Chevron (NYSE:CVX) Shares Up 1.4% Following Analyst Upgrade

Chevron Corporation (NYSE:CVX) was up 1.4% during mid-day trading on Thursday after TD Cowen raised their price target on the stock from $200.00 to $205.00. TD Cowen currently has a hold rating on the stock. Chevron traded as high as $189.78 and last traded at $188.9960. Approximately 6,928,138 shares traded hands during trading, a decline of 37% from the average daily volume of 11,043,437 shares. The stock had previously closed at $186.41.

A number of other brokerages have also recently issued reports on CVX. UBS Group reissued a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective for the company in a research report on Friday, April 17th. Wolfe Research raised Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Weiss Ratings lowered shares of Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Finally, Scotiabank lifted their price objective on Chevron from $168.00 to $187.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $207.48.

Insider Buying and Selling at Chevron

In other Chevron news, Director John B. Hess sold 710,665 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the transaction, the director owned 363,711 shares of the company’s stock, valued at $70,596,305.10. This represents a 66.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Over the last 90 days, insiders sold 1,190,665 shares of company stock worth $230,782,076. Corporate insiders own 0.56% of the company’s stock.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Quarterly earnings surged: Chevron reported approximately $12.1 billion in net income, up substantially from $2.5 billion in the year-earlier period. Results benefited from higher oil prices, Middle East-related supply disruptions, stronger refining margins and increased production. Chevron Turned $3.1 Billion Loss Into A Gain In One Quarter Amid Heightened Volatility During Iran War
• Positive Sentiment: Operations and balance sheet are improving: Reports highlight record production, billions of dollars in debt reduction, early cost-cutting progress and a 20-year agreement to supply power to Microsoft for artificial-intelligence operations. These developments support Chevron’s cash-flow and long-term growth narrative. Wall Street Is Bullish on Chevron Stock
• Positive Sentiment: Analyst and income support: TD Cowen raised its Chevron price target from $200 to $205 while maintaining a Hold rating. Other coverage describes CVX as a financially strong dividend payer, and Chevron maintained its quarterly dividend at $1.78 per share. TD Cowen Raises Chevron Price Target
• Neutral Sentiment: New downstream initiative: Chevron is expanding its North American base-oils distribution network through partnerships. The move could improve product mix and logistics over time, but its near-term earnings impact is unclear. Chevron Broadens North American Base Oils Distribution Network
• Neutral Sentiment: Market backdrop: Energy-sector peers are also benefiting from elevated oil prices and geopolitical tensions, while a broader market pullback could limit short-term upside for CVX.
• Negative Sentiment: Political and regulatory risk is rising: Former President Donald Trump criticized Chevron and other oil companies for earning unusually large profits while U.S. gasoline prices remained elevated. The criticism could increase pressure for windfall-profit measures or other policy responses. Trump Criticizes Exxon and Chevron
• Negative Sentiment: Insider selling and valuation concerns: Director John B. Hess sold 810,665 shares worth roughly $157 million, substantially reducing his holdings. Analysts also see a relatively narrow path for further gains, while current profits may be unusually dependent on war-driven oil and refining conditions.

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently modified their holdings of CVX. Midwest Capital Advisors LLC acquired a new position in shares of Chevron during the first quarter worth about $25,000. Core Wealth Advisors LLC purchased a new position in shares of Chevron during the 4th quarter valued at approximately $26,000. Phillip James Consulting Co. acquired a new position in Chevron during the 4th quarter worth $26,000. Basso Capital Management L.P. acquired a new position in Chevron in the fourth quarter worth about $27,000. Finally, Karpus Management Inc. acquired a new position in shares of Chevron in the 4th quarter worth approximately $27,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Trading Up 1.4%

The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $182.18 and its two-hundred day simple moving average is $185.64. The stock has a market cap of $376.40 billion, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 0.59 and a beta of 0.49.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping the consensus estimate of $5.55 by $0.51. The firm had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.14%. Chevron’s quarterly revenue was up 57.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.77 earnings per share. As a group, equities research analysts predict that Chevron Corporation will post 15.72 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Wednesday, August 19th. Chevron’s payout ratio is presently 68.26%.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.