Chevron (NYSE:CVX) Reaches New 1-Year High – Here’s Why

Shares of Chevron Corporation (NYSE:CVX) reached a new 52-week high during mid-day trading on Monday. The company traded as high as $233.74 and last traded at $231.9320, with a volume of 8,134,951 shares trading hands. The stock had previously closed at $233.21.

Wall Street Analyst Weigh In

Several brokerages have commented on CVX. Barclays dropped their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Mizuho set a $234.00 target price on Chevron in a research note on Monday, October 12th. HSBC set a $90.00 target price on Chevron in a research note on Friday, September 25th. Finally, Wolfe Research upgraded Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average target price of $213.96.

Chevron Trading Up 0.3%

The business’s 50 day moving average price is $210.61 and its two-hundred day moving average price is $194.35. The company has a market capitalization of $461.99 billion, a price-to-earnings ratio of 22.34, a price-to-earnings-growth ratio of 0.55 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter last year, the business earned $1.77 earnings per share. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 18.20 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.0%. Chevron’s dividend payout ratio (DPR) is 68.26%.

Insider Transactions at Chevron

In other news, Director John Hess sold 100,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the sale, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider R. Pate sold 40,700 shares of the company’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the sale, the insider owned 8,791 shares of the company’s stock, valued at approximately $1,992,480.15. This trade represents a 82.24% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,195,682 shares of company stock worth $235,619,780 over the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently bought and sold shares of CVX. State Street Corp lifted its stake in Chevron by 3.9% during the second 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 purchasing an additional 5,998,852 shares during the last quarter. BlackRock Inc. acquired a new position in Chevron in the second quarter worth approximately $25,663,729,000. Bank of America Corp DE increased its holdings in shares of Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Amundi increased its holdings in shares of Chevron by 3.0% in the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock valued at $2,521,166,000 after buying an additional 349,416 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the 2nd quarter valued at $2,378,114,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Company Profile

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.