Chevron (NYSE:CVX) Trading 0.2% Higher Following Analyst Upgrade

Chevron Co. (NYSE:CVX)’s share price shot up 0.2% during mid-day trading on Tuesday after DZ Bank upgraded the stock from a hold rating to a buy rating. DZ Bank now has a $170.00 price target on the stock. Chevron traded as high as $154.57 and last traded at $154.31. 1,049,150 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 7,625,389 shares. The stock had previously closed at $153.97.

Several other research analysts also recently commented on CVX. Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday. Truist Financial increased their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday. Scotiabank reduced their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, UBS Group increased their price objective on shares of Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Institutional Trading of Chevron

A number of institutional investors have recently made changes to their positions in CVX. Mechanics Financial Corp raised its stake in Chevron by 12.0% in the third quarter. Mechanics Financial Corp now owns 12,419 shares of the oil and gas company’s stock valued at $1,829,000 after buying an additional 1,335 shares during the last quarter. Atlanta Consulting Group Advisors LLC increased its holdings in shares of Chevron by 28.2% during the third quarter. Atlanta Consulting Group Advisors LLC now owns 26,307 shares of the oil and gas company’s stock valued at $3,874,000 after acquiring an additional 5,788 shares in the last quarter. GoalVest Advisory LLC raised its position in shares of Chevron by 7.0% in the 3rd quarter. GoalVest Advisory LLC now owns 7,172 shares of the oil and gas company’s stock valued at $1,056,000 after purchasing an additional 467 shares during the last quarter. BCGM Wealth Management LLC boosted its stake in Chevron by 4.9% in the 3rd quarter. BCGM Wealth Management LLC now owns 1,638 shares of the oil and gas company’s stock worth $241,000 after purchasing an additional 76 shares in the last quarter. Finally, Schear Investment Advisers LLC grew its position in Chevron by 0.7% during the 3rd quarter. Schear Investment Advisers LLC now owns 13,044 shares of the oil and gas company’s stock worth $1,921,000 after purchasing an additional 92 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

The stock’s 50 day simple moving average is $147.43 and its 200-day simple moving average is $152.90. The firm has a market cap of $288.33 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 3.43 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the company earned $3.05 earnings per share. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. Equities research analysts anticipate that Chevron Co. will post 10.65 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

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.