Chevron (NYSE:CVX) Trading 0.9% Higher – Time to Buy?

Chevron Co. (NYSE:CVX) shares traded up 0.9% on Wednesday . The stock traded as high as $164.68 and last traded at $164.00. 1,991,323 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 7,634,852 shares. The stock had previously closed at $162.53.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Bank of America assumed coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target for the company. Royal Bank of Canada boosted their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. UBS Group boosted their price objective on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Truist Financial boosted their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Finally, Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $175.56.

Chevron Price Performance

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 stock has a market cap of $291.33 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09. The business’s fifty day simple moving average is $153.03 and its 200 day simple moving average is $152.62.

Chevron (NYSE:CVX) last issued its earnings results 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 business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company’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. Research analysts predict that Chevron Co. will post 10.53 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a $1.63 dividend. The ex-dividend date is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.02%. Chevron’s dividend payout ratio (DPR) is presently 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated 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 owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CVX. Burney Co. grew its position in Chevron by 1.6% in the 1st quarter. Burney Co. now owns 17,481 shares of the oil and gas company’s stock worth $2,757,000 after purchasing an additional 275 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Chevron by 41.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 65,228 shares of the oil and gas company’s stock worth $10,519,000 after purchasing an additional 19,124 shares during the last quarter. OMC Financial Services LTD bought a new position in Chevron in the 1st quarter worth about $1,153,000. Keynote Financial Services LLC bought a new position in Chevron in the 1st quarter worth about $828,000. Finally, NBW Capital LLC bought a new position in shares of Chevron in the first quarter valued at approximately $216,000. 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.