Chevron (NYSE:CVX – Get Rating) had its price target lifted by analysts at Morgan Stanley from $187.00 to $193.00 in a report released on Tuesday, The Fly reports. Morgan Stanley’s price objective would suggest a potential upside of 22.27% from the stock’s current price.
CVX has been the topic of a number of other reports. Truist Financial reduced their target price on shares of Chevron from $170.00 to $166.00 and set a “hold” rating on the stock in a research report on Tuesday, July 19th. Cowen raised their target price on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, August 15th. Piper Sandler reduced their target price on shares of Chevron from $213.00 to $189.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and reduced their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 20th. Finally, Cowen raised their target price on shares of Chevron from $119.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, August 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $169.15.
Chevron Stock Up 1.5 %
CVX opened at $157.85 on Tuesday. The firm has a 50-day simple moving average of $151.11 and a two-hundred day simple moving average of $158.57. Chevron has a 52 week low of $93.31 and a 52 week high of $182.40. The company has a market capitalization of $310.15 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 0.61 and a beta of 1.15. The company has a quick ratio of 1.11, a current ratio of 1.31 and a debt-to-equity ratio of 0.15.
Chevron (NYSE:CVX – Get Rating) last announced its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 EPS for the quarter, beating analysts’ consensus estimates of $4.66 by $1.16. Chevron had a net margin of 13.45% and a return on equity of 19.73%. The firm had revenue of $68.76 billion during the quarter, compared to the consensus estimate of $57.69 billion. During the same quarter last year, the firm earned $1.71 EPS. The firm’s revenue for the quarter was up 82.9% compared to the same quarter last year. Analysts forecast that Chevron will post 18.29 earnings per share for the current fiscal year.
Insider Buying and Selling at Chevron
In other news, EVP James William Johnson sold 85,300 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $164.01, for a total transaction of $13,990,053.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Chevron news, EVP James William Johnson sold 85,300 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $164.01, for a total value of $13,990,053.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Wanda M. Austin sold 11,432 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the sale, the director now directly owns 3,560 shares in the company, valued at $574,762. The disclosure for this sale can be found here. Over the last quarter, insiders sold 141,732 shares of company stock valued at $23,024,499. Corporate insiders own 0.32% of the company’s stock.
Hedge Funds Weigh In On Chevron
Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Chevron during the fourth quarter worth $3,111,594,000. Renaissance Technologies LLC increased its stake in shares of Chevron by 600.7% in the second quarter. Renaissance Technologies LLC now owns 5,786,295 shares of the oil and gas company’s stock worth $837,740,000 after buying an additional 4,960,475 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Chevron by 2.7% in the first quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock worth $27,317,547,000 after buying an additional 4,367,157 shares during the last quarter. FMR LLC increased its stake in shares of Chevron by 62.3% in the second quarter. FMR LLC now owns 11,343,585 shares of the oil and gas company’s stock worth $1,642,325,000 after buying an additional 4,354,660 shares during the last quarter. Finally, 1832 Asset Management L.P. increased its stake in shares of Chevron by 1,886.8% in the first quarter. 1832 Asset Management L.P. now owns 2,346,162 shares of the oil and gas company’s stock worth $376,786,000 after buying an additional 2,228,072 shares during the last quarter. 69.30% of the stock is currently owned by hedge funds and other institutional investors.
About Chevron
Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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.