Chevron (NYSE:CVX) Shares Up 1.5% Following Analyst Upgrade

Chevron Corporation (NYSE:CVX)’s stock price shot up 1.5% during trading on Friday after Barclays raised their price target on the stock from $244.00 to $248.00. Barclays currently has an equal weight rating on the stock. Chevron traded as high as $219.91 and last traded at $219.5570. 7,402,267 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 10,219,886 shares. The stock had previously closed at $216.35.

Other analysts have also recently issued research reports about the stock. Raymond James Financial cut their target price on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. Argus upped their price target on shares of Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Mizuho set a $234.00 price target on shares of Chevron in a report on Monday, October 12th. DZ Bank cut shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 price target on the stock. in a report on Tuesday, November 3rd. Finally, Dbs Bank upgraded shares of Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $222.96.

Insiders Place Their Bets

In other news, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider owned 14 shares of the company’s stock, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider R. Pate sold 40,700 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the transaction, the insider owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 174,370 shares of company stock worth $37,224,309 in the last 90 days. Company insiders own 0.56% of the company’s stock.

More Chevron News

Here’s some of the latest news about CVX:

• Positive Sentiment: Recent third-quarter coverage highlighted a sharp profit increase driven by refining: adjusted earnings nearly tripled to $10.4 billion, with downstream earnings up 333% and refinery utilization at 98%. Strong refining margins and cash flow helped offset weaker production. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Neutral Sentiment: Barclays raised its price target to $248 from $244 but kept an “equal weight” rating, indicating a higher valuation estimate without a more bullish recommendation. Article: Barclays Stock Recommendations
• Neutral Sentiment: Chevron’s reported $7 billion Venezuela commitment could offer investment opportunity, but the country’s history of seizing foreign assets adds geopolitical and execution risk; the article contrasts the move with ExxonMobil’s more cautious stance. Article: Chevron Bets $7B on Venezuela

Institutional Trading of Chevron

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Capital Inc. purchased a new position in Chevron in the second quarter worth about $786,000. OneAscent Wealth Management LLC bought a new stake in shares of Chevron during the 2nd quarter valued at about $973,000. Global Retirement Partners LLC purchased a new stake in shares of Chevron during the 2nd quarter valued at about $14,276,000. Greg Jennings LLC purchased a new stake in shares of Chevron during the 3rd quarter valued at about $1,314,000. Finally, Ferguson Wellman Capital Management Inc. increased its position in shares of Chevron by 0.6% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 911,718 shares of the oil and gas company’s stock valued at $186,182,000 after purchasing an additional 5,787 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 1.5%

The company’s 50 day moving average price is $215.33 and its two-hundred day moving average price is $195.33. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.16. The stock has a market cap of $431.52 billion, a P/E ratio of 16.06, a PEG ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same period in the previous year, the business posted $1.85 earnings per share. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. Equities analysts forecast that Chevron Corporation will post 18.64 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 18th will be given a dividend of $1.78 per share. The ex-dividend date of this dividend is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. Chevron’s payout ratio is presently 52.08%.

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.