Chevron (NYSE:CVX) Trading Up 2.2% - Here's Why

Key Points

• Chevron shares rose 2.2% midday to about $155.81, trading as high as $155.90 on roughly 6.79 million shares — about 12% below its average daily volume.
• Analysts have a consensus rating of Hold with a consensus price target of $166, reflecting recent target cuts and a mix of Buy/Hold/Sell opinions.
• Chevron beat quarterly EPS estimates ($1.85 vs. $1.71) and reported $48.17B in revenue, and it pays a quarterly dividend of $1.71 (annualized $6.84) for a yield of about 4.4%, though the payout ratio is high at 96.2%.

Chevron Corporation (NYSE:CVX - Get Free Report)'s share price rose 2.2% during mid-day trading on Friday . The company traded as high as $155.90 and last traded at $155.8110. Approximately 6,794,150 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 7,752,025 shares. The stock had previously closed at $152.41.

Analyst Upgrades and Downgrades

CVX has been the topic of a number of research analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of Chevron in a research note on Wednesday, October 8th. Barclays cut their target price on shares of Chevron from $160.00 to $158.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 7th. Piper Sandler lowered their price target on shares of Chevron from $171.00 to $169.00 and set an "overweight" rating for the company in a report on Monday, November 10th. Bank of America dropped their price target on Chevron from $183.00 to $180.00 and set a "buy" rating for the company in a research note on Thursday, December 11th. Finally, Zacks Research upgraded Chevron from a "strong sell" rating to a "hold" rating in a research report on Tuesday, December 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $166.00.

Chevron Stock Performance

The firm has a market capitalization of $313.73 billion, a P/E ratio of 21.91, a price-to-earnings-growth ratio of 9.15 and a beta of 0.70. The company has a 50-day moving average of $151.87 and a 200-day moving average of $152.96. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, beating analysts' consensus estimates of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The firm had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same quarter in the previous year, the company posted $2.48 EPS. The business's revenue was down 1.9% on a year-over-year basis. On average, equities analysts anticipate that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 18th were issued a dividend of $1.71 per share. The ex-dividend date was Tuesday, November 18th. This represents a $6.84 annualized dividend and a yield of 4.4%. Chevron's dividend payout ratio (DPR) is presently 96.20%.

Insider Activity

In other news, Director John B. Hess sold 275,000 shares of the company's stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the sale, the director directly owned 1,128,045 shares of the company's stock, valued at approximately $170,052,783.75. This represents a 19.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.21% of the company's stock.

Hedge Funds Weigh In On Chevron

A number of hedge funds have recently bought and sold shares of CVX. Quaker Wealth Management LLC lifted its stake 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 purchasing an additional 439 shares during the period. Decker Retirement Planning Inc. acquired a new position in Chevron in the third quarter valued at approximately $34,000. Vermillion & White Wealth Management Group LLC lifted its stake in Chevron by 86.1% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company's stock valued at $37,000 after buying an additional 118 shares during the period. Marquette Asset Management LLC bought a new position in shares of Chevron during the 3rd quarter worth approximately $41,000. Finally, IMG Wealth Management Inc. grew its position in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock worth $38,000 after buying an additional 91 shares during the period. Institutional investors own 72.42% of the company's stock.

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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