Chevron Co. (NYSE:CVX – Get Free Report) shares traded up 1.4% during mid-day trading on Tuesday . The stock traded as high as $145.34 and last traded at $145.01. 1,223,492 shares changed hands during trading, a decline of 84% from the average session volume of 7,780,638 shares. The stock had previously closed at $143.07.
Wall Street Analysts Forecast Growth
CVX has been the topic of several research reports. Royal Bank of Canada raised their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. Wells Fargo & Company boosted 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. Bank of America initiated coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Barclays upped their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Finally, Mizuho cut their price objective 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. Four equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $175.19.
Read Our Latest Analysis on Chevron
Chevron Price Performance
Chevron (NYSE:CVX – Get Free Report) last posted its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period last year, the firm posted $3.05 EPS. On average, equities research analysts anticipate that Chevron Co. will post 10.5 earnings per share for the current fiscal year.
Chevron Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.51%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 71.65%.
Insiders Place Their Bets
In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on 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 in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Chevron
Hedge funds have recently made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in Chevron in the 3rd quarter worth about $29,000. Rational Advisors LLC purchased a new position in shares of Chevron during the 3rd quarter worth about $29,000. Darwin Wealth Management LLC acquired a new stake in shares of Chevron in the third quarter worth approximately $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron in the third quarter valued at approximately $31,000. Finally, Cyrus J. Lawrence LLC increased its position in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.
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.
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