Chevron (NYSE:CVX) Trading 1.3% Higher After Analyst Upgrade

Chevron Co. (NYSE:CVX)’s share price traded up 1.3% during mid-day trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $171.00 to $188.00. Wells Fargo & Company currently has an overweight rating on the stock. Chevron traded as high as $159.16 and last traded at $159.05. 2,440,501 shares were traded during mid-day trading, a decline of 68% from the average session volume of 7,625,993 shares. The stock had previously closed at $157.08.

CVX has been the subject of a number of other reports. Truist Financial lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Friday. Scotiabank reduced their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Mizuho dropped their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. Finally, UBS Group increased their price target on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $177.13.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Rational Advisors LLC purchased a new stake in Chevron in the 3rd quarter worth approximately $29,000. Legacy Investment Solutions LLC bought a new stake in Chevron in the third quarter valued at $29,000. Darwin Wealth Management LLC purchased a new position in Chevron during the 3rd quarter valued at $30,000. RPg Family Wealth Advisory LLC bought a new position in Chevron in the 3rd quarter worth $31,000. Finally, Anfield Capital Management LLC lifted its position in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $154.97 and its two-hundred day moving average price is $152.42. The stock has a market cap of $286.37 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 3.43 and a beta of 1.10.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business’s revenue was down 6.3% on a year-over-year basis. During the same period in the previous year, the firm posted $3.05 EPS. As a group, sell-side analysts expect that Chevron Co. will post 10.53 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.09%. Chevron’s dividend payout ratio (DPR) is 71.65%.

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.