Chevron (NYSE:CVX) Stock Price Up 1.4% Following Analyst Upgrade

Shares of Chevron Co. (NYSE:CVX) were up 1.4% during trading on Monday after Raymond James raised their price target on the stock from $175.00 to $180.00. Raymond James currently has an outperform rating on the stock. Chevron traded as high as $161.77 and last traded at $161.54. Approximately 9,233,657 shares were traded during trading, an increase of 18% from the average daily volume of 7,835,055 shares. The stock had previously closed at $159.38.

Other equities research analysts have also recently issued reports about the stock. Truist Financial upped their target price on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. Royal Bank of Canada upped their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Scotiabank reduced their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price for the company in a report on Tuesday, November 5th. Finally, Wells Fargo & Company upped their target price on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.27.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chevron

A number of institutional investors have recently made changes to their positions in CVX. Sei Investments Co. increased its stake in Chevron by 8.5% in the second quarter. Sei Investments Co. now owns 659,273 shares of the oil and gas company’s stock valued at $103,121,000 after purchasing an additional 51,564 shares during the last quarter. Kowal Investment Group LLC increased its stake in Chevron by 2.8% in the second quarter. Kowal Investment Group LLC now owns 11,250 shares of the oil and gas company’s stock valued at $1,760,000 after purchasing an additional 309 shares during the last quarter. Holderness Investments Co. increased its stake in Chevron by 0.3% in the second quarter. Holderness Investments Co. now owns 25,128 shares of the oil and gas company’s stock valued at $3,931,000 after purchasing an additional 77 shares during the last quarter. Frank Rimerman Advisors LLC increased its stake in Chevron by 13,094.9% in the second quarter. Frank Rimerman Advisors LLC now owns 26,126 shares of the oil and gas company’s stock valued at $4,087,000 after purchasing an additional 25,928 shares during the last quarter. Finally, Greenline Partners LLC increased its stake in Chevron by 13.1% in the second quarter. Greenline Partners LLC now owns 26,566 shares of the oil and gas company’s stock valued at $4,158,000 after purchasing an additional 3,075 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

The stock has a market capitalization of $290.30 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The company has a 50 day moving average of $153.93 and a 200 day moving average of $151.01. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same period in the prior year, the firm posted $3.05 earnings per share. The firm’s revenue was down 6.3% on a year-over-year basis. As a group, equities research analysts forecast that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.