Chevron (NYSE:CVX) Trading 0% Higher Following Analyst Upgrade

Chevron Co. (NYSE:CVX) rose 0% on Wednesday after UBS Group raised their price target on the stock from $189.00 to $192.00. UBS Group currently has a buy rating on the stock. Chevron traded as high as $148.81 and last traded at $148.79. Approximately 952,903 shares changed hands during trading, a decline of 88% from the average daily volume of 7,775,719 shares. The stock had previously closed at $148.75.

A number of other research analysts have also recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Scotiabank cut their price target on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $170.00 price objective on shares of Chevron in a research note on Tuesday. Truist Financial cut their target price on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Finally, Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $177.59.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Sawyer & Company Inc lifted its position in shares of Chevron by 5.9% in the 3rd quarter. Sawyer & Company Inc now owns 12,578 shares of the oil and gas company’s stock worth $1,852,000 after purchasing an additional 697 shares during the period. Sound Income Strategies LLC lifted its holdings in Chevron by 15.1% during the third quarter. Sound Income Strategies LLC now owns 7,054 shares of the oil and gas company’s stock worth $1,039,000 after buying an additional 928 shares during the period. JBR Co Financial Management Inc lifted its holdings in Chevron by 0.5% during the third quarter. JBR Co Financial Management Inc now owns 30,071 shares of the oil and gas company’s stock worth $4,429,000 after buying an additional 150 shares during the period. Renaissance Investment Group LLC increased its holdings in shares of Chevron by 2.6% in the 3rd quarter. Renaissance Investment Group LLC now owns 3,877 shares of the oil and gas company’s stock valued at $571,000 after acquiring an additional 98 shares during the period. Finally, Ballew Advisors Inc raised its position in shares of Chevron by 3.9% in the 3rd quarter. Ballew Advisors Inc now owns 4,822 shares of the oil and gas company’s stock worth $722,000 after acquiring an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 0.6 %

The company has a 50-day moving average price of $145.45 and a 200 day moving average price of $154.02. The stock has a market capitalization of $277.53 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same period in the previous year, the company posted $3.08 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, research analysts forecast that Chevron Co. will post 11.09 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were paid a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.33%. Chevron’s dividend payout ratio (DPR) is 59.98%.

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.