Chevron (NYSE:CVX) Stock Price Up 0.5% - Here's What Happened

Chevron Co. (NYSE:CVX - Get Free Report)'s stock price was up 0.5% during mid-day trading on Tuesday . The company traded as high as $143.78 and last traded at $143.65. Approximately 1,297,144 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 7,827,320 shares. The stock had previously closed at $142.97.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVX. Royal Bank of Canada upped their price target on Chevron from $170.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, November 4th. Wells Fargo & Company upped their price objective on shares of Chevron from $171.00 to $188.00 and gave the company an "overweight" rating in a report on Monday, December 9th. Bank of America initiated coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a "buy" rating and a $168.00 target price for the company. Piper Sandler dropped their price target on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Finally, Citigroup upgraded shares of Chevron from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $175.19.

Chevron Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a 50-day moving average price of $154.65 and a 200-day moving average price of $151.81. The stock has a market cap of $258.49 billion, a P/E ratio of 15.81, a P/E/G ratio of 2.93 and a beta of 1.10.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. Chevron's revenue for the quarter was down 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $3.05 earnings per share. On average, equities research analysts expect that Chevron Co. will post 10.5 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.53%. Chevron's dividend payout ratio is presently 71.65%.

Insiders Place Their Bets

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares of the company's stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On Chevron

Institutional investors and hedge funds have recently made changes to their positions in the business. Lantz Financial LLC lifted its position in Chevron by 2.7% in the second quarter. Lantz Financial LLC now owns 23,334 shares of the oil and gas company's stock valued at $3,650,000 after purchasing an additional 623 shares during the last quarter. Harbour Investments Inc. boosted its position in Chevron by 0.4% during the 2nd quarter. Harbour Investments Inc. now owns 26,292 shares of the oil and gas company's stock valued at $4,113,000 after buying an additional 99 shares during the period. Avion Wealth grew its holdings in Chevron by 2.3% in the 2nd quarter. Avion Wealth now owns 3,580 shares of the oil and gas company's stock worth $560,000 after acquiring an additional 80 shares during the last quarter. West Branch Capital LLC increased its position in shares of Chevron by 9.0% in the second quarter. West Branch Capital LLC now owns 7,351 shares of the oil and gas company's stock valued at $1,150,000 after acquiring an additional 609 shares during the period. Finally, Detalus Advisors LLC bought a new position in shares of Chevron during the second quarter valued at about $202,000. Institutional investors own 72.42% of the company's stock.

Chevron Company Profile

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.