Chevron (NYSE:CVX) Trading Up 0.8% – Time to Buy?

Chevron Co. (NYSE:CVX) rose 0.8% on Thursday . The stock traded as high as $151.55 and last traded at $150.79. Approximately 1,149,740 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 7,761,718 shares. The stock had previously closed at $149.65.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Truist Financial dropped their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Barclays cut their target price on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Royal Bank of Canada restated an “outperform” rating and set a $170.00 price objective on shares of Chevron in a research note on Tuesday. Finally, UBS Group increased their target price on Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average price target of $177.59.

Chevron Stock Up 0.5 %

The stock has a market capitalization of $276.94 billion, a P/E ratio of 14.99, a P/E/G ratio of 2.70 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The stock’s 50 day simple moving average is $145.46 and its 200 day simple moving average is $153.96.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $3.08 EPS. As a group, research analysts predict that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is currently 64.55%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Studio Investment Management LLC boosted its position in Chevron by 5.6% during the 4th quarter. Studio Investment Management LLC now owns 21,243 shares of the oil and gas company’s stock valued at $3,169,000 after purchasing an additional 1,128 shares during the period. Aspect Partners LLC acquired a new position in shares of Chevron during the fourth quarter valued at $150,000. Clarity Asset Management Inc. bought a new position in shares of Chevron during the fourth quarter worth about $168,000. CMG Global Holdings LLC increased its holdings in shares of Chevron by 18.9% in the 4th quarter. CMG Global Holdings LLC now owns 21,463 shares of the oil and gas company’s stock worth $3,315,000 after acquiring an additional 3,410 shares during the period. Finally, Sanibel Captiva Trust Company Inc. bought a new stake in Chevron in the 4th quarter valued at about $20,308,000. 72.42% of the stock is currently owned by institutional investors.

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.