Chevron (NYSE:CVX) Trading 2.6% Higher – Still a Buy?

Shares of Chevron Corporation (NYSE:CVX) traded up 2.6% on Monday . The stock traded as high as $196.20 and last traded at $196.0820. 9,786,259 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 12,276,162 shares. The stock had previously closed at $191.10.

Chevron News Roundup

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Analysts and commentators continue to argue that Chevron looks attractive in a higher-oil-price environment, with WTI holding above $100 and Permian producers benefiting from stronger pricing, efficiency gains, and robust basin output expectations. Article Title
• Positive Sentiment: Several recent pieces frame Chevron as a durable blue-chip energy name, with bullish takes on its dividend, long-term earnings power, and continued upside as oil prices rise. Article Title
• Positive Sentiment: Bernstein analyst Bob Brackett and other energy bulls are highlighting Chevron as a quality income and commodity play, arguing that investors may be underestimating the cash-generation potential of energy stocks versus Treasuries. Article Title
• Positive Sentiment: Chevron’s Q1 earnings call and recent estimate revisions have kept sentiment constructive, with analysts noting rising earnings expectations and support for the stock’s near-term outlook. Article Title

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Argus set a $203.00 target price on shares of Chevron in a research note on Tuesday, February 3rd. Bank of America lifted their price target on Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a report on Monday, March 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $216.00 price target on shares of Chevron in a report on Wednesday, May 6th. Melius Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target for the company in a report on Tuesday, February 17th. Finally, Scotiabank lifted their price target on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $204.13.

Chevron Stock Down 3.0%

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market cap of $381.18 billion, a PE ratio of 33.17, a PEG ratio of 0.66 and a beta of 0.51. The firm has a fifty day simple moving average of $193.41 and a 200 day simple moving average of $173.98.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS 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 during the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter in the previous year, the business earned $2.18 EPS. The firm’s revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Chevron Corporation will post 15.43 EPS for the current year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.7%. Chevron’s payout ratio is presently 123.40%.

Insider Buying and Selling at Chevron

In other news, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction dated Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the sale, the insider owned 11,337 shares of the company’s stock, valued at $2,130,449.04. The trade was a 92.49% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 799,699 shares of company stock worth $151,259,517. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of institutional investors and hedge funds have recently bought and sold shares of CVX. Vanguard Group Inc. raised its position in shares of Chevron by 17.9% in the 3rd 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 raised its position in shares of 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 purchasing an additional 12,789,399 shares in the last quarter. Berkshire Hathaway Inc raised its position in shares of 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 purchasing an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC raised its position 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 valued at $6,620,187,000 after purchasing an additional 134,890 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position 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 valued at $5,492,377,000 after purchasing an additional 961,341 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

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.