Chevron (NYSE:CVX) Trading 1% Higher Following Analyst Upgrade

Key Points

• Chevron's share price rose 1% after Bank of America upgraded its price target from $170 to $185, maintaining a buy rating on the stock.
• A total of eleven analysts have given Chevron a buy rating, while a majority consensus holds an average target price of $164.80.
• The company announced a quarterly dividend of $1.71 per share, reflecting an annualized dividend yield of 4.4%, with the payout ratio at 88.03%.

Chevron Corporation (NYSE:CVX - Get Free Report) traded up 1% on Wednesday after Bank of America raised their price target on the stock from $170.00 to $185.00. Bank of America currently has a buy rating on the stock. Chevron traded as high as $157.32 and last traded at $156.45. 2,152,186 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 9,246,615 shares. The stock had previously closed at $154.85.

Several other equities analysts have also recently weighed in on CVX. HSBC cut Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the company from $176.00 to $158.00 in a report on Tuesday, May 13th. TD Cowen lifted their price objective on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Melius assumed coverage on Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Mizuho dropped their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $164.80.

Insiders Place Their Bets

In related news, VP Alana K. Knowles sold 3,978 shares of the business's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the sale, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chevron

Hedge funds and other institutional investors have recently bought and sold shares of the company. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the last quarter. 10Elms LLP bought a new stake in Chevron during the 4th quarter worth $29,000. Elequin Capital LP bought a new stake in Chevron during the 1st quarter worth $31,000. Quaker Wealth Management LLC grew its position in shares of Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company's stock valued at $31,000 after buying an additional 439 shares during the last quarter. Finally, IFS Advisors LLC grew its position in shares of Chevron by 119.6% in the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after buying an additional 116 shares during the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Price Performance

The business has a 50-day simple moving average of $154.67 and a 200 day simple moving average of $148.89. The stock has a market cap of $271.69 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 2.00 and a beta of 0.90. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the previous year, the company posted $2.55 EPS. The business's revenue was down 12.4% on a year-over-year basis. On average, analysts forecast that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th were given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date was Tuesday, August 19th. Chevron's payout ratio is 88.03%.

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.