Chevron (NYSE:CVX) Stock Price Up 1.2% - Time to Buy?

Key Points

• Chevron shares rose 1.2% in midday trading, with the stock last around $187.77 after trading slightly below its intraday high.
• Recent news flow is broadly positive, including Chevron’s application for Argentina’s tax incentive program tied to a planned $13.8 billion Vaca Muerta oil project, which could support future production and reserves.
• Analyst sentiment has improved, with multiple firms raising price targets and more analysts rating Chevron a Buy; the consensus price target now sits at about $205.70.

Chevron Corporation (NYSE:CVX - Get Free Report) rose 1.2% during mid-day trading on Tuesday . The stock traded as high as $187.94 and last traded at $187.7660. Approximately 8,843,145 shares traded hands during trading, a decline of 9% from the average daily volume of 9,754,650 shares. The stock had previously closed at $185.5790.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron applied for Argentina’s large-investment tax incentive program tied to a $13.8 billion unconventional oil project in Vaca Muerta, signaling a major long-term production bet that could boost future output and reserves. Chevron applies for Argentina tax break program with $13.8 billion investment plan
• Positive Sentiment: Wall Street has turned more constructive on Chevron, with a recent price-target increase from Barclays highlighting improved valuation appeal and supporting sentiment around the stock. Is Chevron Corporation (CVX) One of the Top Undervalued Blue Chip Stocks Analysts Recommend for Smart Investing?
• Positive Sentiment: Analyst commentary and coverage continue to point to Chevron as an undervalued blue-chip energy name, reinforcing expectations for solid cash generation and shareholder returns. Wall Street Gets Bullish on Chevron (CVX). Here is Why
• Positive Sentiment: Chevron’s legal leadership transition and the re-election of all director nominees suggest governance continuity, while shareholders rejected several proposals that management likely viewed as disruptive. How Chevron’s Legal Leadership Shift And Shareholder Votes At Chevron (CVX) Have Changed Its Investment Story
• Neutral Sentiment: Broader energy-news flow remains supportive for the sector, including reports that oil prices could rise if Middle East tensions worsen and supply routes such as the Strait of Hormuz are threatened. Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks. Here's What That Could Mean for Investors.
• Neutral Sentiment: Chevron also continues to be mentioned in industry discussions around stronger production growth and offshore expansion, which may help the long-term story but is not an immediate catalyst. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

Analyst Ratings Changes

A number of analysts have recently weighed in on CVX shares. Scotiabank increased their price target on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and set a $215.00 price target on the stock in a research report on Friday, March 20th. UBS Group increased their price target on Chevron from $218.00 to $220.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Citigroup increased their price target on Chevron from $210.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Finally, Melius Research upgraded Chevron from a "hold" rating to a "buy" rating and set a $205.00 price target on the stock in a research report on Tuesday, February 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $205.70.

Chevron Price Performance

The firm has a market capitalization of $373.95 billion, a P/E ratio of 32.54, a price-to-earnings-growth ratio of 0.60 and a beta of 0.48. The business has a fifty day moving average of $191.96 and a 200-day moving average of $176.04. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion during the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the company posted $2.18 EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron's dividend payout ratio is 123.40%.

Insiders Place Their Bets

In other Chevron news, insider R. Hewitt Pate sold 47,200 shares of the stock in a transaction on Friday, March 6th. The stock was sold at an average price of $192.12, for a total transaction of $9,068,064.00. Following the completion of the transaction, the insider directly owned 8,558 shares of the company's stock, valued at approximately $1,644,162.96. This trade represents a 84.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director directly owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 662,400 shares of company stock valued at $127,090,824. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chevron

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Midwest Capital Advisors LLC bought a new stake in shares of Chevron during the 1st quarter worth $25,000. Main Street Group LTD acquired a new stake in shares of Chevron in the first quarter worth $28,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron in the fourth quarter worth $26,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron in the fourth quarter worth $26,000. Finally, Karpus Management Inc. acquired a new stake in shares of Chevron in the fourth quarter worth $27,000. 72.42% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.