Shares of Chevron Corporation (NYSE:CVX – Get Free Report) rose 1.3% during trading on Wednesday . The company traded as high as $191.48 and last traded at $190.0020. Approximately 7,221,983 shares changed hands during trading, a decline of 40% from the average daily volume of 12,054,219 shares. The stock had previously closed at $187.55.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on CVX. Citigroup raised their price target on shares of Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Zacks Research raised Chevron from a “hold” rating to a “strong-buy” rating in a report on Friday, April 3rd. UBS Group raised their target price on Chevron from $218.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Melius Research raised Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research note on Tuesday, February 17th. Finally, Bank of America increased their price objective on Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $205.70.
Get Our Latest Stock Report on CVX
Chevron Stock Performance
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period last year, the business earned $2.18 earnings per share. Chevron’s revenue was up 2.1% compared to the same quarter last year. As a group, equities research analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.
Chevron Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. The ex-dividend date is Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.8%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.
Insider Activity at Chevron
In related news, insider R. Hewitt Pate sold 40,200 shares of the company’s stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 615,200 shares of company stock worth $118,022,760. Corporate insiders own 0.56% of the company’s stock.
Hedge Funds Weigh In On Chevron
Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after acquiring an additional 27,961,463 shares during the last quarter. Norges Bank acquired a new position in shares of Chevron in the 4th quarter worth approximately $3,727,586,000. State Street Corp boosted its position in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after purchasing an additional 12,789,399 shares during the period. Berkshire Hathaway Inc boosted its position in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Finally, Primecap Management Co. CA acquired a new stake in Chevron in the 3rd quarter valued at approximately $988,083,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.
Chevron Company Profile
Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.
Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.
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