Chevron (NYSE:CVX) Stock Price Up 1.7% – Here’s What Happened

Chevron Co. (NYSE:CVX) shares were up 1.7% during mid-day trading on Wednesday . The stock traded as high as $168.96 and last traded at $168.83. Approximately 2,318,788 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 7,322,255 shares. The stock had previously closed at $165.94.

Wall Street Analyst Weigh In

Several analysts have commented on CVX shares. UBS Group decreased their price target on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, February 3rd. Barclays lowered their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research note on Wednesday, February 5th. Wells Fargo & Company decreased their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. 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 report on Thursday, December 19th. Finally, Truist Financial lowered their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $174.13.

Chevron Stock Performance

The company has a market capitalization of $292.37 billion, a PE ratio of 17.08, a PEG ratio of 1.46 and a beta of 1.08. The firm has a 50-day moving average of $157.01 and a two-hundred day moving average of $153.21. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

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

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. The ex-dividend date was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.12%. This is an increase from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is 70.37%.

Insider Activity

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction dated 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 owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Trading of Chevron

Institutional investors and hedge funds have recently made changes to their positions in the business. United Bank lifted its position in shares of Chevron by 8.4% in the third quarter. United Bank now owns 8,095 shares of the oil and gas company’s stock valued at $1,192,000 after acquiring an additional 629 shares in the last quarter. Loomis Sayles & Co. L P raised its position in Chevron by 7.2% in the third quarter. Loomis Sayles & Co. L P now owns 2,413 shares of the oil and gas company’s stock valued at $355,000 after purchasing an additional 163 shares during the period. Freedom Investment Management Inc. lifted its position in Chevron by 10.0% in the third quarter. Freedom Investment Management Inc. now owns 9,089 shares of the oil and gas company’s stock valued at $1,339,000 after buying an additional 830 shares during the last quarter. RPg Family Wealth Advisory LLC acquired a new position in shares of Chevron in the 3rd quarter worth approximately $31,000. Finally, Providence Capital Advisors LLC boosted its position in shares of Chevron by 29.3% during the 3rd quarter. Providence Capital Advisors LLC now owns 24,072 shares of the oil and gas company’s stock worth $3,545,000 after purchasing an additional 5,458 shares during the period. 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.