Chevron (NYSE:CVX) Hits New 52-Week High – Time to Buy?

Shares of Chevron Corporation (NYSE:CVX) reached a new 52-week high during mid-day trading on Monday. The stock traded as high as $225.67 and last traded at $224.90, with a volume of 1,960,214 shares changing hands. The stock had previously closed at $224.99.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Brent crude rose above $110 per barrel and reached a five-month high as renewed U.S.-Israel tensions with Iran increased fears of Middle East supply disruptions. Higher oil prices typically support Chevron’s upstream revenue and cash flow. Chevron, ExxonMobil Stocks Hit 52-Week Highs
• Positive Sentiment: Chevron’s possible expansion in Venezuela could eventually lift production to roughly 600,000 barrels per day, more than doubling current output. The country’s low production costs could create significant long-term profit potential, although execution and political conditions remain important. Chevron Is Pouring Billions Into Venezuela
• Positive Sentiment: Analysts have raised Chevron earnings estimates, citing higher oil prices, Permian production growth, lower development costs and disciplined capital spending. Bakken changes and portfolio adjustments are also being viewed as ways to improve efficiency and cash flow. Earnings Estimates Moving Higher for Chevron
• Positive Sentiment: Chevron continues to receive favorable investor attention, including a bullish Goldman Sachs view and increased holdings by prominent investors. Articles also highlight potential benefits from Venezuela and Greece-related deals, spare refining capacity and possible Iraqi oil opportunities. Chevron Stock Nears a 52-Week High

Wall Street Analysts Forecast Growth

CVX has been the topic of several recent research reports. HSBC set a $90.00 price target on Chevron in a research note on Friday, September 25th. Barclays lowered their price objective on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research note on Monday, August 17th. TD Cowen raised their price target on Chevron from $215.00 to $225.00 and gave the company a “hold” rating in a report on Monday, October 12th. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Raymond James Financial lowered their price target on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Tuesday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $213.96.

Chevron Stock Up 0.6%

The company has a market cap of $445.87 billion, a P/E ratio of 21.64, a P/E/G ratio of 0.61 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company’s 50-day moving average is $208.76 and its two-hundred day moving average is $193.71.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm’s revenue for the quarter was up 57.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.77 EPS. As a group, equities analysts predict that Chevron Corporation will post 17.71 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were paid a $1.78 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.2%. Chevron’s payout ratio is currently 68.26%.

Insiders Place Their Bets

In related news, insider R. Pate sold 2,470 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the sale, the insider directly owned 10,794 shares of the company’s stock, valued at $2,213,957.34. This trade represents a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hess sold 710,665 shares of Chevron stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director owned 363,711 shares of the company’s stock, valued at $70,596,305.10. The trade was a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,152,582 shares of company stock worth $225,853,661 over the last three months. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Chevron

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Benchmark Financial Wealth Advisors LLC lifted its holdings in shares of Chevron by 13.3% during the 3rd quarter. Benchmark Financial Wealth Advisors LLC now owns 3,930 shares of the oil and gas company’s stock worth $803,000 after acquiring an additional 460 shares during the period. Physician Wealth Advisors Inc. boosted its position in Chevron by 4.6% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 3,005 shares of the oil and gas company’s stock worth $614,000 after buying an additional 133 shares during the period. Sulzberger Capital Advisors Inc. grew its stake in shares of Chevron by 5.3% in the third quarter. Sulzberger Capital Advisors Inc. now owns 1,984 shares of the oil and gas company’s stock worth $405,000 after purchasing an additional 100 shares during the last quarter. Cohen Investment Advisors LLC increased its position in Chevron by 1.4% during the 3rd quarter. Cohen Investment Advisors LLC now owns 26,706 shares of the oil and gas company’s stock valued at $5,454,000 after purchasing an additional 372 shares during the period. Finally, Ironwood Financial llc increased its position in shares of Chevron by 6.8% during the third quarter. Ironwood Financial llc now owns 1,246 shares of the oil and gas company’s stock worth $254,000 after buying an additional 79 shares during the period. Institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.