7% during the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 65 shares in the last quarter. Wallace Capital Management Inc. raised its holdings in Chevron by 0.8% in the third quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock worth $1,212,000 after purchasing an additional 65 shares during the period. Cyndeo Wealth Partners LLC grew its holdings in shares of Chevron by 0.3% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after buying an additional 67 shares during the period. S.A. Mason LLC increased its position in shares of Chevron by 0.7% in the 3rd quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock valued at $1,330,000 after buying an additional 67 shares in the last quarter. Finally, Jag Capital Management LLC raised its stake in Chevron by 5.2% during the 3rd quarter. Jag Capital Management LLC now owns 1,366 shares of the oil and gas company’s stock worth $201,000 after buying an additional 67 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Up 1.4 %

The company has a fifty day simple moving average of $153.93 and a two-hundred day simple moving average of $151.01. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $290.30 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.05 earnings per share. On average, sell-side analysts expect that Chevron Co. will post 10.39 earnings per share for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.04%. Chevron’s payout ratio is presently 71.65%.

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.