Chevron (NYSE:CVX) Stock Jumps 2.6% on Analyst Upgrade

Chevron Corporation (NYSE:CVX)’s stock price was up 2.6% during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $218.00 to $226.00. Morgan Stanley currently has an overweight rating on the stock. Chevron traded as high as $225.31 and last traded at $225.0010. Approximately 8,704,603 shares traded hands during trading, a decline of 16% from the average daily volume of 10,423,698 shares. The stock had previously closed at $219.32.

Several other equities research analysts have also recently weighed in on the stock. Argus increased their target price on shares of Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Weiss Ratings upgraded Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Mizuho set a $234.00 price target on Chevron in a research note on Monday. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Finally, UBS Group boosted their price target on shares of Chevron from $220.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $213.42.

Insider Activity

In other news, Director John B. Hess sold 710,665 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the completion of the sale, the director owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider R. Pate sold 2,470 shares of Chevron stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider owned 10,794 shares of the company’s stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,152,582 shares of company stock valued at $225,853,661 in the last ninety days. 0.56% of the stock is currently owned by corporate insiders.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Analyst upgrades and higher price targets: Wells Fargo initiated a “Buy” rating, while Morgan Stanley raised its target from $218 to $226 and assigned an “Overweight” rating. Other analysis lifted Chevron’s fair-value estimate from $222.67 to $227.71, citing improved commodity assumptions, project developments and balance-sheet decisions. Chevron Gets a Buy from Wells Fargo Morgan Stanley Raises Chevron Price Target
• Positive Sentiment: Strong relative performance: Zacks included CVX among its relative-strength stock picks, highlighting resilient price performance and upbeat earnings estimates. Chevron’s inclusion in dividend-focused portfolios and favorable comments from Jim Cramer may also support investor interest. Relative Strength Stock Picks
• Positive Sentiment: Earnings expectations remain strong: Wall Street expects a sharp year-over-year increase in Chevron’s third-quarter profit, while recent coverage continues to describe the company as a long-term investment candidate. Chevron’s Next Earnings Report
• Neutral Sentiment: Chevron’s prominence in investment letters and its status as a trending stock indicate heightened attention, but these signals do not necessarily imply additional fundamental upside. Chevron Investment Analysis
• Negative Sentiment: Energy-market risks remain: CEO Mike Wirth warned that commercial inventories, emergency reserves and previously sanctioned oil supplies used to absorb the Iran-related shock have been depleted. A more vulnerable global supply system could increase volatility and keep diesel prices elevated into 2027. Chevron CEO Warns Oil Buffers Are Drained

Hedge Funds Weigh In On Chevron

Institutional investors have recently bought and sold shares of the business. State Street Corp grew its holdings in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. bought a new position in shares of Chevron in the second quarter valued at about $25,663,729,000. Berkshire Hathaway Inc lifted its position in Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after buying an additional 8,091,570 shares in the last quarter. Bank of America Corp DE lifted its position in Chevron by 5.1% during the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Chevron by 1.5% during the 4th quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company’s stock worth $2,609,194,000 after buying an additional 254,323 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Up 2.6%

The business’s fifty day simple moving average is $206.81 and its 200 day simple moving average is $193.29. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a market cap of $444.55 billion, a P/E ratio of 21.57, a price-to-earnings-growth ratio of 0.61 and a beta of 0.53.

Chevron (NYSE:CVX) last announced its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the firm posted $1.77 earnings per share. The company’s revenue was up 57.4% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 17.53 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were issued a $1.78 dividend. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.2%. Chevron’s dividend payout ratio (DPR) is currently 68.26%.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.