Chevron (NYSE:CVX) Trading Up 1.4% – Here’s What Happened

Chevron Co. (NYSE:CVX) shot up 1.4% during trading on Thursday . The company traded as high as $157.85 and last traded at $157.38. 1,446,213 shares changed hands during trading, a decline of 80% from the average session volume of 7,117,575 shares. The stock had previously closed at $155.14.

Analysts Set New Price Targets

A number of research analysts have commented on CVX shares. 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 report on Tuesday, November 5th. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Truist Financial reduced their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Royal Bank of Canada reissued an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Stock Up 0.9 %

The company has a market cap of $281.36 billion, a P/E ratio of 16.11, a P/E/G ratio of 1.46 and a beta of 1.11. The stock has a 50-day moving average of $152.52 and a two-hundred day moving average of $151.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the firm posted $3.45 earnings per share. On average, research analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be issued a $1.71 dividend. The ex-dividend date is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.37%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently added to or reduced their stakes in the company. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter valued at approximately $25,000. IMG Wealth Management Inc. bought a new position in Chevron in the 4th quarter worth $25,000. Rational Advisors LLC purchased a new stake in shares of Chevron in the 3rd quarter worth about $29,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron during the 3rd quarter valued at about $29,000. Finally, Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron during the fourth quarter valued at about $29,000. Hedge funds and other institutional investors 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.