Chevron (NYSE:CVX) Stock Price Up 0.2% - Here's What Happened

Chevron Co. (NYSE:CVX - Get Free Report) rose 0.2% during mid-day trading on Thursday . The stock traded as high as $151.18 and last traded at $149.88. Approximately 7,635,283 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 6,848,742 shares. The stock had previously closed at $149.59.

Analyst Ratings Changes

A number of brokerages recently commented on CVX. Bank of America started coverage on shares of Chevron in a research note on Thursday, October 17th. They set a "buy" rating and a $168.00 price target on the stock. Truist Financial raised their price target on Chevron from $155.00 to $160.00 and gave the stock a "hold" rating in a report on Friday, December 6th. Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Wells Fargo & Company raised their target price on Chevron from $171.00 to $188.00 and gave the stock an "overweight" rating in a research note on Monday, December 9th. Finally, UBS Group upped their price target on Chevron from $194.00 to $195.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $174.60.

Chevron Price Performance

The business's fifty day moving average price is $153.68 and its 200-day moving average price is $151.08. The company has a market capitalization of $269.35 billion, a P/E ratio of 16.47, a P/E/G ratio of 2.93 and a beta of 1.12. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company's revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.05 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend was Monday, November 18th. Chevron's dividend payout ratio (DPR) is presently 71.65%.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the business's stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company's stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lantz Financial LLC boosted its stake in shares of Chevron by 2.7% during the 2nd 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 in the last quarter. Chesapeake Capital Corp IL purchased a new position in shares of Chevron during the 2nd quarter worth approximately $243,000. Angeles Wealth Management LLC grew its holdings in shares of Chevron by 35.6% during the 2nd quarter. Angeles Wealth Management LLC now owns 7,544 shares of the oil and gas company's stock worth $1,180,000 after acquiring an additional 1,982 shares during the period. Vaughan David Investments LLC IL lifted its stake in shares of Chevron by 0.7% in the 2nd quarter. Vaughan David Investments LLC IL now owns 315,237 shares of the oil and gas company's stock valued at $49,309,000 after purchasing an additional 2,207 shares during the period. Finally, Kinsale Capital Group Inc. boosted its position in shares of Chevron by 21.7% during the second quarter. Kinsale Capital Group Inc. now owns 36,718 shares of the oil and gas company's stock valued at $5,743,000 after purchasing an additional 6,554 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

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.