Chevron (NYSE:CVX) Trading 0.8% Higher – What’s Next?

Shares of Chevron Co. (NYSE:CVX) traded up 0.8% during mid-day trading on Monday . The company traded as high as $158.98 and last traded at $158.31. 1,548,795 shares were traded during mid-day trading, a decline of 79% from the average session volume of 7,552,224 shares. The stock had previously closed at $157.02.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CVX shares. Wells Fargo & Company dropped their price target on Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and raised their price target for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Truist Financial reduced their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Finally, Barclays lowered their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Trading Up 1.5 %

The stock has a market capitalization of $280.52 billion, a PE ratio of 16.39, a P/E/G ratio of 1.46 and a beta of 1.08. 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 company’s 50 day moving average price is $155.03 and its two-hundred day moving average price is $152.06.

Chevron (NYSE:CVX) last released its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the business earned $3.45 earnings per share. As a group, analysts expect that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.29%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s payout ratio is currently 70.37%.

Insider Activity at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chevron

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Chevron in the 4th quarter valued at $3,017,750,000. Raymond James Financial Inc. acquired a new stake in shares of Chevron in the 4th quarter valued at approximately $1,036,302,000. Pacer Advisors Inc. boosted its stake in shares of Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock valued at $562,566,000 after buying an additional 3,456,008 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after acquiring an additional 3,203,899 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock worth $2,389,380,000 after acquiring an additional 2,432,756 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

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.