Chevron (NYSE:CVX) Trading Up 0.3% – Here’s Why

Chevron Co. (NYSE:CVX) shares rose 0.3% during trading on Wednesday . The stock traded as high as $149.65 and last traded at $148.98. Approximately 1,045,980 shares were traded during trading, a decline of 86% from the average daily volume of 7,618,036 shares. The stock had previously closed at $148.52.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CVX shares. UBS Group raised their price objective on Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Wolfe Research initiated coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Bank of America began coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target for the company. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Mizuho dropped their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Stock Up 3.0 %

The company has a market capitalization of $280.26 billion, a PE ratio of 15.32, a PEG ratio of 3.27 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. The stock’s 50 day moving average is $146.85 and its 200 day moving average is $153.01.

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 the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter last year, the firm posted $3.08 earnings per share. Chevron’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Co. will post 10.74 EPS for the current fiscal year.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Galvin Gaustad & Stein LLC grew its stake in Chevron by 1.9% during the third quarter. Galvin Gaustad & Stein LLC now owns 64,933 shares of the oil and gas company’s stock valued at $9,563,000 after acquiring an additional 1,237 shares in the last quarter. Holistic Planning LLC lifted its stake in Chevron by 24.7% in the 3rd quarter. Holistic Planning LLC now owns 8,781 shares of the oil and gas company’s stock worth $1,293,000 after purchasing an additional 1,742 shares in the last quarter. CWA Asset Management Group LLC bought a new position in Chevron in the 3rd quarter valued at $6,505,000. Equitable Trust Co. grew its position in shares of Chevron by 9.9% during the 3rd quarter. Equitable Trust Co. now owns 37,726 shares of the oil and gas company’s stock valued at $5,556,000 after purchasing an additional 3,405 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc increased its holdings in shares of Chevron by 0.9% in the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 228,096 shares of the oil and gas company’s stock worth $33,587,000 after purchasing an additional 2,036 shares during the period. 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.