Chevron Co. (NYSE:CVX) Raises Dividend to $1.71 Per Share

Chevron Co. (NYSE:CVX) announced a quarterly dividend on Friday, January 31st,NASDAQ Dividends reports. Shareholders of record on Friday, February 14th will be given a dividend of 1.71 per share by the oil and gas company on Monday, March 10th. This represents a $6.84 annualized dividend and a yield of 4.34%. The ex-dividend date is Friday, February 14th. This is a boost from Chevron’s previous quarterly dividend of $1.63.

Chevron has raised its dividend by an average of 7.1% annually over the last three years and has increased its dividend annually for the last 36 consecutive years. Chevron has a payout ratio of 55.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Chevron to earn $12.80 per share next year, which means the company should continue to be able to cover its $6.84 annual dividend with an expected future payout ratio of 53.4%.

Chevron Trading Up 1.1 %

Shares of CVX stock opened at $157.43 on Wednesday. The company has a market capitalization of $282.91 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11. Chevron has a 52-week low of $135.37 and a 52-week high of $167.11. The business’s fifty day moving average is $152.08 and its 200 day moving average is $150.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 in the previous year, the firm posted $3.45 earnings per share. On average, equities research analysts anticipate that Chevron will post 10.84 EPS for the current fiscal year.

Insider Activity

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction on 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 sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

CVX has been the subject of several research analyst reports. Barclays dropped their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a research report on Wednesday, February 5th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Piper Sandler reduced their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research report on Tuesday, February 4th. Finally, Raymond James cut their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

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.