Chevron (NYSE:CVX) Trading 1.8% Higher After Analyst Upgrade

Chevron Co. (NYSE:CVX)’s stock price rose 1.8% during mid-day trading on Friday after Piper Sandler raised their price target on the stock from $180.00 to $204.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as high as $160.74 and last traded at $160.41. Approximately 1,895,276 shares traded hands during trading, a decline of 78% from the average daily volume of 8,436,661 shares. The stock had previously closed at $157.57.

Several other brokerages have also weighed in on CVX. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research report on Monday, April 1st. UBS Group raised their price target on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Royal Bank of Canada upped their price objective on shares of Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Scotiabank upgraded Chevron from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Mizuho upped their price target on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.75.

Insider Activity at Chevron

In other news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On Chevron

Institutional investors have recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisor L.P boosted its holdings in shares of Chevron by 85.1% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after buying an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC raised its position in Chevron by 25.2% during the first quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after acquiring an additional 1,476 shares in the last quarter. GQG Partners LLC lifted its stake in Chevron by 4.7% in the first quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock valued at $6,598,000 after acquiring an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC increased its stake in shares of Chevron by 43.5% during the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock valued at $336,830,000 after purchasing an additional 250,840 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Price Performance

The business has a fifty day moving average of $155.26 and a 200 day moving average of $151.90. The firm has a market cap of $297.11 billion, a P/E ratio of 14.12, a PEG ratio of 2.36 and a beta of 1.12. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, topping the consensus estimate of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $47.18 billion during the quarter, compared to the consensus estimate of $50.93 billion. During the same period in the previous year, the company posted $4.09 EPS. The firm’s revenue for the quarter was down 16.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Chevron Co. will post 13.27 earnings per share for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were given a $1.63 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 4.08%. Chevron’s dividend payout ratio is presently 57.39%.

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.