Chevron – Chevron (NYSE:CVX) Given New $120.00 price Target at Raymond James
Chevron (NYSE:CVX) had its price objective lowered by equities research analysts at Raymond James from $122.00 to $120.00 in a research report issued on Wednesday, Fintech Zoom reports. The firm presently has an “outperform” rating on the oil and gas company’s stock. Raymond James’ price target suggests a potential upside of 17.37% from the stock’s previous close.
Several other brokerages have also recently issued reports on CVX. Scotiabank reissued a “sector perform” rating and issued a $115.00 target price on shares of Chevron in a research report on Tuesday, March 16th. Jefferies Financial Group lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $98.00 target price for the company. in a research report on Thursday, January 21st. Piper Sandler increased their price target on shares of Chevron from $113.00 to $126.00 and gave the stock an “overweight” rating in a research report on Thursday, April 1st. Mizuho started coverage on shares of Chevron in a research report on Tuesday, January 12th. They set a “buy” rating and a $107.00 price objective for the company. Finally, Credit Suisse Group raised their target price on Chevron from $115.00 to $126.00 and gave the stock an “outperform” rating in a report on Monday, March 15th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $110.68.
Shares of Chevron stock opened at $102.24 on Wednesday. Chevron has a twelve month low of $65.16 and a twelve month high of $112.70. The company has a quick ratio of 0.97, a current ratio of 1.26 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $105.26 and its 200 day moving average is $89.38. The company has a market cap of $196.95 billion, a price-to-earnings ratio of -16.65, a price-to-earnings-growth ratio of 5.74 and a beta of 1.33.
Chevron (NYSE:CVX) last released its quarterly earnings results on Thursday, January 28th. The oil and gas company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.09). Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The firm had revenue of $25.25 billion for the quarter, compared to the consensus estimate of $25.97 billion. During the same period in the previous year, the company earned $1.49 earnings per share. Chevron’s quarterly revenue was down 30.5% compared to the same quarter last year. Sell-side analysts expect that Chevron will post 0.03 EPS for the current fiscal year.
In other Chevron news, CFO Pierre R. Breber sold 13,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 20th. The shares were sold at an average price of $95.00, for a total value of $1,235,000.00. Following the transaction, the chief financial officer now directly owns 13,686 shares of the company’s stock, valued at approximately $1,300,170. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael K. Wirth sold 132,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 19th. The shares were sold at an average price of $94.73, for a total value of $12,504,360.00. Following the completion of the sale, the chief executive officer now owns 132,000 shares of the company’s stock, valued at $12,504,360. The disclosure for this sale can be found here. Insiders have sold 159,700 shares of company stock valued at $15,133,067 in the last three months. Insiders own 0.28% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Chevron during the fourth quarter worth about $1,787,982,000. Morgan Stanley raised its position in Chevron by 6.4% in the fourth quarter. Morgan Stanley now owns 19,122,688 shares of the oil and gas company’s stock valued at $1,614,912,000 after purchasing an additional 1,158,022 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,874,091 shares of the oil and gas company’s stock worth $1,171,665,000 after purchasing an additional 368,897 shares during the period. FMR LLC increased its position in shares of Chevron by 1.0% during the 4th quarter. FMR LLC now owns 9,158,037 shares of the oil and gas company’s stock worth $773,397,000 after purchasing an additional 93,672 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its holdings in Chevron by 18.2% in the 4th quarter. UBS Asset Management Americas Inc. now owns 7,727,794 shares of the oil and gas company’s stock valued at $652,612,000 after buying an additional 1,188,386 shares during the period. Institutional investors and hedge funds own 62.27% of the company’s stock.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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