Chevron (NYSE:CVX) Stock Price Up 3.2% - Here's Why

Key Points

• Chevron shares rose 3.2% on Monday, trading as high as $182.38 amid heavier-than-usual interest, though volume was still below the stock’s average daily level.
• Analysts remain broadly bullish: Wolfe Research and BNP Paribas Exane both upgraded Chevron, and the stock now carries a “Moderate Buy” consensus with an average price target of $206.83.
• Chevron’s latest earnings topped expectations with EPS of $1.41 versus the $1.00 consensus, and the company continues to support investors with a 3.9% dividend yield after paying a $1.78 quarterly dividend.

Chevron Corporation (NYSE:CVX - Get Free Report) shares shot up 3.2% on Monday . The company traded as high as $182.38 and last traded at $182.0930. 7,651,893 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 11,522,704 shares. The stock had previously closed at $176.40.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Wolfe Research upgraded shares of Chevron from a "peer perform" rating to an "outperform" rating and set a $210.00 price target for the company in a report on Thursday, July 2nd. BNP Paribas Exane raised 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. TD Cowen upped their target price on Chevron from $204.00 to $205.00 and gave the stock a "hold" rating in a research note on Friday, May 8th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Finally, Morgan Stanley reduced their price objective on shares of Chevron from $214.00 to $210.00 and set an "overweight" rating for the company in a research note on Monday, June 29th. Nineteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Chevron currently has an average rating of "Moderate Buy" and an average price target of $206.83.

Chevron Price Performance

The stock's fifty day moving average price is $181.92 and its 200-day moving average price is $181.51. The firm has a market cap of $362.66 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 0.60 and a beta of 0.50. 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 - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. During the same quarter last year, the company posted $2.18 EPS. The firm's quarterly revenue was up 2.1% on a year-over-year basis. As a group, equities analysts expect that Chevron Corporation will post 15.28 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. Chevron's payout ratio is 123.40%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The shares were 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 approximately $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.56% of the stock is owned by insiders.

Institutional Trading of Chevron

A number of institutional investors and hedge funds have recently bought and sold shares of CVX. Cornerstone Advisory LLC lifted its holdings in Chevron by 0.9% during the 1st quarter. Cornerstone Advisory LLC now owns 5,625 shares of the oil and gas company's stock worth $1,164,000 after buying an additional 52 shares during the last quarter. Compton Financial Group LLC raised its position in Chevron by 1.9% in the first quarter. Compton Financial Group LLC now owns 2,944 shares of the oil and gas company's stock worth $609,000 after acquiring an additional 56 shares in the last quarter. Quantum Portfolio Management LLC lifted its position in shares of Chevron by 2.7% during the 1st quarter. Quantum Portfolio Management LLC now owns 2,101 shares of the oil and gas company's stock valued at $435,000 after acquiring an additional 56 shares during the last quarter. Wealthspire Retirement LLC lifted its position in shares of Chevron by 0.9% in the 1st quarter. Wealthspire Retirement LLC now owns 6,530 shares of the oil and gas company's stock valued at $1,351,000 after acquiring an additional 56 shares in the last quarter. Finally, D.B. Root & Company LLC boosted its holdings in shares of Chevron by 1.0% during the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock worth $846,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 72.42% of the company's stock.

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.