Chevron (NYSE:CVX) Shares Up 2.3% – What’s Next?

Shares of Chevron Corporation (NYSE:CVX) were up 2.3% during mid-day trading on Wednesday . The stock traded as high as $193.56 and last traded at $191.91. Approximately 8,090,205 shares traded hands during mid-day trading, a decline of 27% from the average session volume of 11,149,689 shares. The stock had previously closed at $187.58.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Oil prices surged after an Iranian attack on U.S. forces and subsequent U.S.-Saudi strikes on Iran-backed groups, reviving concerns about supply disruptions and delaying hopes for the Strait of Hormuz to reopen. Higher crude prices generally support Chevron’s upstream earnings and cash flow. Oil Prices Spike After Iran Launches Surprise Attack on U.S. Forces
• Positive Sentiment: Chevron was cited as outperforming much of the Dow as climbing oil prices and rising production levels in Venezuela strengthened its operating outlook. The company’s Venezuelan exposure could provide additional production upside if operations continue to expand. Dow Leader Rides Surging Oil Prices And Trump’s Venezuela Spoils
• Positive Sentiment: Bank of America downgraded Exxon Mobil to Neutral while maintaining a Buy rating on Chevron, giving CVX a relative-rating advantage within the major integrated oil sector. Exxon Cut to Neutral at BofA, Which Favors Buy-Rated Chevron
• Positive Sentiment: Chevron is evaluating opportunities in Iraq’s major oil fields and export projects, potentially broadening its upstream footprint in a strategically important producing region. Chevron Returns to Iraq
• Neutral Sentiment: Investors are positioning for Chevron’s second-quarter results, scheduled for July 31. Earnings could provide a clearer read on the effects of commodity prices, production growth and capital spending, but expectations may increase volatility ahead of the release. Pre-Q2 Earnings: Is Chevron Stock a Buy, Hold, or Sell?
• Neutral Sentiment: Chevron’s discussions with U.S. officials about protecting its Kazakhstan assets highlight the strategic importance of its overseas operations, while also underscoring geopolitical and regulatory risks. Chevron Meets US Officials Over Protecting Kazakhstan Oil Assets
• Negative Sentiment: Chevron recently faced pressure when expectations of U.S.-Iran negotiations caused crude prices to fall sharply, demonstrating the stock’s sensitivity to rapidly changing geopolitical developments and oil-price forecasts. Oil Prices Slide as Trump Touts Possible Negotiations With Iran

Analysts Set New Price Targets

Several equities analysts have weighed in on CVX shares. Zacks Research downgraded Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Citigroup raised their price objective 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. Piper Sandler started coverage on shares of Chevron in a report on Thursday, July 23rd. They issued an “overweight” rating and a $207.00 price objective for the company. Wells Fargo & Company upped their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research note on Thursday, April 9th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $220.00 price target on shares of Chevron in a research report on Tuesday, May 5th. Nineteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $206.04.

Chevron Stock Up 2.3%

The business has a 50-day simple moving average of $181.80 and a 200-day simple moving average of $184.43. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The company has a market cap of $382.21 billion, a price-to-earnings ratio of 33.26, a price-to-earnings-growth ratio of 0.63 and a beta of 0.50.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion during the quarter, compared to the consensus estimate of $51.86 billion. During the same period in the previous year, the company posted $2.18 earnings per share. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, equities analysts anticipate that Chevron Corporation will post 15.6 earnings per share for the current fiscal year.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 20th. The shares were 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 in the company, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Large investors have recently modified their holdings of the company. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron during the 1st quarter worth $25,000. Main Street Group LTD purchased a new position in Chevron in the first quarter valued at $28,000. Phillip James Consulting Co. purchased a new position in Chevron in the fourth quarter valued at $26,000. Core Wealth Advisors LLC purchased a new position in Chevron in the fourth quarter valued at $26,000. Finally, Karpus Management Inc. acquired a new stake in Chevron in the fourth quarter valued at $27,000. 72.42% of the stock is 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.