Chevron (NYSE:CVX) Stock Price Up 0% After Analyst Upgrade

Chevron Corporation (NYSE:CVX) experienced no change in its stock price on Tuesday, remaining steady after UBS Group raised its price target from $194.00 to $195.00. The investment firm has issued a "buy" rating on Chevron stock. During its trading session, Chevron reached a high of $163.20, ultimately closing at $162.25. The stock's trading volume reached 936,819 shares, which is significantly lower than its average volume of 7,615,563 shares. Previously, the stock had closed at $162.21.

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Several other analysts have also released their evaluations of Chevron's stock recently. For instance, Wells Fargo lowered its price target for Chevron from $196.00 to $169.00 while maintaining an "overweight" rating as of September 27th. Bank of America initiated coverage of Chevron on October 17th, setting a target price of $168.00 with a "buy" rating. Additionally, on November 4th, Royal Bank of Canada increased its target price for Chevron from $170.00 to $175.00, and rated the stock as "outperform." DZ Bank upgraded Chevron's rating from "hold" to "buy" on November 5th, setting a target price at $170.00. Conversely, Scotiabank reduced its price target on Chevron from $180.00 to $163.00 in a report on October 10th, giving the stock a "sector outperform" rating. In total, four analysts have given Chevron a hold rating while fourteen have recommended it as a buy. According to MarketBeat data, the stock has an average rating of "Moderate Buy" and a consensus price target of $175.63.

View Our Latest Report on Chevron

Insider Activity at Chevron

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In related news, Chevron's CEO, Michael K. Wirth, recently sold 164,600 shares on November 14th. The shares were sold at an average price of $160.13, which totaled around $26,357,398. After this sale, Wirth holds 4,280 shares valued at $685,356.40, which marks a drastic 97.47% reduction in his holdings. Details of this transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), which is available for public viewing. Corporate insiders collectively own 0.20% of Chevron's stock.

Institutional Trading of Chevron

Recently, several institutional investors and hedge funds have adjusted their stakes in Chevron. Marietta Wealth Management LLC increased its position in Chevron by 10.9% in the third quarter, owning 40,484 shares valued at $5,962,000 after purchasing an additional 3,965 shares. Leo Wealth LLC also raised its holdings by 19.6%, owning 8,246 shares worth $1,214,000 following an additional acquisition of 1,354 shares. Charles Schwab Investment Management Inc. boosted its position by 11.5% during the same period, holding 31,108,760 shares valued at $4,581,137,000 after buying 3,203,899 shares. RPG Investment Advisory LLC increased its share count by 3.4%, now owning 121,167 shares worth $17,844,000 after acquiring 3,933 shares. Garner Asset Management Corp raised its stake by 14.5%, owning 19,997 shares valued at $3,128,000 after gaining an additional 2,530 shares. Hedge funds and institutional investors own approximately 72.42% of Chevron's stock.

Chevron Financial Overview

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The company's market capitalization stands at $291.16 billion with a price-to-earnings ratio of 17.83 and a P/E/G ratio of 3.58. Chevron's beta is 1.10, indicating its volatility relative to the market. The firm’s fifty-day moving average is $153.36, and the 200-day moving average is $152.46. Its financial indicators include a quick ratio of 0.80, a current ratio of 1.07, and a debt-to-equity ratio of 0.13.

On November 1st, Chevron announced its quarterly earnings, reporting an EPS of $2.51, surpassing analysts' consensus estimate of $2.47 by $0.04. Despite having a net margin of 8.44% and a return on equity of 13.15%, the company's revenue of $50.67 billion fell short of analysts' expectations of $48.86 billion and was down 6.3% compared to the same quarter last year, when it earned $3.05 per share. Analysts forecast Chevron will post an EPS of 10.53 for the current fiscal year.

Chevron Announces Dividend

Additionally, Chevron recently announced a quarterly dividend of $1.63, set to be paid on December 10th. Shareholders on record by November 18th will receive this dividend. The ex-dividend date is also November 18th. This dividend yields an annualized amount of $6.52, representing a 4.02% yield, with a payout ratio of 71.65%.

About Chevron

Chevron Corporation, through its subsidiaries, is involved in integrated energy and chemical operations both in the U.S. and internationally. The company operates in two primary sectors: Upstream and Downstream. The Upstream sector incorporates exploration, development, production, and transportation of crude oil and natural gas, alongside the processing and transportation of liquefied natural gas (LNG), and carbon capture and storage initiatives.

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This news has been created using technology and financial data to ensure accuracy and prompt reporting.

Should you invest $1,000 in Chevron right now?

Before making any investment decisions regarding Chevron, it’s important to conduct thorough research.

Analysts regularly share insights on top-performing stocks. Currently, while Chevron has a "Moderate Buy" rating, some analysts think that there are better investment options available. Be sure to explore these alternatives closely before proceeding with any investment.

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