Chevron (NYSE:CVX) Trading 1.9% Higher - Here's Why

Shares of Chevron Co. (NYSE:CVX - Get Free Report) shot up 1.9% during trading on Tuesday . The stock traded as high as $148.97 and last traded at $148.79. 2,221,636 shares were traded during mid-day trading, a decline of 73% from the average session volume of 8,167,584 shares. The stock had previously closed at $146.03.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CVX. BNP Paribas lowered Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Barclays downgraded Chevron from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and cut their price objective for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Redburn Atlantic reissued a "sell" rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company cut their price target on shares of Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a report on Monday, May 5th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Chevron currently has an average rating of "Hold" and a consensus target price of $160.24.

Chevron Price Performance

The firm has a market cap of $261.53 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The stock's 50-day moving average price is $138.72 and its 200 day moving average price is $148.91. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

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

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th were issued a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 4.57%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

Institutional Investors Weigh In On Chevron

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank bought a new position in Chevron in the fourth quarter valued at approximately $3,017,750,000. GQG Partners LLC acquired a new stake in shares of Chevron during the first quarter worth $1,466,751,000. Nuveen LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $1,362,232,000. Raymond James Financial Inc. acquired a new stake in Chevron in the 4th quarter valued at $1,036,302,000. Finally, GAMMA Investing LLC boosted its stake in shares of Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after buying an additional 5,382,847 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

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.

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