Chevron Corporation (NYSE:CVX – Get Free Report) experienced a 1.5% increase on Monday following Citigroup’s adjustment of their price target for the stock, raising it from $179.00 to $210.00. Citigroup maintains a buy recommendation for the stock. Chevron reached a peak of $191.44 and was last seen trading at $189.51. During mid-day trading, around 15,712,231 shares changed hands, reflecting a 30% rise compared to the average daily volume of 12,046,905 shares. The stock had closed previously at $186.76.
Various equity analysts have also released evaluations concerning the company. Bank of America raised their target price for Chevron from $188.00 to $206.00, assigning the company a “buy” rating in a research report published on Monday. Wall Street Zen upgraded Chevron from a “sell” to a “hold” rating in a research note dated Saturday, January 31st. Jefferies Financial Group increased their price target for Chevron shares from $174.00 to $189.00, giving the stock a “buy” rating in a report on Wednesday, January 14th. Mizuho raised their price objective for Chevron from $204.00 to $206.00, awarding the stock an “outperform” rating in a report released on Friday, December 12th. Lastly, UBS Group confirmed a “buy” rating and set a price target of $212.00 for Chevron shares in a report on Monday, February 2nd. Thirteen investment analysts have rated the stock as a Buy, seven have given it a Hold rating, and four have rated it as a Sell. According to data from MarketBeat, Chevron currently holds a consensus rating of “Hold” with a consensus target price of $178.95.
Citigroup Price Target Increase
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Purchases and Sales by Insiders
Bank of America Upgrade
In related developments, Vice Chairman Mark A. Nelson divested 45,800 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $174.17, resulting in a total transaction value of $7,976,986.00. After the sale, the insider held 7,161 shares of the company’s stock, which are valued at $1,247,231.37. This indicates an 86.48% reduction in their ownership stake. The transaction was reported in a document submitted to the SEC, which can be accessed on the SEC’s website. Additionally, insider R. Hewitt Pate sold 41,134 shares of Chevron stock in a transaction dated Friday, January 30th. These shares were sold at an average price of $176.40, amounting to a total of $7,256,037.60. After this transaction, the insider owned 4,169 shares in the company, valued at $735,411.60, reflecting a 90.80% decrease in their holdings. The SEC filing for this transaction contains further details. Over the past three months, insiders have sold a total of 534,898 shares of company stock, totaling $89,543,711. Insiders currently own 0.20% of the stock.
Current News on Chevron
This week, several important news stories are affecting Chevron’s stock performance:
Trading Volume Surge
Trading Activities of Chevron Stocks
Recently, hedge funds have adjusted their investments in the company. Phillip James Consulting Co. acquired a new interest in Chevron during the fourth quarter, amounting to around $26,000. Core Wealth Advisors LLC also bought a new stake in Chevron shares in the fourth quarter, valued at roughly $26,000. Karpus Management Inc. took a new position in Chevron during the fourth quarter, estimated at about $27,000. Basso Capital Management L.P. established a new stake in Chevron in the fourth quarter, worth approximately $27,000. Lastly, Quattro Advisors LLC secured a new position in Chevron during the 4th quarter, valued at around $27,000. Hedge funds and other institutional investors collectively hold 72.42% of the company’s shares.
Chevron Shares Rise by 1.5%
Analyst Ratings Overview
The firm currently holds a ratio of 1.15 for its current assets, a quick ratio of 0.86, and a debt-to-equity ratio of 0.21. Its 50-day simple moving average stands at $169.52, while the 200-day simple moving average is $159.64. The company’s market capitalization is $378.15 billion, with a price-to-earnings ratio of 28.45, a P/E/G ratio of 12.36, and a beta value of 0.67.
Chevron (NYSE:CVX – Get Free Report) recently announced its earnings on Friday, January 30th. The oil and gas firm reported an EPS of $1.52 for the quarter, surpassing analysts’ expectations of $1.44 by $0.08. The company’s revenue reached $45.79 billion for the quarter, falling short of the consensus estimate of $48.18 billion. Chevron achieved a return on equity of 7.89% and a net margin of 6.51%. The quarterly revenue declined by 10.2% compared to the same period last year. In the previous year’s corresponding quarter, the company reported earnings per share of $2.06. Collectively, analysts predict that Chevron Corporation will deliver an EPS of 10.79 for the ongoing fiscal year.
Chevron Boosts Its Dividend
The company has also recently announced a quarterly dividend, set to be distributed on Tuesday, March 10th. Shareholders on record as of Tuesday, February 17th will receive a dividend of $1.78. This equates to an annualized dividend of $7.12 and a dividend yield of 3.8%. The ex-dividend date for this payment is Tuesday, February 17th. This marks an increase from Chevron’s earlier quarterly dividend of $1.71. Currently, Chevron’s dividend payout ratio (DPR) stands at 106.91%.
Profile of Chevron Corporation
Chevron Corporation, listed on the NYSE as CVX, is a prominent American multinational energy enterprise involved in nearly every facet of the oil and gas sector. As a fully integrated energy company, Chevron’s primary functions encompass upstream exploration and production of oil and natural gas, midstream transportation and storage, as well as downstream refining and marketing of fuels and lubricants, alongside petrochemical production through its subsidiaries and joint ventures. The company offers fuels under various brands, including Chevron, Texaco, and Caltex, providing a diverse array of products and services to retail consumers, industrial clients, and commercial fleets globally.
Chevron’s corporate history can be traced back to the early oil companies that ultimately formed Standard Oil of California, evolving through major mergers and reorganizations, including the purchases of Gulf Oil and Texaco.
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