Chevron (NYSE:CVX) Hits New 1-Year High – Here’s What Happened

Shares of Chevron Co. (NYSE:CVX) reached a new 52-week high on Tuesday . The stock traded as high as $167.34 and last traded at $167.64, with a volume of 136761 shares trading hands. The stock had previously closed at $165.02.

Analyst Ratings Changes

Several brokerages have recently weighed in on CVX. Truist Financial lowered their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research report on Tuesday, February 4th. Raymond James decreased their price target on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Barclays dropped their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.13.

Chevron Trading Up 1.3 %

The company has a market capitalization of $294.35 billion, a PE ratio of 17.16, a PEG ratio of 1.46 and a beta of 1.08. The company has a fifty day simple moving average of $156.49 and a 200-day simple moving average of $152.81. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period last year, the firm earned $3.45 earnings per share. Analysts predict that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were given a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend was Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 70.37%.

Insider Buying and Selling

In other news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now owns 1,057 shares in the company, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is currently owned by insiders.

Institutional Trading of Chevron

Several hedge funds have recently added to or reduced their stakes in CVX. Life Planning Partners Inc acquired a new stake in shares of Chevron in the 4th quarter valued at $25,000. IMG Wealth Management Inc. purchased a new position in Chevron in the fourth quarter valued at $25,000. Legacy Investment Solutions LLC acquired a new position in shares of Chevron during the 3rd quarter worth about $29,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron in the 4th quarter valued at about $29,000. Finally, 10Elms LLP acquired a new stake in shares of Chevron during the 4th quarter worth about $29,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.