Chevron (NYSE:CVX) Stock Price Up 0.8% - Here's What Happened

Chevron Co. (NYSE:CVX - Get Free Report)'s share price shot up 0.8% during mid-day trading on Thursday . The company traded as high as $137.94 and last traded at $136.85. 1,977,110 shares traded hands during trading, a decline of 75% from the average session volume of 7,964,969 shares. The stock had previously closed at $135.79.

Wall Street Analysts Forecast Growth

CVX has been the subject of several analyst reports. Wells Fargo & Company decreased their target price on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $171.00 to $152.00 in a report on Wednesday, April 23rd. TD Cowen lowered their price target on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research report on Tuesday. Finally, BNP Paribas downgraded Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Chevron currently has a consensus rating of "Hold" and a consensus price target of $161.25.

Chevron Stock Up 1.1 %

The stock's fifty day simple moving average is $147.91 and its 200-day simple moving average is $152.06. The stock has a market cap of $243.88 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The firm's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.93 earnings per share. As a group, research analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be paid a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date of this dividend is Monday, May 19th. Chevron's dividend payout ratio (DPR) is presently 78.17%.

Institutional Investors Weigh In On Chevron

Large investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in Chevron by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Chevron by 4.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 33,430,030 shares of the oil and gas company's stock worth $5,592,263,000 after buying an additional 1,574,464 shares during the last quarter. Norges Bank acquired a new stake in Chevron in the fourth quarter valued at about $3,017,750,000. Northern Trust Corp grew its position in Chevron by 7.3% in the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in Chevron by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock worth $2,881,280,000 after acquiring an additional 410,460 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Company Profile

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.