Chevron (NYSE:CVX) Trading 0.8% Higher After Earnings Beat

Chevron Co. (NYSE:CVX - Get Free Report) shares rose 0.8% during mid-day trading on Friday following a better than expected earnings announcement. The stock traded as high as $139.00 and last traded at $137.38. Approximately 4,038,431 shares were traded during trading, a decline of 55% from the average daily volume of 8,912,061 shares. The stock had previously closed at $136.26.

The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The business had revenue of $47.61 billion during 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 company's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.93 earnings per share.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.94%. Chevron's dividend payout ratio is presently 70.37%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CVX shares. BNP Paribas lowered Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Barclays lowered shares of Chevron from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Royal Bank of Canada restated an "outperform" rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Wells Fargo & Company cut their price target on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Finally, Truist Financial lowered their price objective on shares of Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $165.27.

Insider Buying and Selling

In related news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company's stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Chevron

Several large investors have recently modified their holdings of CVX. Geode Capital Management LLC boosted its stake in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock valued at $5,247,142,000 after buying an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock worth $4,613,960,000 after acquiring an additional 746,806 shares in the last quarter. Norges Bank acquired a new position in Chevron during the 4th quarter worth $3,017,750,000. Northern Trust Corp increased its position in shares of Chevron by 7.3% in the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares during the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Chevron by 2.1% in the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock valued at $2,881,280,000 after purchasing an additional 410,460 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Stock Up 1.7 %

The firm has a market cap of $243.90 billion, a P/E ratio of 14.25, a PEG ratio of 1.46 and a beta of 0.93. The firm's 50-day moving average price is $149.76 and its 200 day moving average price is $152.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

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.