Chevron (NYSE:CVX) Shares Up 1.4% After Analyst Upgrade

Shares of Chevron Co. (NYSE:CVX) traded up 1.4% on Monday after Raymond James raised their price target on the stock from $175.00 to $180.00. Raymond James currently has an outperform rating on the stock. Chevron traded as high as $161.77 and last traded at $161.54. 9,233,657 shares were traded during trading, an increase of 18% from the average session volume of 7,835,055 shares. The stock had previously closed at $159.38.

A number of other equities analysts have also recently weighed in on the stock. Royal Bank of Canada upped their price target on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. UBS Group increased their target price on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Wells Fargo & Company boosted their price target on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Truist Financial raised their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Finally, Barclays boosted their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several large investors have recently added to or reduced their stakes in CVX. Hedges Asset Management LLC grew its stake in shares of Chevron by 2.9% during the 4th quarter. Hedges Asset Management LLC now owns 13,600 shares of the oil and gas company’s stock valued at $1,970,000 after buying an additional 388 shares during the period. Spinnaker Investment Group LLC boosted its holdings in Chevron by 8.7% in the fourth quarter. Spinnaker Investment Group LLC now owns 2,420 shares of the oil and gas company’s stock valued at $351,000 after acquiring an additional 193 shares during the last quarter. Apeiron RIA LLC grew its position in Chevron by 5.4% during the fourth quarter. Apeiron RIA LLC now owns 8,420 shares of the oil and gas company’s stock valued at $1,220,000 after acquiring an additional 433 shares during the period. Veracity Capital LLC grew its position in Chevron by 5.8% during the fourth quarter. Veracity Capital LLC now owns 4,829 shares of the oil and gas company’s stock valued at $699,000 after acquiring an additional 265 shares during the period. Finally, Secure Asset Management LLC increased its stake in Chevron by 18.6% during the fourth quarter. Secure Asset Management LLC now owns 16,940 shares of the oil and gas company’s stock worth $2,454,000 after acquiring an additional 2,662 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 1.4 %

The company has a market capitalization of $290.30 billion, a PE ratio of 17.75, a P/E/G ratio of 2.62 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business has a fifty day moving average price of $153.93 and a 200 day moving average price of $151.01.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The firm had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the firm posted $3.05 earnings per share. Chevron’s revenue for the quarter was down 6.3% compared to the same quarter last year. Analysts expect that Chevron Co. will post 10.39 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were given a dividend of $1.63 per share. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.04%. Chevron’s dividend payout ratio (DPR) is 71.65%.

About Chevron

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.