Chevron (NYSE:CVX) Stock Price Crosses Above Fifty Day Moving Average on Insider Selling
by Jessica Moore · The Cerbat GemChevron Corporation (NYSE:CVX – Get Free Report) shares passed above its 50-day moving average during trading on Thursday after an insider bought additional shares in the company. The stock has a 50-day moving average of $215.33 and traded as high as $218.09. Chevron shares last traded at $216.6360, with a volume of 9,044,970 shares.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on the company. JPMorgan Chase & Co. upped their price target on Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a research note on Monday, August 3rd. Argus raised their price objective on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. UBS Group raised their price objective on Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 2nd. Weiss Ratings lowered Chevron from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, November 2nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $241.00 target price on shares of Chevron in a research report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $222.81.
Get Our Latest Research Report on Chevron
More Chevron News
These are some of the CVX news items that stood out recently:
- Neutral Sentiment: Chevron has emphasized the importance of maintaining financial strength amid volatile oil prices. Uncertainty about the oil-market outlook could affect results, although the company’s integrated business and strong refining performance offer some diversification. Article: What Exxon, Chevron and Shell Said About Where Oil Goes Next
- Negative Sentiment: Sanford C. Bernstein cut its price target to $233 from $248 and maintained a “market perform” rating, signaling less upside in its updated view. Article: Bernstein Lowers Chevron Price Target
- Negative Sentiment: Vice Chairman Mark Nelson sold 112,000 shares for about $23.6 million, reducing his direct holdings by 90.6%. Insider sales can draw investor attention, though the transaction alone does not establish the seller’s motivation. SEC Form 4 filing
Chevron Stock Up 1.6%
The stock has a market cap of $425.78 billion, a P/E ratio of 15.85, a P/E/G ratio of 0.50 and a beta of 0.47. 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 firm’s fifty day moving average is $215.33 and its 200 day moving average is $195.33.
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $61.82 billion. During the same period in the prior year, the company earned $1.85 earnings per share. The business’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, equities research analysts forecast that Chevron Corporation will post 18.64 EPS for the current year.
Chevron Announces Dividend
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 paid a $1.78 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.3%. Chevron’s payout ratio is presently 52.08%.
Hedge Funds Weigh In On Chevron
Large investors have recently made changes to their positions in the business. State Street Corp grew its holdings in Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after buying an additional 5,998,852 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Chevron during the second quarter worth approximately $25,663,729,000. Bank of America Corp DE lifted its holdings in shares of Chevron by 5.1% during the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after buying an additional 1,334,976 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Chevron in the second quarter valued at approximately $2,378,114,000. Finally, Amundi boosted its position in shares of Chevron by 14.1% in the second quarter. Amundi now owns 13,900,271 shares of the oil and gas company’s stock valued at $2,304,109,000 after acquiring an additional 1,714,835 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.
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.