Chevron (NYSE:CVX) Shares Up 0.5% – Here’s Why

Chevron Co. (NYSE:CVX)’s stock price was up 0.5% during trading on Tuesday . The stock traded as high as $167.93 and last traded at $168.10. Approximately 1,652,309 shares traded hands during trading, a decline of 78% from the average daily volume of 7,603,746 shares. The stock had previously closed at $167.29.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CVX shares. UBS Group decreased their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Raymond James lowered their price target on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Wells Fargo & Company cut their target price on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Finally, Piper Sandler lowered their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Chevron Stock Performance

The stock’s 50 day moving average price is $157.22 and its 200 day moving average price is $153.80. The company has a market capitalization of $295.23 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.46 and a beta of 1.08. 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 data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the prior year, the business earned $3.45 earnings per share. As a group, equities analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.08%. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Buying and Selling at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of hedge funds have recently bought and sold shares of CVX. United Bank grew its stake in Chevron by 8.4% in the 3rd quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after purchasing an additional 629 shares during the period. Arete Wealth Advisors LLC bought a new position in Chevron during the third quarter valued at about $2,370,000. Erste Asset Management GmbH purchased a new stake in Chevron during the third quarter worth about $4,850,000. Kestra Investment Management LLC bought a new stake in Chevron in the third quarter worth about $1,043,000. Finally, Atom Investors LP purchased a new position in Chevron in the third quarter valued at about $360,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

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.