Chevron (NYSE:CVX) Trading 0.9% Higher After Analyst Upgrade

Chevron Co. (NYSE:CVX)’s share price rose 0.9% during mid-day trading on Thursday after Piper Sandler raised their price target on the stock from $180.00 to $204.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as high as $158.04 and last traded at $157.82. Approximately 1,040,075 shares traded hands during trading, a decline of 88% from the average daily volume of 8,474,752 shares. The stock had previously closed at $156.40.

Several other research analysts have also weighed in on the stock. Mizuho raised their price objective on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price on the stock in a research note on Monday, January 8th. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $170.00 to $195.00 in a research note on Thursday, April 11th. Truist Financial cut their target price on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a research note on Friday, April 5th. Finally, DZ Bank lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price on the stock. in a research note on Tuesday, February 6th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.75.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by insiders.

Institutional Trading of Chevron

Institutional investors have recently made changes to their positions in the stock. Picton Mahoney Asset Management acquired a new stake in shares of Chevron in the 3rd quarter worth approximately $26,000. Bare Financial Services Inc acquired a new stake in shares of Chevron in the 4th quarter worth approximately $27,000. Valley Forge Investment Consultants Inc. ADV lifted its stake in shares of Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 80 shares during the period. Frank Rimerman Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter worth approximately $30,000. Finally, Valued Wealth Advisors LLC acquired a new stake in shares of Chevron in the 4th quarter worth approximately $33,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 0.9 %

The firm has a market capitalization of $293.02 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 2.30 and a beta of 1.12. The firm’s 50 day moving average is $155.19 and its 200 day moving average is $151.86. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business had revenue of $47.18 billion during the quarter, compared to analyst estimates of $50.93 billion. During the same period in the prior year, the business earned $4.09 earnings per share. The business’s quarterly revenue was down 16.5% on a year-over-year basis. Equities analysts forecast that Chevron Co. will post 13.56 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were paid a dividend of $1.63 per share. The ex-dividend date was Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a yield of 4.13%. Chevron’s dividend payout ratio is currently 57.39%.

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.