Chevron (NYSE:CVX) Stock Price Up 0% Following Analyst Upgrade

Chevron Co. (NYSE:CVX) saw its stock price increase by 0% on Tuesday after UBS Group announced an upgrade, raising their price target from $194.00 to $195.00. UBS currently holds a buy rating for Chevron's stock. The stock reached a high of $163.20 during the trading day and concluded at $162.25. Trading volume was recorded at 936,819 shares, which is a significant decrease of 88% from the average volume of 7,615,563 shares. Previously, Chevron had closed at $162.21.

Analyst Opinions on Chevron

Various other analysts have also weighed in on Chevron's stock. Recently, Wells Fargo & Company adjusted their price target, lowering it from $196.00 to $169.00 while maintaining an "overweight" rating. Additionally, Bank of America began coverage with a buy rating, setting a target price of $168.00. Royal Bank of Canada raised their target from $170.00 to $175.00 and gave Chevron an "outperform" rating. DZ Bank upgraded Chevron from a "hold" to a "buy" with a price target of $170.00. Scotiabank also modified their outlook by lowering the price target from $180.00 to $163.00 while keeping a "sector outperform" rating. In total, four analysts have rated Chevron as a hold while fourteen have issued buy ratings. According to MarketBeat, Chevron currently holds an average rating of "Moderate Buy" with a consensus price target of $175.63.

Recent Insider Transactions

In related news, Chevron's CEO, Michael K. Wirth, sold 164,600 shares on November 14th, at an average price of $160.13, resulting in a total transaction of approximately $26.36 million. After the sale, he owns 4,280 shares valued at around $685,356, reflecting a 97.47% reduction in his holdings. This sale has been recorded in a document filed with the Securities and Exchange Commission. Currently, corporate insiders own 0.20% of the company's total stock.

Institutional Interest in Chevron

Recently, several institutional investors have adjusted their positions in Chevron. Marietta Wealth Management LLC boosted their holdings by 10.9% during the last quarter, now owning 40,484 shares valued at around $5.96 million. Leo Wealth LLC raised their stake by 19.6%, bringing their total to 8,246 shares valued at approximately $1.21 million. Additionally, Charles Schwab Investment Management Inc. increased their stake by 11.5%, now holding 31,108,760 shares valued at $4.58 billion after adding 3,203,899 shares. RPG Investment Advisory LLC grew its holdings by 3.4%, ending up with 121,167 shares valued at $17.84 million, while Garner Asset Management Corp increased their ownership by 14.5% during the previous quarter to 19,997 shares valued at $3.13 million. Overall, hedge funds and institutional investors hold 72.42% of Chevron's stock.

Chevron's Financial Metrics

The company holds a market capitalization of $291.16 billion, with a price-to-earnings ratio of 17.83, a P/E/G ratio of 3.58, and a beta of 1.10. Chevron's fifty-day and 200-day simple moving averages are $153.36 and $152.46, respectively. The company has a quick ratio of 0.80, a current ratio of 1.07, and a debt-to-equity ratio of 0.13.

Recent Earnings Report from Chevron

On November 1st, Chevron released its quarterly earnings report, revealing earnings per share (EPS) of $2.51, which surpassed the analysts' expectations of $2.47 by $0.04. The company reported a net margin of 8.44% and a return on equity of 13.15%, with total revenue of $50.67 billion, also exceeding the forecast of $48.86 billion. However, this represents a 6.3% decrease in revenue compared to the same period last year. Analysts predict that Chevron will post an EPS of 10.53 for the current fiscal year.

Chevron's Upcoming Dividend

The company has announced a quarterly dividend to be paid on December 10th. Shareholders of record as of November 18th will receive a dividend of $1.63. The ex-dividend date is also set for November 18th. This equates to an annualized dividend of $6.52, resulting in a yield of 4.02%. Chevron's payout ratio stands at 71.65%.

Business Overview of Chevron

Chevron Corporation operates in the integrated energy and chemicals sector, both domestically and internationally. The company is divided into two segments: Upstream and Downstream. The Upstream segment focuses on crude oil and natural gas exploration, development, production, and transportation, as well as liquefied natural gas operations and carbon capture projects.

Chevron, Stock, Analysts