Chevron (NYSE:CVX) Stock Price Up 0.6% – Here’s Why

Shares of Chevron Co. (NYSE:CVX) rose 0.6% during mid-day trading on Thursday . The stock traded as high as $150.35 and last traded at $149.62. Approximately 1,080,681 shares changed hands during trading, a decline of 86% from the average daily volume of 7,690,815 shares. The stock had previously closed at $148.73.

Wall Street Analyst Weigh In

CVX has been the topic of a number of recent research reports. Mizuho reduced their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Truist Financial decreased their price target on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. UBS Group raised their price target on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $174.81.

Chevron Stock Up 1.3 %

The firm has a market cap of $277.62 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The stock’s 50 day simple moving average is $145.82 and its 200 day simple moving average is $153.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. During the same period in the previous year, the firm earned $3.08 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. Research analysts anticipate that Chevron Co. will post 11.09 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.33%. Chevron’s dividend payout ratio is presently 59.98%.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently bought and sold shares of the stock. Pacifica Partners Inc. grew its holdings in Chevron by 1.8% during the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after buying an additional 63 shares in the last quarter. Private Wealth Management Group LLC grew its holdings in Chevron by 15.7% during the first quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after buying an additional 63 shares in the last quarter. Montz Harcus Wealth Management LLC grew its holdings in Chevron by 2.2% during the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock worth $460,000 after buying an additional 63 shares in the last quarter. Hubbell Strickland Wealth Management LLC grew its holdings in Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after buying an additional 64 shares in the last quarter. Finally, Ellenbecker Investment Group grew its holdings in Chevron by 1.5% during the first quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after buying an additional 65 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

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.