Chevron (NYSE:CVX) Trading Up 0.8% Following Earnings Beat

Chevron Co. (NYSE:CVX) shares were up 0.8% on Friday following a better than expected earnings announcement. The stock traded as high as $139.00 and last traded at $137.38. Approximately 4,038,431 shares changed hands during trading, a decline of 55% from the average daily volume of 8,912,061 shares. The stock had previously closed at $136.26.

The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company earned $2.93 EPS.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a $1.71 dividend. This represents a $6.84 annualized dividend and a yield of 4.94%. Chevron’s dividend payout ratio (DPR) is presently 70.37%.

Analysts Set New Price Targets

Several research firms have recently commented on CVX. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Scotiabank cut shares of Chevron from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Raymond James dropped their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. UBS Group reduced their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, Truist Financial dropped their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and an average price target of $165.27.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction on Friday, February 7th. The shares were 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 $161,192.50. This represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by company insiders.

Institutional Trading of Chevron

Several institutional investors and hedge funds have recently made changes to their positions in CVX. Franklin Resources Inc. boosted its stake in shares of Chevron by 3.4% during the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after buying an additional 573,218 shares during the period. Neville Rodie & Shaw Inc. grew its stake in shares of Chevron by 2.9% in the 4th quarter. Neville Rodie & Shaw Inc. now owns 62,404 shares of the oil and gas company’s stock valued at $9,039,000 after purchasing an additional 1,767 shares during the last quarter. Bard Financial Services Inc. increased its holdings in shares of Chevron by 0.3% in the fourth quarter. Bard Financial Services Inc. now owns 62,735 shares of the oil and gas company’s stock valued at $9,087,000 after purchasing an additional 200 shares during the period. Doliver Advisors LP raised its stake in shares of Chevron by 0.9% during the fourth quarter. Doliver Advisors LP now owns 7,984 shares of the oil and gas company’s stock worth $1,156,000 after purchasing an additional 70 shares during the last quarter. Finally, Insight Wealth Strategies LLC lifted its holdings in shares of Chevron by 0.5% during the fourth quarter. Insight Wealth Strategies LLC now owns 201,015 shares of the oil and gas company’s stock worth $29,115,000 after purchasing an additional 1,092 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

Chevron Trading Up 1.7 %

The stock has a market capitalization of $243.90 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business’s 50-day moving average is $149.76 and its two-hundred day moving average is $152.56.

Chevron Company Profile

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.