Chevron (NYSE:CVX) Stock Price Up 2.7% After Analyst Upgrade

Chevron Corporation (NYSE:CVX) shares rose 2.7% during mid-day trading on Tuesday after Barclays raised their price target on the stock from $152.00 to $156.00. Barclays currently has an equal weight rating on the stock. Chevron traded as high as $151.82 and last traded at $151.42. Approximately 2,983,663 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 8,267,316 shares. The stock had previously closed at $147.40.

A number of other equities research analysts have also recently issued reports on CVX. Mizuho dropped their price objective on Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Redburn Atlantic reissued a “sell” rating and set a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. TD Cowen reduced their price objective on Chevron from $155.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, May 5th. Finally, HSBC downgraded Chevron from a “buy” rating to a “hold” rating and dropped their target price for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $160.65.

Institutional Investors Weigh In On Chevron

A number of large investors have recently made changes to their positions in CVX. IMG Wealth Management Inc. acquired a new stake in shares of Chevron during the 4th quarter worth approximately $25,000. Life Planning Partners Inc acquired a new stake in Chevron during the 4th quarter worth $25,000. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 122 shares in the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Chevron in the fourth quarter valued at $29,000. Finally, 10Elms LLP acquired a new position in Chevron in the fourth quarter valued at $29,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 2.4%

The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82. The business’s 50 day moving average price is $141.31 and its 200-day moving average price is $148.18. The firm has a market capitalization of $263.67 billion, a price-to-earnings ratio of 17.31, a price-to-earnings-growth ratio of 2.51 and a beta of 0.83.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.93 earnings per share. Equities analysts forecast that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.53%. The ex-dividend date was Monday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 78.17%.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.