Fintel reports that on April 11, 2023, Truist Securities maintained coverage of Chevron (NYSE:CVX) with a Buy recommendation.

Analyst Price Forecast Suggests 15.76% Upside

As of April 6, 2023, the average one-year price target for Chevron is $194.82. The forecasts range from a low of $162.61 to a high of $225.75. The average price target represents an increase of 15.76% from its latest reported closing price of $168.29.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Chevron is $212,981MM, a decrease of 9.65%. The projected annual non-GAAP EPS is $17.00.

Chevron Declares $1.51 Dividend

On January 25, 2023 the company declared a regular quarterly dividend of $1.51 per share ($6.04 annualized). Shareholders of record as of February 16, 2023 received the payment on March 10, 2023. Previously, the company paid $1.42 per share.

At the current share price of $168.29 / share, the stock’s dividend yield is 3.59%. Looking back five years and taking a sample every week, the average dividend yield has been 4.48%, the lowest has been 3.04%, and the highest has been 9.52%. The standard deviation of yields is 1.06 (n=237).

The current dividend yield is 0.84 standard deviations below the historical average.

Additionally, the company’s dividend payout ratio is 0.32. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company’s 3-Year dividend growth rate is 0.17%, demonstrating that it has increased its dividend over time.

What are Other Shareholders Doing?

Castle Rock Wealth Management holds 92K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 93K shares, representing a decrease of 0.13%. The firm decreased its portfolio allocation in CVX by 85.95% over the last quarter.

Monte Financial Group holds 38K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 39K shares, representing a decrease of 1.50%. The firm decreased its portfolio allocation in CVX by 99.90% over the last quarter.

IRLIX – Voya RussellTM Large Cap Index Portfolio DV holds 144K shares representing 0.01% ownership of the company. In it’s prior filing, the firm reported owning 150K shares, representing a decrease of 3.71%. The firm increased its portfolio allocation in CVX by 16.22% over the last quarter.

Romano Brothers And holds 10K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 11K shares, representing a decrease of 1.51%. The firm decreased its portfolio allocation in CVX by 99.88% over the last quarter.

First National Bank of Hutchinson holds 5K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 5K shares, representing an increase of 0.71%. The firm decreased its portfolio allocation in CVX by 99.87% over the last quarter.

What is the Fund Sentiment?

There are 4555 funds or institutions reporting positions in Chevron. This is an increase of 292 owner(s) or 6.85% in the last quarter. Average portfolio weight of all funds dedicated to CVX is 0.70%, a decrease of 24.00%. Total shares owned by institutions decreased in the last three months by 0.41% to 1,515,289K shares. The put/call ratio of CVX is 0.91, indicating a bullish outlook.

Chevron Background Information
(This description is provided by the company.)

Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, California.

See all Chevron regulatory filings.

This article originally appeared on Fintel

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