Chevron (NYSE:CVX) Stock Jumps 3.1% – Here’s Why

Shares of Chevron Corporation (NYSE:CVX) shot up 3.1% on Thursday. The stock traded as high as $212.36 and last traded at $211.5630. 7,598,594 shares traded hands during trading, a decline of 28% from the average session volume of 10,502,188 shares. The stock had previously closed at $205.15.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Higher oil prices support earnings: Crude’s rise, driven by geopolitical supply concerns, has strengthened the investment case for Chevron and helped lift the broader energy sector. UBS reportedly raised its Chevron price target to $235. Why Is Chevron Stock Surging on Thursday?
• Positive Sentiment: Analyst and research support: Piper Sandler maintained its Buy rating, while Zacks highlighted Chevron as its Bull of the Day. Commentary also points to strong cash generation, rising estimates and shareholder returns as reasons to remain constructive. Piper Sandler Sticks to Their Buy Rating for Chevron
• Positive Sentiment: Portfolio optimization: Chevron agreed to sell Hess Midstream and DJ Basin assets to Hess Midstream for revised Bakken contracts and approximately $200 million in cash. The transaction is intended to reduce costs and streamline the portfolio, with reports citing potential cost reductions of about 50%. Hess Midstream Acquires Chevron DJ Basin Assets, Restructures
• Neutral Sentiment: Gulf storm response: Chevron has evacuated workers and shut in production at four Gulf facilities as Hurricane Isaias approaches. Temporary supply reductions could support fuel and crude prices, but the storm also creates risks of operational delays, refinery disruptions and higher logistics costs. Shell, Chevron, BP Pull Crews as Hurricane Isaias Barrels Toward Gulf Coast Refineries
• Negative Sentiment: Mixed analyst views and policy risk: Some analysts remain cautious, and CEO Mike Wirth warned against a diesel-export ban, arguing that restricting exports could distort fuel markets and harm supply. The Hess Midstream deal also reduces near-term earnings expectations for that partner, underscoring execution and valuation uncertainty. Chevron CEO Warns White House Against Diesel Export Ban

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Weiss Ratings raised shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. The Goldman Sachs Group dropped their price target on shares of Chevron from $240.00 to $228.00 and set a “buy” rating on the stock in a research report on Tuesday, September 22nd. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Argus increased their target price on shares of Chevron from $206.00 to $211.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Finally, UBS Group lifted their price target on Chevron from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average price target of $210.24.

Chevron Price Performance

The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $418.60 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 0.59 and a beta of 0.53. The stock’s 50-day simple moving average is $204.50 and its two-hundred day simple moving average is $193.07.

Chevron (NYSE:CVX) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the business earned $1.77 earnings per share. The company’s revenue for the quarter was up 57.4% compared to the same quarter last year. Equities research analysts predict that Chevron Corporation will post 17.47 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were issued a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.4%. The ex-dividend date was Wednesday, August 19th. Chevron’s payout ratio is presently 68.26%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 317,100 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the transaction, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R. Pate sold 2,470 shares of Chevron stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the completion of the sale, the insider directly owned 10,794 shares in the company, valued at $2,213,957.34. This represents a 18.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after purchasing an additional 5,998,852 shares during the period. BlackRock Inc. purchased a new position in Chevron during the 2nd quarter worth $25,663,729,000. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 6.6% in the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the period. Bank of America Corp DE boosted its holdings in shares of Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after acquiring an additional 1,334,976 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Chevron by 1.5% during the fourth quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company’s stock worth $2,609,194,000 after acquiring an additional 254,323 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.