Chevron (NYSE:CVX) Trading Up 0.9% – Here’s What Happened

Chevron Co. (NYSE:CVX)’s stock price shot up 0.9% during mid-day trading on Monday . The stock traded as high as $150.33 and last traded at $149.14. 1,779,875 shares were traded during mid-day trading, a decline of 63% from the average session volume of 4,838,082 shares. The stock had previously closed at $147.85.

Analyst Ratings Changes

A number of research firms have weighed in on CVX. Truist Financial lifted their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Friday, December 6th. Wells Fargo & Company upped their price target on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. 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. Royal Bank of Canada upped their target price on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Finally, Mizuho cut their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $175.19.

Chevron Trading Down 0.2 %

The business has a 50 day moving average of $153.67 and a 200 day moving average of $151.21. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a market capitalization of $265.29 billion, a price-to-earnings ratio of 16.22, a PEG ratio of 2.93 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.05 earnings per share. As a group, research analysts predict that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.42%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Large investors have recently added to or reduced their stakes in the company. Tacita Capital Inc grew its position in Chevron by 16.7% in the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 65 shares in the last quarter. Wallace Capital Management Inc. grew its holdings in shares of Chevron by 0.8% in the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock valued at $1,212,000 after acquiring an additional 65 shares in the last quarter. Cyndeo Wealth Partners LLC increased its position in shares of Chevron by 0.3% in the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after acquiring an additional 67 shares during the last quarter. S.A. Mason LLC raised its holdings in Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock worth $1,330,000 after acquiring an additional 67 shares in the last quarter. Finally, Jag Capital Management LLC boosted its position in Chevron by 5.2% during the third quarter. Jag Capital Management LLC now owns 1,366 shares of the oil and gas company’s stock valued at $201,000 after purchasing an additional 67 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.