Chevron (NYSE:CVX) Stock Price Up 1% – Here’s Why

Shares of Chevron Co. (NYSE:CVX) shot up 1% on Tuesday . The stock traded as high as $162.59 and last traded at $162.01. 2,510,545 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 7,639,497 shares. The stock had previously closed at $160.36.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent analyst reports. Bank of America assumed coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Truist Financial boosted their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Wells Fargo & Company decreased their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and boosted their target price for the company from $145.00 to $185.00 in a report on Tuesday. Finally, UBS Group upped their price target on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.56.

Chevron Stock Down 0.3 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock’s 50 day simple moving average is $152.69 and its 200 day simple moving average is $152.56. The firm has a market cap of $291.33 billion, a P/E ratio of 17.81, a price-to-earnings-growth ratio of 3.54 and a beta of 1.09.

Chevron (NYSE:CVX) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the firm posted $3.05 earnings per share. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. Research analysts anticipate that Chevron Co. will post 10.53 EPS for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.02%. Chevron’s payout ratio is 71.65%.

Insider Buying and Selling

In other Chevron 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 completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Chevron

A number of hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. raised its stake in shares of Chevron by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after purchasing an additional 573,218 shares during the period. Tri Ri Asset Management Corp purchased a new stake in Chevron during the third quarter worth about $3,031,000. Castellan Group raised its position in Chevron by 112.0% in the third quarter. Castellan Group now owns 18,570 shares of the oil and gas company’s stock worth $2,735,000 after acquiring an additional 9,810 shares during the period. Tidal Investments LLC boosted its stake in Chevron by 5.8% in the third quarter. Tidal Investments LLC now owns 94,880 shares of the oil and gas company’s stock valued at $13,973,000 after acquiring an additional 5,222 shares during the last quarter. Finally, Destination Wealth Management grew its position in shares of Chevron by 4.8% during the 3rd quarter. Destination Wealth Management now owns 32,616 shares of the oil and gas company’s stock valued at $4,803,000 after acquiring an additional 1,492 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.