Chevron (NYSE:CVX) Trading Up 2.2% – Here’s What Happened
by Teresa Graham · The Cerbat GemChevron Corporation (NYSE:CVX – Get Free Report)’s share price shot up 2.2% during mid-day trading on Friday . The stock traded as high as $155.90 and last traded at $155.8110. 6,794,150 shares were traded during trading, a decline of 12% from the average session volume of 7,752,025 shares. The stock had previously closed at $152.41.
Analyst Ratings Changes
A number of analysts have weighed in on the company. Hsbc Global Res upgraded Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. Bank of America dropped their price objective on Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a report on Thursday, December 11th. Mizuho raised their target price on Chevron from $204.00 to $206.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Wells Fargo & Company boosted their target price on Chevron from $190.00 to $196.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Finally, Barclays dropped their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $166.00.
Read Our Latest Analysis on Chevron
Chevron Stock Performance
The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19. The stock has a market cap of $313.73 billion, a price-to-earnings ratio of 21.91, a PEG ratio of 9.76 and a beta of 0.70. The stock’s 50 day moving average is $151.88 and its two-hundred day moving average is $153.06.
Chevron (NYSE:CVX – Get Free Report) last announced its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The business had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. During the same period in the prior year, the company earned $2.48 earnings per share. The business’s revenue was down 1.9% compared to the same quarter last year. Analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.
Chevron Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend was Tuesday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 96.20%.
Insider Buying and Selling at Chevron
In other news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $150.75, for a total value of $41,456,250.00. Following the transaction, the director owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.21% of the company’s stock.
Institutional Investors Weigh In On Chevron
Several hedge funds have recently modified their holdings of the stock. Quaker Wealth Management LLC raised its holdings in Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 439 shares in the last quarter. Decker Retirement Planning Inc. purchased a new stake in Chevron in the 3rd quarter valued at approximately $34,000. Vermillion & White Wealth Management Group LLC increased its position in Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 118 shares during the period. IMG Wealth Management Inc. raised its stake in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company’s stock worth $38,000 after buying an additional 91 shares in the last quarter. Finally, Marquette Asset Management LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at approximately $41,000. 72.42% of the stock is owned by institutional investors and hedge funds.
About Chevron
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.