Chevron (NYSE:CVX) Stock Price Steady After Analyst Upgrade

Chevron Corporation (NYSE:CVX - Get Free Report) saw its stock price remain unchanged on Tuesday following an upgrade from UBS Group. The firm increased its price target for Chevron from $194.00 to $195.00, maintaining a buy rating on the stock. The stock peaked at $163.20 during the trading day and ended at $162.25. On this day, a total of 936,819 shares changed hands, marking an 88% decline compared to the stock's average trading volume of 7,615,563 shares. The previous closing price for the stock was $162.21.

Market Trends in the Oil Sector

Investor interest in oil stocks continues to grow, fueled by various positive market indicators.

Analyst Ratings and Price Targets

Several other analysts have also published updated reports on Chevron. Recently, Wells Fargo lowered its price target on Chevron from $196.00 to $169.00 while maintaining an "overweight" rating. On the other hand, Bank of America initiated coverage of Chevron on October 17, giving it a "buy" rating along with a price target of $168.00. Royal Bank of Canada increased its price objective for Chevron from $170.00 to $175.00, labeling the stock as "outperform" in a report released on November 4. Concurrently, DZ Bank upgraded Chevron from a "hold" to a "buy" rating, setting a price target of $170.00 on November 5. Conversely, Scotiabank reduced its price target on Chevron from $180.00 to $163.00 while maintaining a "sector outperform" rating in their report dated October 10. Overall, four analysts have given the stock a hold rating while fourteen have rated it as a buy. According to MarketBeat data, Chevron holds an average rating of "Moderate Buy" and has a consensus price target of $175.63.

Insider Transactions

In related news, Chevron's CEO, Michael K. Wirth, sold 164,600 shares in a transaction that took place on November 14. The shares sold for an average price of $160.13, totaling about $26.36 million. Following this sale, Wirth retains ownership of 4,280 shares, valued at approximately $685,356. This transaction represents a significant decrease of 97.47% in his holdings. The sale was officially reported in documents filed with the Securities and Exchange Commission.

Institutional Ownership Trends

Recent activity among institutional investors has seen several firms either increase or decrease their stakes in Chevron. Marietta Wealth Management LLC raised its position by 10.9% in the last quarter, owning 40,484 shares valued at about $5.96 million after adding 3,965 shares. Meanwhile, Leo Wealth LLC increased its holdings by 19.6% during the same period, owning 8,246 shares valued at approximately $1.21 million after acquiring 1,354 shares. Charles Schwab Investment Management Inc. boosted its stake by 11.5%, now holding 31,108,760 shares valued at about $4.58 billion after a purchase of 3,203,899 shares. RPG Investment Advisory LLC also increased its ownership by 3.4%, bringing its total to 121,167 shares worth $17.84 million. Lastly, Garner Asset Management Corp expanded its holdings by 14.5% to 19,997 shares valued at $3.13 million. Overall, 72.42% of Chevron stock is held by institutional investors and hedge funds.

Stock Performance Metrics

Currently, Chevron has a market capitalization of $291.16 billion, a price-to-earnings ratio of 17.83, and a beta of 1.10. The stock has a 50-day simple moving average of $153.36 and a 200-day simple moving average of $152.46. In terms of liquidity, Chevron has a quick ratio of 0.80, a current ratio of 1.07, and a low debt-to-equity ratio of 0.13.

Earnings and Revenue Report

Chemron recently reported its quarterly earnings on November 1, revealing earnings of $2.51 per share—slightly above the analyst consensus of $2.47. The company recorded a net margin of 8.44% and a return on equity of 13.15%. Chevron's revenue during the quarter totaled $50.67 billion, surpassing expectations of $48.86 billion. This figure represents a decrease of 6.3% compared to the same quarter last year, where earnings were $3.05 per share. Analysts predict that Chevron will post an EPS of 10.53 for the current fiscal year.

Upcoming Dividend Announcement

Additionally, Chevron has announced a quarterly dividend of $1.63 per share, scheduled for payment on December 10 to investors on record as of November 18. The upcoming dividend represents an annual payout of $6.52, providing a yield of 4.02%. Chevron's payout ratio stands at 71.65%.

About Chevron Corporation

Chevron Corporation is a multinational energy company that operates not only in the United States but also internationally. The company is divided into two primary segments: Upstream and Downstream. The Upstream segment focuses on the exploration, development, production, and transportation of crude oil and natural gas, along with various other energy-related processes. The Downstream segment covers refining, marketing, and distribution of petroleum products worldwide.

Chevron, Stock, Analysis