Chevron (NYSE:CVX) Trading Up 2% – Here’s What Happened

Shares of Chevron Co. (NYSE:CVX) rose 2% during trading on Thursday . The stock traded as high as $148.07 and last traded at $147.79. Approximately 2,076,839 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 7,800,825 shares. The stock had previously closed at $144.84.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. UBS Group increased their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Barclays lifted their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Truist Financial raised their price target on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Finally, DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research note on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.19.

Chevron Trading Up 0.8 %

The firm’s 50-day simple moving average is $153.67 and its 200-day simple moving average is $151.24. The firm has a market capitalization of $265.70 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its 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. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the prior year, the firm earned $3.05 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. Analysts anticipate that Chevron Co. will post 10.5 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CVX. International Assets Investment Management LLC lifted its stake in Chevron by 19,404.1% during the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after acquiring an additional 4,876,260 shares during the period. Pathway Financial Advisers LLC lifted its stake in shares of Chevron by 15,750.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after purchasing an additional 3,876,731 shares during the period. Pacer Advisors Inc. grew its position in Chevron by 949.6% during the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock valued at $562,566,000 after buying an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after buying an additional 3,203,899 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Chevron by 55.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after acquiring an additional 3,048,819 shares during the period. 72.42% of the stock is owned by hedge funds and other 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.