Chevron (NYSE:CVX) Hits New 12-Month High – Time to Buy?

Chevron Corporation (NYSE:CVX)’s share price reached a new 52-week high during mid-day trading on Monday. The company traded as high as $233.74 and last traded at $231.9320, with a volume of 8,134,951 shares trading hands. The stock had previously closed at $233.21.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron reported a “high-quality” natural-gas discovery offshore Egypt. The find could expand the company’s Egyptian resource base and support future production growth, although commercial development details are not yet available. Chevron makes high-quality gas discovery offshore Egypt
• Positive Sentiment: Chevron Australia agreed to supply South32 with 55 petajoules of natural gas over five years beginning in 2028. The long-term contract provides additional visibility for Chevron’s Australian gas business and supports demand from Worsley Alumina operations. Chevron Australian natural gas agreement
• Positive Sentiment: Chevron outlined a proposed $13.8 billion investment through 2035 to expand its Vaca Muerta operations in Argentina, with a goal of tripling oil production from its assets there. The plan offers a long-term production-growth opportunity, though it also requires substantial capital and carries regional execution risk. Chevron Vaca Muerta expansion
• Positive Sentiment: Exchange-traded funds recorded approximately $50.5 million in net buying of CVX on October 23, indicating continued institutional or passive-investment demand. Chevron ETF buying
• Neutral Sentiment: Analysts expect a sharp year-over-year rebound in third-quarter earnings, supported by stronger energy prices. However, the anticipated improvement may already be reflected in CVX’s valuation following its recent rally. Chevron expected earnings rebound
• Negative Sentiment: Investor commentary suggests that, despite attractive dividends and buybacks, CVX may offer less near-term upside after Brent crude rose above $115 and the shares approached their 12-month high. This backdrop can encourage investors to wait for earnings or lock in gains. Chevron dividend and buyback commentary
• Negative Sentiment: The principal near-term risk is the October 30 earnings report: elevated expectations leave less room for an earnings miss, cautious guidance, or weaker production and refining results to be received positively.

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of research analyst reports. Bank of America raised their price target on shares of Chevron from $210.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Zacks Research raised shares of Chevron from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Jefferies Financial Group upped their price target on shares of Chevron from $216.00 to $233.00 and gave the stock a “buy” rating in a report on Monday, August 17th. Argus increased their price target on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Finally, Mizuho set a $234.00 price objective on Chevron in a report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $213.96.

Chevron Trading Down 1.6%

The firm’s 50-day moving average is $211.59 and its 200 day moving average is $192.01. The firm has a market capitalization of $450.84 billion, a price-to-earnings ratio of 21.88 and a beta of 0.53.

Chevron (NYSE:CVX) last posted its earnings results 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 business had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the previous year, the firm earned $1.77 earnings per share. The company’s revenue was up 57.4% compared to the same quarter last year. Analysts predict that Chevron Corporation will post 18.20 EPS for the current year.

Insider Buying and Selling

In other news, insider R. Pate sold 40,700 shares of the firm’s stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the transaction, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director owned 178,045 shares of the company’s stock, valued at $34,587,021.70. This trade represents a 35.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,195,682 shares of company stock valued at $235,619,780. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Chevron

Institutional investors have recently added to or reduced their stakes in the stock. Essential Investment Partners LLC boosted its holdings in Chevron by 4.2% in the third quarter. Essential Investment Partners LLC now owns 1,886 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 76 shares in the last quarter. Garrison Bradford & Associates Inc. bought a new position in Chevron in the 3rd quarter worth $204,000. BOKF NA raised its holdings in Chevron by 5.9% in the 3rd quarter. BOKF NA now owns 245,931 shares of the oil and gas company’s stock worth $50,222,000 after purchasing an additional 13,605 shares in the last quarter. DecisionPoint Financial LLC lifted its position in shares of Chevron by 14.2% in the 3rd quarter. DecisionPoint Financial LLC now owns 619 shares of the oil and gas company’s stock worth $128,000 after purchasing an additional 77 shares during the period. Finally, North Dakota State Investment Board lifted its position in shares of Chevron by 3.9% in the 3rd quarter. North Dakota State Investment Board now owns 56,825 shares of the oil and gas company’s stock worth $11,604,000 after purchasing an additional 2,144 shares during the period. 72.42% of the stock is currently owned by institutional investors.

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.