Chevron (NYSE:CVX) Stock Price Up 0.9% Following Analyst Upgrade

Chevron Co. (NYSE:CVX)’s share price traded up 0.9% on Thursday after Piper Sandler raised their price target on the stock from $180.00 to $204.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as high as $158.04 and last traded at $157.82. 1,040,075 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 8,474,752 shares. The stock had previously closed at $156.40.

A number of other research analysts have also issued reports on the company. DZ Bank lowered Chevron from a “buy” rating to a “hold” rating and set a $160.00 price target for the company. in a research report on Tuesday, February 6th. Truist Financial decreased their price target on Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research note on Friday, April 5th. Raymond James raised their target price on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday. Barclays started coverage on Chevron in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price objective for the company. Finally, Wells Fargo & Company boosted their price target on shares of Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $184.75.

Insider Activity

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

Hedge Funds Weigh In On Chevron

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new position in Chevron during the third quarter worth $26,000. Bare Financial Services Inc acquired a new position in Chevron during the fourth quarter valued at approximately $27,000. Valley Forge Investment Consultants Inc. ADV grew its stake in Chevron by 80.0% in the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares in the last quarter. Frank Rimerman Advisors LLC bought a new position in shares of Chevron in the fourth quarter valued at $30,000. Finally, Valued Wealth Advisors LLC acquired a new position in Chevron during the fourth quarter worth $33,000. 72.42% of the stock is owned by institutional investors.

Chevron Price Performance

The stock has a market capitalization of $292.50 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 2.30 and a beta of 1.12. The company’s 50-day simple moving average is $155.26 and its 200-day simple moving average is $151.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

Chevron (NYSE:CVX) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $50.93 billion. During the same quarter last year, the company earned $4.09 earnings per share. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. As a group, sell-side analysts expect that Chevron Co. will post 13.56 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were given a dividend of $1.63 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a yield of 4.14%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s dividend payout ratio (DPR) 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.