Chevron (NYSE:CVX) Trading 1.4% Higher Following Analyst Upgrade

Key Points

• Chevron shares rose 1.4% after TD Cowen increased its price target from $200 to $205, though it maintained a Hold rating. Analysts overall have a Moderate Buy consensus and an average target of $207.48.
• Chevron reported strong quarterly results, with earnings of $6.06 per share beating estimates and revenue rising 57.4% year over year to $67.2 billion. The company also maintained its quarterly dividend at $1.78 per share, yielding approximately 3.8%.
• Insider selling remains a concern: Director John B. Hess sold 710,665 shares for about $137.9 million, reducing his position by 66.15%; insiders have sold roughly 1.19 million shares over the past 90 days.

Shares of Chevron Corporation (NYSE:CVX - Get Free Report) were up 1.4% on Thursday after TD Cowen raised their price target on the stock from $200.00 to $205.00. TD Cowen currently has a hold rating on the stock. Chevron traded as high as $189.78 and last traded at $188.9960. 6,928,138 shares changed hands during trading, a decline of 37% from the average session volume of 11,043,437 shares. The stock had previously closed at $186.41.

Several other equities analysts have also recently issued reports on CVX. Morgan Stanley reduced their target price on Chevron from $214.00 to $210.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. UBS Group reaffirmed a "buy" rating on shares of Chevron in a research note on Tuesday, June 23rd. Bank of America lifted their price target on Chevron from $210.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Sanford C. Bernstein upped their price objective on Chevron from $204.00 to $209.00 and gave the company a "market perform" rating in a research report on Monday. Finally, Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price on the stock in a research note on Thursday, April 9th. Eighteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $207.48.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 710,665 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the transaction, the director owned 363,711 shares of the company's stock, valued at approximately $70,596,305.10. This represents a 66.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 1,190,665 shares of company stock worth $230,782,076. 0.56% of the stock is currently owned by insiders.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings surged: Chevron reported approximately $12.1 billion in net income, up substantially from $2.5 billion in the year-earlier period. Results benefited from higher oil prices, Middle East-related supply disruptions, stronger refining margins and increased production. Chevron Turned $3.1 Billion Loss Into A Gain In One Quarter Amid Heightened Volatility During Iran War
• Positive Sentiment: Operations and balance sheet are improving: Reports highlight record production, billions of dollars in debt reduction, early cost-cutting progress and a 20-year agreement to supply power to Microsoft for artificial-intelligence operations. These developments support Chevron’s cash-flow and long-term growth narrative. Wall Street Is Bullish on Chevron Stock
• Positive Sentiment: Analyst and income support: TD Cowen raised its Chevron price target from $200 to $205 while maintaining a Hold rating. Other coverage describes CVX as a financially strong dividend payer, and Chevron maintained its quarterly dividend at $1.78 per share. TD Cowen Raises Chevron Price Target
• Neutral Sentiment: New downstream initiative: Chevron is expanding its North American base-oils distribution network through partnerships. The move could improve product mix and logistics over time, but its near-term earnings impact is unclear. Chevron Broadens North American Base Oils Distribution Network
• Neutral Sentiment: Market backdrop: Energy-sector peers are also benefiting from elevated oil prices and geopolitical tensions, while a broader market pullback could limit short-term upside for CVX.
• Negative Sentiment: Political and regulatory risk is rising: Former President Donald Trump criticized Chevron and other oil companies for earning unusually large profits while U.S. gasoline prices remained elevated. The criticism could increase pressure for windfall-profit measures or other policy responses. Trump Criticizes Exxon and Chevron
• Negative Sentiment: Insider selling and valuation concerns: Director John B. Hess sold 810,665 shares worth roughly $157 million, substantially reducing his holdings. Analysts also see a relatively narrow path for further gains, while current profits may be unusually dependent on war-driven oil and refining conditions.

Hedge Funds Weigh In On Chevron

Hedge funds have recently modified their holdings of the stock. Curtis Advisory Group LLC acquired a new position in Chevron during the fourth quarter worth about $1,381,000. Indivisible Partners purchased a new stake in Chevron in the fourth quarter valued at $1,923,000. Janney Montgomery Scott LLC lifted its position in Chevron by 6.8% in the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company's stock valued at $258,853,000 after buying an additional 79,439 shares during the last quarter. Galaxy Digital Inc. acquired a new position in shares of Chevron in the 1st quarter worth approximately $2,028,000. Finally, Nations Financial Group Inc. IA ADV boosted its position in shares of Chevron by 35.0% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 42,882 shares of the oil and gas company's stock worth $6,536,000 after buying an additional 11,120 shares during the period. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Stock Up 1.4%

The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $376.40 billion, a PE ratio of 18.12, a PEG ratio of 0.59 and a beta of 0.49. The business has a fifty day moving average of $182.18 and a 200 day moving average of $185.64.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.14%. The firm's revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.77 EPS. Equities research analysts anticipate that Chevron Corporation will post 15.72 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Wednesday, August 19th. Chevron's dividend payout ratio is presently 68.26%.

Chevron Company Profile

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.

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