Chevron (NYSE:CVX) Given New $248.00 Price Target at Barclays

Chevron (NYSE:CVX) had its price objective increased by Barclays from $244.00 to $248.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an equal weight rating on the oil and gas company’s stock.

Several other research firms also recently commented on CVX. Royal Bank Of Canada raised their price objective on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, September 24th. Piper Sandler upped their target price on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Jefferies Financial Group raised their price target on Chevron from $216.00 to $233.00 and gave the company a “buy” rating in a research note on Monday, August 17th. Raymond James Financial decreased their price objective on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a report on Tuesday, July 21st. Finally, Mizuho set a $234.00 price objective on shares of Chevron in a research note on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $222.96.

Chevron Trading Up 1.5%

Shares of NYSE:CVX traded up $3.21 during trading on Friday, reaching $219.56. 7,573,015 shares of the company were exchanged, compared to its average volume of 8,354,031. The business’s fifty day simple moving average is $215.49 and its 200-day simple moving average is $195.58. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07. Chevron has a 12-month low of $146.49 and a 12-month high of $236.48. The firm has a market capitalization of $431.52 billion, a PE ratio of 16.06, a P/E/G ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The firm had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same quarter in the previous year, the business earned $1.85 earnings per share. Chevron’s quarterly revenue was up 36.3% on a year-over-year basis. On average, research analysts anticipate that Chevron will post 18.64 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s dividend payout ratio (DPR) is presently 52.08%.

Insider Buying and Selling at Chevron

In related news, Vice Chairman Mark Nelson sold 112,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 10th. The shares were sold at an average price of $210.48, for a total value of $23,573,760.00. Following the completion of the transaction, the insider owned 11,647 shares of the company’s stock, valued at $2,451,460.56. The trade was a 90.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider R. Pate sold 40,700 shares of the company’s stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total value of $9,224,655.00. Following the sale, the insider owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. This represents a 82.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 180,370 shares of company stock worth $38,497,149. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Chevron in the second quarter worth about $25,663,729,000. Bank of New York Mellon Corp purchased a new stake in shares of Chevron during the second quarter valued at about $2,378,114,000. Legal & General Group Plc purchased a new stake in shares of Chevron during the second quarter valued at about $1,462,412,000. Deutsche Bank AG purchased a new stake in shares of Chevron during the second quarter valued at about $1,189,577,000. Finally, State Street Corp boosted its holdings in shares of Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after buying an additional 5,998,852 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Top Chevron Stories

Here are a few of the latest stories about CVX:

• Positive Sentiment: Chevron plans to restart its Ralston, Iowa, biodiesel facility, restoring nearly 42 million gallons of annual capacity. A feedstock agreement with Landus Cooperative supports the restart and the company’s renewable-fuels business. Article: What’s Going on with Chevron Shares on Friday?
• Positive Sentiment: Chevron declared a quarterly dividend of $1.78 per share, equivalent to $7.12 annually and a 3.3% yield, which may appeal to income-focused investors.
• Neutral Sentiment: Barclays raised its price target from $244 to $248 but kept an “equal weight” rating, while Sanford C. Bernstein lowered its target from $248 to $233 and maintained “market perform.” The differing updates indicate mixed analyst sentiment.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.