Shares of Chevron Corporation (NYSE:CVX – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $217.65 and last traded at $211.9260, with a volume of 9362485 shares trading hands. The stock had previously closed at $214.06.
More Chevron News
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Higher production potential in Venezuela: Chevron expanded its Venezuelan joint-venture rights, including additional Orinoco Belt acreage and development opportunities in Carabobo. The company plans to invest more than $7 billion over five years, which could materially increase long-term production and cash flow if operations and fiscal conditions remain stable. Will Chevron’s Expanded Venezuelan Oil Ventures Redefine Its Long-Term Cash Flow Narrative?
- Positive Sentiment: Downstream and power growth could diversify earnings: Chevron reportedly delivered its strongest downstream quarter in years and signed a power agreement with Microsoft. Management views the power model as repeatable and less dependent on crude prices, potentially supporting a more resilient earnings profile. Chevron Doesn’t Need Oil to Hit New Highs
- Positive Sentiment: Global LNG expansion: Chevron is targeting LNG opportunities in Argentina, the Mediterranean, Australia and Africa while pursuing demand growth in Asia. The strategy could create longer-term volume growth and reduce reliance on conventional upstream oil. Chevron Targets Argentina, Mediterranean in Global LNG Push
- Positive Sentiment: Supportive oil-market backdrop: Attacks on Saudi energy infrastructure disrupted a major pipeline and pushed oil prices sharply higher. Supply concerns and warnings of a global fuel crisis could improve Chevron’s upstream cash flow and refining margins in the near term. Oil Crisis Worsens, Diesel Hits Record High
- Neutral Sentiment: Momentum and defensive appeal: Coverage highlights Chevron’s earnings and price momentum, dividend characteristics and potential appeal as a defensive holding if equity-market volatility increases. These themes may support valuation, although they do not represent new company-specific catalysts. Chevron Boasts Earnings and Price Momentum
- Negative Sentiment: Execution and geopolitical risks: The Venezuelan investment is substantial and exposes Chevron to political, legal and operational uncertainty in a challenging oil region. Investors may also be taking profits after the recent high, while questioning whether LNG and power investments can generate returns quickly enough to justify the spending.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on the company. BMO Capital Markets raised their target price on Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Barclays decreased their price target on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a report on Monday, August 17th. Mizuho set a $224.00 price objective on Chevron in a research report on Monday, August 3rd. Weiss Ratings raised shares of Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $216.00 price objective on shares of Chevron in a research note on Friday, July 10th. Twenty analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $211.35.
Chevron Trading Down 2.9%
The stock has a market cap of $417.67 billion, a PE ratio of 20.27, a price-to-earnings-growth ratio of 0.64 and a beta of 0.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The company has a 50 day moving average of $197.98 and a two-hundred day moving average of $191.43.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the business posted $1.77 earnings per share. Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. Sell-side analysts anticipate that Chevron Corporation will post 16.51 earnings per share for the current fiscal year.
Chevron Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, August 19th. Chevron’s dividend payout ratio is presently 68.26%.
Insiders Place Their Bets
In other news, Director John Hess sold 710,665 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total transaction of $137,940,076.50. Following the transaction, the director owned 363,711 shares in the company, valued at $70,596,305.10. This trade represents a 66.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Wirth sold 317,100 shares of Chevron stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This represents a 92.34% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,152,582 shares of company stock worth $225,853,661. Corporate insiders own 0.56% of the company’s stock.
Institutional Trading of Chevron
Institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Chevron during the 2nd quarter worth approximately $25,663,729,000. Berkshire Hathaway Inc lifted its position in shares of Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the last quarter. Bank of America Corp DE boosted its stake 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 worth $5,716,694,000 after acquiring an additional 1,334,976 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Chevron during the fourth quarter worth approximately $3,727,586,000. Institutional investors and hedge funds own 72.42% of the company’s stock.
About Chevron
Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.
Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.
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