Chevron (NYSE:CVX) Stock Price Up 1.3% After Analyst Upgrade

Chevron Co. (NYSE:CVX) shares traded up 1.3% 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.

Other analysts have also issued research reports about the stock. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Bank of America initiated coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Barclays increased their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their price target for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $177.13.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron 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 transaction, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of hedge funds and other institutional investors have recently made changes to their positions in CVX. International Assets Investment Management LLC raised its holdings in Chevron by 19,404.1% during the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock worth $7,218,280,000 after buying an additional 4,876,260 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Chevron by 15,750.1% during the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after acquiring an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Chevron by 949.6% during the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after acquiring an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after acquiring an additional 3,203,899 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

The stock has a market cap of $282.27 billion, a P/E ratio of 17.25, a PEG ratio of 3.43 and a beta of 1.10. The stock has a fifty day simple moving average of $154.97 and a 200-day simple moving average of $152.42. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

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

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio 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.