Chevron (NYSE:CVX) Trading Up 2% – What’s Next?

Chevron Co. (NYSE:CVX)’s share price was up 2% during mid-day trading on Thursday . The company traded as high as $148.07 and last traded at $147.79. Approximately 2,076,839 shares traded 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.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Bank of America began coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Scotiabank reduced their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Wells Fargo & Company raised their price objective on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Tuesday, November 5th. Finally, 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. Four equities research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $175.19.

Chevron Stock Performance

The firm’s fifty day simple moving average is $153.81 and its 200 day simple moving average is $151.30. The company has a market capitalization of $264.26 billion, a PE ratio of 16.16, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company’s revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.05 earnings per share. On average, research analysts predict that Chevron Co. will post 10.5 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.43%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

Insider Activity at Chevron

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

Institutional Trading of Chevron

Institutional investors have recently bought and sold shares of the business. Legacy Investment Solutions LLC acquired a new stake in Chevron in the 3rd quarter valued at $29,000. Rational Advisors LLC purchased a new stake in shares of Chevron during the third quarter worth about $29,000. Darwin Wealth Management LLC purchased a new position in Chevron in the 3rd quarter valued at about $30,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Chevron during the third quarter valued at approximately $31,000. Finally, Cyrus J. Lawrence LLC boosted its stake in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

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.