Chevron (NYSE:CVX) Stock Price Up 0.5% – Here’s What Happened

Chevron Co. (NYSE:CVX) shot up 0.5% during mid-day trading on Tuesday . The company traded as high as $143.78 and last traded at $143.65. 1,297,144 shares changed hands during trading, a decline of 83% from the average session volume of 7,827,320 shares. The stock had previously closed at $142.97.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America assumed coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Scotiabank dropped their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Piper Sandler cut their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and a consensus price target of $175.19.

Chevron Trading Up 0.6 %

The company has a market cap of $258.49 billion, a P/E ratio of 15.81, a P/E/G ratio of 2.93 and a beta of 1.10. The business’s 50-day moving average price is $154.65 and its 200 day moving average price is $151.81. 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 posted its quarterly 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 business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter last year, the company posted $3.05 earnings per share. As a group, analysts expect that Chevron Co. will post 10.5 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors 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 dividend yield of 4.53%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Independent Solutions Wealth Management LLC boosted its holdings in Chevron by 3.2% in the 3rd quarter. Independent Solutions Wealth Management LLC now owns 23,011 shares of the oil and gas company’s stock valued at $3,389,000 after purchasing an additional 716 shares during the period. Syntax Research Inc. grew its holdings in shares of Chevron by 814.3% during the 3rd quarter. Syntax Research Inc. now owns 25,428 shares of the oil and gas company’s stock worth $3,745,000 after purchasing an additional 22,647 shares in the last quarter. Birmingham Capital Management Co. Inc. AL increased its position in shares of Chevron by 2.2% in the third quarter. Birmingham Capital Management Co. Inc. AL now owns 55,072 shares of the oil and gas company’s stock worth $8,110,000 after purchasing an additional 1,171 shares during the period. Copley Financial Group Inc. acquired a new position in Chevron in the third quarter valued at about $814,000. Finally, Inspire Trust Co. N.A. lifted its position in Chevron by 19.9% during the third quarter. Inspire Trust Co. N.A. now owns 50,868 shares of the oil and gas company’s stock worth $7,491,000 after purchasing an additional 8,445 shares during the period. 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.