Chevron (NYSE:CVX) Stock Price Up 1.2% – Time to Buy?

Chevron Corporation (NYSE:CVX)’s share price was up 1.2% during trading on Tuesday . The stock traded as high as $187.94 and last traded at $187.7660. Approximately 8,843,145 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 9,754,650 shares. The stock had previously closed at $185.5790.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron applied for Argentina’s large-investment tax incentive program tied to a $13.8 billion unconventional oil project in Vaca Muerta, signaling a major long-term production bet that could boost future output and reserves. Chevron applies for Argentina tax break program with $13.8 billion investment plan
• Positive Sentiment: Wall Street has turned more constructive on Chevron, with a recent price-target increase from Barclays highlighting improved valuation appeal and supporting sentiment around the stock. Is Chevron Corporation (CVX) One of the Top Undervalued Blue Chip Stocks Analysts Recommend for Smart Investing?
• Positive Sentiment: Analyst commentary and coverage continue to point to Chevron as an undervalued blue-chip energy name, reinforcing expectations for solid cash generation and shareholder returns. Wall Street Gets Bullish on Chevron (CVX). Here is Why
• Positive Sentiment: Chevron’s legal leadership transition and the re-election of all director nominees suggest governance continuity, while shareholders rejected several proposals that management likely viewed as disruptive. How Chevron’s Legal Leadership Shift And Shareholder Votes At Chevron (CVX) Have Changed Its Investment Story
• Neutral Sentiment: Broader energy-news flow remains supportive for the sector, including reports that oil prices could rise if Middle East tensions worsen and supply routes such as the Strait of Hormuz are threatened. Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks. Here’s What That Could Mean for Investors.
• Neutral Sentiment: Chevron also continues to be mentioned in industry discussions around stronger production growth and offshore expansion, which may help the long-term story but is not an immediate catalyst. Chevron Deepens Offshore Bets In Guyana And Greece As Risk Profile Shifts

Analysts Set New Price Targets

A number of research firms recently issued reports on CVX. The Goldman Sachs Group reissued a “buy” rating and set a $216.00 price objective on shares of Chevron in a research report on Wednesday, May 6th. Argus set a $203.00 price objective on Chevron in a research report on Tuesday, February 3rd. Bank of America lifted their price objective on Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. BMO Capital Markets reissued an “outperform” rating and set a $190.00 price objective on shares of Chevron in a research report on Monday, February 2nd. Finally, Morgan Stanley lifted their price objective on Chevron from $212.00 to $214.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $205.70.

Chevron Trading Up 1.2%

The company has a fifty day simple moving average of $191.96 and a two-hundred day simple moving average of $176.04. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The company has a market capitalization of $373.95 billion, a P/E ratio of 32.54, a price-to-earnings-growth ratio of 0.60 and a beta of 0.48.

Chevron (NYSE:CVX) last posted its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The company had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period last year, the company earned $2.18 earnings per share. The business’s revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is 123.40%.

Insider Activity

In other news, insider R. Hewitt Pate sold 47,200 shares of Chevron stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $192.12, for a total value of $9,068,064.00. Following the transaction, the insider directly owned 8,558 shares in the company, valued at approximately $1,644,162.96. The trade was a 84.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 662,400 shares of company stock worth $127,090,824. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVX. Vanguard Group Inc. boosted its holdings in Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after purchasing an additional 27,961,463 shares in the last quarter. State Street Corp boosted its holdings in Chevron by 9.1% during the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc boosted its holdings in Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Chevron by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after acquiring an additional 961,341 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

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.