Chevron (NYSE:CVX) Trading 1.8% Higher - Here's What Happened

Key Points

• Chemical Performance: Chevron's stock traded up 1.8% to $156.84, with a market cap of $270.04 billion, though trading volume was down 83% from average levels.
• Analyst Ratings: Analysts have issued mixed ratings, with a consensus rating of "Hold" and a price target of $163.95, while recent reports show both "buy" and "hold" recommendations.
• Dividend Announcement: Chevron plans to pay a quarterly dividend of $1.71 per share on September 10, representing an annual yield of 4.4% and a dividend payout ratio of 88.03%.

Chevron Corporation (NYSE:CVX - Get Free Report) traded up 1.8% during mid-day trading on Tuesday . The company traded as high as $156.80 and last traded at $156.84. 1,526,943 shares were traded during trading, a decline of 83% from the average session volume of 9,252,347 shares. The stock had previously closed at $154.00.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Morgan Stanley assumed coverage on shares of Chevron in a report on Monday, August 4th. They set an "overweight" rating and a $174.00 price target on the stock. Melius Research assumed coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Scotiabank reissued a "sector perform" rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, HSBC lowered shares of Chevron from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of "Hold" and a consensus price target of $163.95.

Chevron Stock Performance

The stock has a market cap of $270.04 billion, a PE ratio of 20.11, a PEG ratio of 2.28 and a beta of 0.90. The firm has a 50 day moving average of $153.91 and a two-hundred day moving average of $148.78. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping 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 prior year, the company posted $2.55 earnings per share. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. Research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is currently 88.03%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the sale, the vice president directly owned 1,181 shares of the company's stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Berkshire Hathaway Inc grew its stake in shares of Chevron by 2.9% in the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company's stock valued at $17,478,458,000 after buying an additional 3,454,258 shares during the period. Kingstone Capital Partners Texas LLC grew its stake in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after buying an additional 83,702,101 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Chevron by 4.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company's stock valued at $4,979,255,000 after buying an additional 1,342,723 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Chevron by 1.9% during the 2nd quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company's stock valued at $2,982,190,000 after purchasing an additional 378,936 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Chevron during the 2nd quarter valued at $2,721,477,000. 72.42% of the stock is currently owned by institutional investors.

About Chevron

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.

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