Chevron Corp. Stock Rating Reaffirmed by Zacks (CVX)
Chevron Corp. (NYSE:CVX)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Monday, AnalystRatings.Net reports. They currently have a $127.00 price target on the stock. Zacks‘ target price points to a potential upside of 6.50% from the stock’s previous close.
Zacks‘ analyst wrote, “Chevron Corp. is one of the largest integrated energy companies in the world and has an impressive business model. Its current oil and gas development project pipeline is among the best in the industry, boasting large, multiyear projects. Additionally, Chevron possesses one of the healthiest balance sheets among peers, which helps it to capitalize on investment opportunities with the option to make strategic acquisitions. However, due to its integrated nature, Chevron is particularly susceptible to downside risk from any weakness in the global economy. We are also concerned by the company’s high level of capital spending, which may result in reduced returns going forward. As such, we see the stock performing in line with the broader market and maintain our Neutral recommendation. “
Chevron Corp. (NYSE:CVX) traded down 1.45% during mid-day trading on Monday, hitting $119.25. 6,512,504 shares of the company’s stock traded hands. Chevron Corp. has a one year low of $111.35 and a one year high of $127.83. The stock’s 50-day moving average is $122.8 and its 200-day moving average is $121.8. The company has a market cap of $229.3 billion and a price-to-earnings ratio of 9.90. Chevron Corp. also was the target of some unusual options trading activity on Friday. Traders bought 9,343 put options on the stock. This represents an increase of 117% compared to the typical daily volume of 4,310 put options.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings data on Friday, November 1st. The company reported $2.57 EPS for the quarter, missing the Thomson Reuters consensus estimate of $2.88 by $0.31. The company had revenue of $58.50 billion for the quarter, compared to the consensus estimate of $58.41 billion. During the same quarter in the prior year, the company posted $2.69 earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Chevron Corp. will post $11.39 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet reiterated a “buy” rating on shares of Chevron Corp. in a research note to investors on Tuesday, December 24th. Separately, analysts at Goldman Sachs Group Inc. raised their price target on shares of Chevron Corp. from $127.00 to $140.00 in a research note to investors on Monday, December 16th. Finally, analysts at RBC Capital initiated coverage on shares of Chevron Corp. in a research note to investors on Thursday, December 12th. They set a “sector perform” rating and a $120.00 price target on the stock. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $130.37.
Chevron Corporation (NYSE:CVX) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining activities, power generation and energy services.
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