Chevron (NYSE:CVX) Shares Up 0.8% Following Analyst Upgrade

Chevron Co. (NYSE:CVXGet Free Report)’s stock price rose 0.8% during trading on Friday after Raymond James raised their price target on the stock from $175.00 to $180.00. Raymond James currently has an outperform rating on the stock. Chevron traded as high as $160.80 and last traded at $160.67. Approximately 3,539,711 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 7,322,479 shares. The stock had previously closed at $159.38.

Several other research firms have also recently weighed in on CVX. Piper Sandler cut their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Royal Bank of Canada raised their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Wells Fargo & Company boosted their target price on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. Finally, DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a research note on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.27.

View Our Latest Stock Report on CVX

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of Chevron

A number of large investors have recently bought and sold shares of CVX. Hedges Asset Management LLC increased its stake in shares of Chevron by 2.9% in the 4th quarter. Hedges Asset Management LLC now owns 13,600 shares of the oil and gas company’s stock valued at $1,970,000 after acquiring an additional 388 shares in the last quarter. Spinnaker Investment Group LLC raised its holdings in shares of Chevron by 8.7% during the fourth quarter. Spinnaker Investment Group LLC now owns 2,420 shares of the oil and gas company’s stock valued at $351,000 after purchasing an additional 193 shares during the period. Apeiron RIA LLC boosted its position in shares of Chevron by 5.4% during the 4th quarter. Apeiron RIA LLC now owns 8,420 shares of the oil and gas company’s stock worth $1,220,000 after purchasing an additional 433 shares in the last quarter. Veracity Capital LLC grew its stake in shares of Chevron by 5.8% in the 4th quarter. Veracity Capital LLC now owns 4,829 shares of the oil and gas company’s stock valued at $699,000 after buying an additional 265 shares during the period. Finally, Secure Asset Management LLC increased its position in Chevron by 18.6% in the 4th quarter. Secure Asset Management LLC now owns 16,940 shares of the oil and gas company’s stock valued at $2,454,000 after buying an additional 2,662 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Trading Up 1.4 %

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 business has a 50 day moving average of $153.93 and a two-hundred day moving average of $151.09. The firm has a market capitalization of $290.30 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 2.62 and a beta of 1.12.

Chevron (NYSE:CVXGet Free Report) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period last year, the business earned $3.05 EPS. Equities analysts predict that Chevron Co. will post 10.39 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

About Chevron

(Get Free Report)

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.

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