Chevron (NYSE:CVX) Stock Price Up 1.9% Following Analyst Upgrade

Chevron Co. (NYSE:CVX)’s stock price rose 1.9% during trading on Monday after Truist Financial raised their price target on the stock from $160.00 to $164.00. Truist Financial currently has a hold rating on the stock. Chevron traded as high as $157.35 and last traded at $156.11. Approximately 3,227,426 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 6,871,154 shares. The stock had previously closed at $153.14.

A number of other brokerages also recently weighed in on CVX. Piper Sandler dropped their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Wells Fargo & Company raised their price objective on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Monday, December 9th. Finally, Bank of America assumed coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $174.87.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was 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 approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Hedge funds have recently modified their holdings of the business. Legacy Investment Solutions LLC acquired a new position in shares of Chevron in the third quarter valued at approximately $29,000. Rational Advisors LLC purchased a new stake in shares of Chevron during the third quarter worth $29,000. Darwin Wealth Management LLC purchased a new position in Chevron in the third quarter valued at $30,000. RPg Family Wealth Advisory LLC acquired a new position in Chevron during the 3rd quarter worth $31,000. Finally, Cyrus J. Lawrence LLC increased its holdings in Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the period. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Stock Up 1.3 %

The business has a 50-day simple moving average of $153.71 and a 200-day simple moving average of $150.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $278.67 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12.

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

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a dividend of $1.63 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.20%. Chevron’s dividend payout ratio (DPR) 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.