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

On Tuesday, Chevron Co. (NYSE:CVX - Get Free Report) saw no change in its stock price, remaining steady at 0% increase after UBS Group raised their price target for the stock from $194.00 to $195.00. UBS has given Chevron a buy rating. Throughout the trading day, Chevron's stock reached a high of $163.20 and ultimately closed at $162.25. During mid-day trading, approximately 936,819 shares changed hands, representing an 88% drop from the average trading volume of 7,615,563 shares. The previous close for the stock was $162.21.

Market Sentiment Around Oil

The overall market has shown renewed interest in oil stocks, contributing to a positive sentiment surrounding companies like Chevron. Additionally, several other analysts have issued updates regarding Chevron's stock. Recently, Wells Fargo & Company adjusted their price target for Chevron from $196.00 down to $169.00 while maintaining an "overweight" rating. Bank of America began coverage on Chevron on October 17th, assigning a "buy" rating with a target price of $168.00. On November 4th, Royal Bank of Canada increased their price target to $175.00 from $170.00 along with an "outperform" rating. Meanwhile, DZ Bank upgraded Chevron from a "hold" to a "buy" rating, setting a target price of $170.00 on November 5th. Scotiabank, however, reduced their price target from $180.00 to $163.00 while continuing to hold a "sector outperform" rating. A total of fourteen analysts have issued buy ratings, while four analysts rated the stock as a hold. MarketBeat indicates that Chevron has an average rating of "Moderate Buy" and a consensus price target of $175.63.

Insider Transactions

In other news concerning Chevron, CEO Michael K. Wirth sold 164,600 shares of the stock on November 14th at an average price of $160.13. This sale brought in a total of approximately $26.36 million. Following this transaction, Wirth retains 4,280 shares in the company, valued at roughly $685,356.40, reflecting a significant 97.47% decrease in his position. Such insider activity is officially disclosed via filings with the Securities and Exchange Commission. Currently, corporate insiders own about 0.20% of Chevron's stock.

Institutional Ownership

A number of institutional investors and hedge funds have been active in adjusting their stakes in Chevron recently. Marietta Wealth Management LLC increased its position by 10.9% in the third quarter. They now hold 40,484 shares valued at $5.96 million after purchasing an additional 3,965 shares. Leo Wealth LLC also uplifted its investment in Chevron, raising its stake by 19.6% during the same quarter and now owning 8,246 shares worth $1.21 million. Charles Schwab Investment Management Inc. boosted its stake by 11.5%, owning over 31 million shares valued at approximately $4.58 billion after adding 3.2 million shares in the last quarter. RPG Investment Advisory LLC and Garner Asset Management Corp likewise expanded their holdings, further emphasizing the interest from institutional investors, who collectively own about 72.42% of Chevron's stock.

Chevron's Performance Metrics

As for financial metrics, Chevron's market capitalization currently stands at $291.16 billion, with a price-to-earnings ratio of 17.83 and a P/E/G ratio of 3.58, indicating a beta of 1.10. The fifty-day moving average rests at $153.36, while the 200-day average is at $152.46. The company reports a quick ratio of 0.80 and a current ratio of 1.07, along with a relatively low debt-to-equity ratio of 0.13. On November 1st, Chevron announced its quarterly earnings, revealing an earnings per share (EPS) of $2.51, exceeding the expected $2.47. The company reported net revenue of $50.67 billion for the quarter, above the predicted $48.86 billion, although this marked a 6.3% decrease from the same quarter last year.

Dividend Announcement

In addition to its performance metrics, Chevron declared a quarterly dividend to be paid on December 10th. Shareholders registered by November 18th will receive a dividend of $1.63 per share. This payout signifies an annualized amount of $6.52 with a corresponding yield of 4.02%. Chevron maintains a payout ratio of 71.65%, reflecting a steady return to investors.

Overview of Chevron

Chevron Corporation operates within integrated energy and chemicals industry, with operations both domestically and abroad. The company functions through two primary segments: Upstream and Downstream, participating in various activities including exploration, development, production, transportation of oil and gas, and more.

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