Chevron (NYSE:CVX) Trading Up 0.8% Following Analyst Upgrade

Chevron Co. (NYSE:CVX) was up 0.8% during trading on Thursday after Wells Fargo & Company raised their price target on the stock from $185.00 to $198.00. Wells Fargo & Company currently has an overweight rating on the stock. Chevron traded as high as $161.94 and last traded at $161.71. Approximately 2,667,317 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 8,625,017 shares. The stock had previously closed at $160.44.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group reiterated a “buy” rating on shares of Chevron in a report on Monday. Scotiabank downgraded Chevron from a “sector outperform” rating to a “sector perform” rating and set a $170.00 price objective for the company. in a report on Tuesday, January 16th. Mizuho raised their target price on Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Royal Bank of Canada raised their target price on Chevron from $185.00 to $190.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Finally, TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $181.32.

Insiders Place Their Bets

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several large investors have recently modified their holdings of the stock. Picton Mahoney Asset Management bought a new position in Chevron in the 3rd quarter valued at $26,000. Bare Financial Services Inc bought a new position in Chevron in the 4th quarter valued at $27,000. Valley Forge Investment Consultants Inc. ADV grew its position in Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 80 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in Chevron in the 4th quarter valued at $30,000. Finally, Valued Wealth Advisors LLC bought a new position in Chevron in the 4th quarter valued at $33,000. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Up 0.2 %

The company has a 50-day simple moving average of $153.47 and a 200 day simple moving average of $152.48. The company has a market cap of $298.44 billion, a P/E ratio of 14.15, a P/E/G ratio of 2.43 and a beta of 1.12. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $3.45 EPS for the quarter, beating the consensus estimate of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. During the same quarter in the prior year, the company posted $4.09 EPS. Chevron’s quarterly revenue was down 16.5% on a year-over-year basis. On average, equities analysts anticipate that Chevron Co. will post 13.13 EPS for the current year.

Chevron Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.06%. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s dividend payout ratio is currently 57.39%.

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.