Investors Buy High Volume of Chevron Call Options (NYSE:CVX)

Chevron Corporation (NYSE:CVX - Get Free Report) was the recipient of some unusual options trading activity on Monday. Traders purchased 99,603 call options on the company. This is an increase of 103% compared to the average daily volume of 49,067 call options.

Analysts Set New Price Targets

CVX has been the topic of a number of research analyst reports. TD Cowen lowered their target price on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research note on Tuesday, May 6th. Piper Sandler restated an "overweight" rating on shares of Chevron in a research report on Tuesday, July 15th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and cut their price objective for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $165.00 target price (up from $164.00) on shares of Chevron in a report on Thursday, June 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Chevron presently has an average rating of "Hold" and a consensus target price of $161.31.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Atwater Malick LLC lifted its holdings in shares of Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock worth $413,000 after purchasing an additional 68 shares during the period. Synergy Asset Management LLC lifted its holdings in Chevron by 31.5% in the second quarter. Synergy Asset Management LLC now owns 70,537 shares of the oil and gas company's stock valued at $10,100,000 after buying an additional 16,906 shares during the period. Mattern Capital Management LLC raised its holdings in shares of Chevron by 23.1% during the second quarter. Mattern Capital Management LLC now owns 8,196 shares of the oil and gas company's stock valued at $1,174,000 after purchasing an additional 1,536 shares during the period. River Street Advisors LLC raised its holdings in shares of Chevron by 4.1% during the second quarter. River Street Advisors LLC now owns 8,877 shares of the oil and gas company's stock valued at $1,271,000 after purchasing an additional 346 shares during the period. Finally, Trinity Legacy Partners LLC raised its holdings in shares of Chevron by 4.7% during the second quarter. Trinity Legacy Partners LLC now owns 38,834 shares of the oil and gas company's stock valued at $5,822,000 after purchasing an additional 1,732 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Up 0.1%

Shares of Chevron stock traded up $0.17 during trading hours on Monday, reaching $150.21. 9,863,099 shares of the company's stock were exchanged, compared to its average volume of 8,555,797. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The company has a 50 day moving average of $144.04 and a two-hundred day moving average of $148.68. The stock has a market cap of $262.33 billion, a P/E ratio of 17.16, a P/E/G ratio of 2.48 and a beta of 0.83. Chevron has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. Chevron's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.93 EPS. On average, sell-side analysts forecast that Chevron will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a dividend of $1.71 per share. The ex-dividend date was Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 4.55%. Chevron's dividend payout ratio is presently 78.17%.

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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