Chevron (NYSE:CVX) Trading Up 1% After Analyst Upgrade

Chevron Corporation (NYSE:CVX)’s share price traded up 1% during trading on Wednesday after TD Cowen raised their price target on the stock from $197.00 to $200.00. TD Cowen currently has a hold rating on the stock. Chevron traded as high as $193.70 and last traded at $193.0370. Approximately 6,125,296 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 11,295,601 shares. The stock had previously closed at $191.07.

A number of other analysts also recently issued reports on the company. Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research report on Thursday, July 2nd. UBS Group reissued a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price for the company in a report on Friday, April 17th. Finally, Wells Fargo & Company lifted their price target on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Nineteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $206.62.

Insider Activity

In related news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: TD Cowen lifted its price target on Chevron to $200 from $197, signaling continued analyst confidence despite keeping a hold rating. TD Cowen price target update
• Positive Sentiment: Chevron is being highlighted in dividend-focused articles as a steady income name, which may support demand from long-term investors. Dividend Aristocrats article
• Positive Sentiment: Rising oil prices amid geopolitical uncertainty are favorable for Chevron’s upstream business and could improve near-term earnings. Oil prices jump article
• Neutral Sentiment: Chevron shut production at a U.S. Gulf platform ahead of a tropical storm, a precautionary move that could limit output temporarily but is not necessarily a lasting operational issue. Production shutdown article
• Neutral Sentiment: Investors are awaiting Chevron’s second-quarter earnings, with expectations for a strong profit rebound; the report could become a major stock catalyst. Earnings preview article

Institutional Trading of Chevron

A number of large investors have recently made changes to their positions in CVX. Midwest Capital Advisors LLC bought a new position in Chevron in the 1st quarter worth about $25,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron during the fourth quarter worth approximately $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Basso Capital Management L.P. bought a new stake in shares of Chevron during the fourth quarter valued at approximately $27,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron in the fourth quarter valued at approximately $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Stock Up 1.0%

The stock has a market cap of $384.45 billion, a PE ratio of 33.46, a price-to-earnings-growth ratio of 0.67 and a beta of 0.50. The business has a fifty day moving average of $181.88 and a 200-day moving average of $183.48. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period last year, the business posted $2.18 EPS. Equities research analysts anticipate that Chevron Corporation will post 14.78 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. Chevron’s dividend payout ratio is presently 123.40%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.