Chevron (NYSE:CVX) Shares Up 0.8% - Here's What Happened

Shares of Chevron Co. (NYSE:CVX - Get Free Report) shot up 0.8% on Wednesday . The stock traded as high as $157.83 and last traded at $157.45. 1,046,935 shares were traded during trading, a decline of 86% from the average session volume of 7,297,087 shares. The stock had previously closed at $156.16.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CVX. Truist Financial dropped their target price on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research note on Tuesday, February 4th. Raymond James dropped their price target on Chevron from $180.00 to $175.00 and set an "outperform" rating on the stock in a research note on Monday, February 3rd. Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and boosted their price target for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Barclays dropped their price target on Chevron from $174.00 to $171.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 5th. Finally, Piper Sandler dropped their target price on Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $174.13.

Chevron Trading Down 1.2 %

The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average of $151.97 and a 200-day moving average of $150.99. The stock has a market cap of $282.00 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.11.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts' consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the previous year, the business posted $3.45 EPS. On average, analysts anticipate that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Friday, February 14th. This is a positive change from Chevron's previous quarterly dividend of $1.63. Chevron's dividend payout ratio is currently 70.37%.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.20% of the company's stock.

Institutional Trading of Chevron

A number of institutional investors and hedge funds have recently made changes to their positions in CVX. Norges Bank acquired a new stake in shares of Chevron during the 4th quarter worth $3,017,750,000. Raymond James Financial Inc. acquired a new stake in Chevron in the 4th quarter valued at $1,036,302,000. Pathway Financial Advisers LLC increased its holdings in Chevron by 15,750.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company's stock valued at $574,551,000 after purchasing an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock valued at $562,566,000 after purchasing an additional 3,456,008 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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.