Chevron (NYSE:CVX) Upgraded by Citigroup to Buy Rating

Citigroup upgraded shares of Chevron (NYSE:CVX) from a neutral rating to a buy rating in a report published on Tuesday, Marketbeat Ratings reports. Citigroup currently has $185.00 price objective on the oil and gas company’s stock, up from their previous price objective of $145.00.

Several other brokerages have also weighed in on CVX. Scotiabank cut their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Bank of America assumed coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Truist Financial increased their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada upped their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.56.

Chevron Stock Up 1.3 %

Shares of CVX opened at $162.50 on Tuesday. The business’s fifty day moving average price is $152.32 and its two-hundred day moving average price is $152.49. The firm has a market capitalization of $292.03 billion, a price-to-earnings ratio of 17.86, a PEG ratio of 3.58 and a beta of 1.09. Chevron has a 52 week low of $135.37 and a 52 week high of $167.11. 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 results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating 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 business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter last year, the business earned $3.05 earnings per share. The firm’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, analysts predict that Chevron will post 10.55 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.01%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio is 71.65%.

Insider Activity

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 value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Large investors have recently modified their holdings of the business. Marietta Wealth Management LLC increased its holdings in Chevron by 10.9% during the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after buying an additional 3,965 shares during the last quarter. Leo Wealth LLC increased its stake in shares of Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after purchasing an additional 1,354 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of 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 purchasing an additional 3,203,899 shares during the period. RPG Investment Advisory LLC lifted its stake in Chevron by 3.4% in the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company’s stock valued at $17,844,000 after purchasing an additional 3,933 shares during the last quarter. Finally, Garner Asset Management Corp lifted its stake in Chevron by 14.5% in the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock valued at $3,128,000 after purchasing an additional 2,530 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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.