Chevron (NYSE:CVX) Shares Up 1.9% – Here’s What Happened

Chevron Corporation (NYSE:CVX)’s stock price was up 1.9% on Friday . The stock traded as high as $188.15 and last traded at $187.3910. Approximately 7,045,186 shares were traded during trading, a decline of 38% from the average session volume of 11,391,896 shares. The stock had previously closed at $183.86.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is expected to sign accords with Iraq that could advance investment in major oil fields such as West Qurna 2 and Nassiriya, potentially expanding its upstream footprint and future output. Chevron to sign MOUs with Iraq for West Qurna 2 and Nassiriya oilfields
• Positive Sentiment: The company is also exploring a pipeline to bypass the Strait of Hormuz, a move that could reduce geopolitical shipping risk and improve export reliability for Iraqi crude. Chevron Will Explore a Pipeline to Bypass the Strait of Hormuz. Here’s What it Means for the Energy Stock.
• Positive Sentiment: Analyst-style comparisons continue to favor Chevron over TotalEnergies on balance-sheet strength, asset quality, and steadier earnings visibility, which can support investor confidence in CVX. CVX vs. TTE: Which Energy Giant Deserves a Place in Your Portfolio?
• Neutral Sentiment: A recent market note said Chevron looks fairly valued after a strong five-year gain, suggesting upside may be more limited unless oil prices or project developments improve the outlook. Chevron (CVX) Stock Looks Fairly Valued Following Its 123% Five Year Run
• Neutral Sentiment: Chevron has also been highlighted as a top dividend stock, and while that supports the investment case, it is not a near-term catalyst by itself. Chevron Corporation (CVX) A Top Dividend Stock to Invest in According to Jim Simons’ Renaissance Technologies

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Royal Bank Of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Chevron in a research note on Tuesday, May 5th. 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 note on Friday, April 17th. Tudor Pickering raised Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective on the stock in a report on Thursday, April 9th. Mizuho lifted their target price on Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price for the company in a report on Friday, March 20th. Nineteen 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.83.

Chevron Stock Performance

The stock has a market cap of $373.21 billion, a price-to-earnings ratio of 32.48, a PEG ratio of 0.64 and a beta of 0.50. The stock’s 50 day moving average is $181.42 and its two-hundred day moving average is $182.41. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $2.18 EPS. Analysts anticipate that Chevron Corporation will post 14.75 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 380,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. This represents a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Chevron during the fourth quarter worth approximately $3,727,586,000. State Street Corp grew its position in Chevron by 9.1% in the 3rd 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 buying an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc grew its position in Chevron by 6.6% in the 4th 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 buying an additional 8,091,570 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Chevron by 822.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock valued at $946,658,000 after buying an additional 5,537,580 shares during the period. Finally, Aristotle Capital Management LLC raised its position in Chevron by 653.0% during the 1st quarter. Aristotle Capital Management LLC now owns 4,526,223 shares of the oil and gas company’s stock worth $936,492,000 after buying an additional 3,925,137 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

About Chevron

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.