Chevron (NYSE:CVX) Stock Price Up 0.6% – Here’s Why

Shares of Chevron Co. (NYSE:CVX) rose 0.6% during trading on Thursday . The stock traded as high as $150.35 and last traded at $149.62. Approximately 1,080,681 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 7,690,815 shares. The stock had previously closed at $148.73.

Wall Street Analysts Forecast Growth

CVX has been the subject of several research reports. Mizuho reduced their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company reduced their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Truist Financial reduced their target price on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price objective on shares of Chevron in a report on Tuesday, October 8th. Finally, Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $174.81.

Chevron Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The stock has a market cap of $277.62 billion, a P/E ratio of 13.76, a P/E/G ratio of 2.72 and a beta of 1.09. The company’s 50 day simple moving average is $145.82 and its 200 day simple moving average is $153.78.

Chevron (NYSE:CVX) last issued its 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 during the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the previous year, the company posted $3.08 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 11.09 earnings per share for the current year.

Chevron Dividend Announcement

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

Institutional Investors Weigh In On Chevron

Several institutional investors and hedge funds have recently bought and sold shares of CVX. Kozak & Associates Inc. raised its holdings in shares of Chevron by 0.9% during the 3rd quarter. Kozak & Associates Inc. now owns 8,668 shares of the oil and gas company’s stock worth $1,289,000 after buying an additional 75 shares in the last quarter. RFG Advisory LLC lifted its stake in Chevron by 16.1% in the 3rd quarter. RFG Advisory LLC now owns 40,373 shares of the oil and gas company’s stock valued at $5,946,000 after purchasing an additional 5,602 shares during the last quarter. LexAurum Advisors LLC grew its position in Chevron by 2.2% during the 3rd quarter. LexAurum Advisors LLC now owns 8,951 shares of the oil and gas company’s stock worth $1,318,000 after acquiring an additional 195 shares during the last quarter. Krane Funds Advisors LLC acquired a new position in Chevron in the 3rd quarter worth about $47,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Chevron by 4.6% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 568,724 shares of the oil and gas company’s stock valued at $83,756,000 after purchasing an additional 24,975 shares during the last quarter. 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.