Zacks Reiterates Neutral Rating for Chevron (CVX)
Chevron (NYSE:CVX)‘s stock had its “neutral” rating restated by Zacks in a report released on Tuesday. They currently have a $134.00 price objective on the stock. Zacks‘s price target would suggest a potential upside of 4.82% from the company’s current price.
Zacks’ analyst wrote, “Chevron Corp. – one of the largest integrated energy companies in the world and has an impressive business model reported strong second-quarter results on higher oil prices. The company’s current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. Additionally, Chevron possesses one of the healthiest balance sheets among peers, which helps it to capitalize on investment opportunities with the option of making 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 about 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 (NYSE:CVX) traded up 0.60% during mid-day trading on Tuesday, hitting $128.61. 1,431,810 shares of the company’s stock traded hands. Chevron has a one year low of $109.27 and a one year high of $135.10. The stock has a 50-day moving average of $129.2 and a 200-day moving average of $123.. The company has a market cap of $244.2 billion and a P/E ratio of 12.20.
Chevron (NYSE:CVX) last announced its earnings results on Friday, August 1st. The company reported $2.98 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.72 by $0.26. The company had revenue of $55.58 billion for the quarter, compared to the consensus estimate of $57.38 billion. During the same quarter in the prior year, the company posted $2.77 earnings per share. Analysts expect that Chevron will post $10.73 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 10th. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Friday, August 15th.
CVX has been the subject of a number of other recent research reports. Analysts at Cowen and Company raised their price target on shares of Chevron from $135.00 to $144.00 in a research note on Tuesday, August 5th. They now have an “outperform” rating on the stock. Separately, analysts at Morgan Stanley downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating in a research note on Monday, August 4th. They now have a $140.00 price target on the stock, up previously from $135.00. Finally, analysts at Barclays reiterated an “equal weight” rating on shares of Chevron in a research note on Friday, July 25th. They now have a $141.00 price target on the stock, up previously from $130.00. Seven research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Chevron currently has an average rating of “Buy” and a consensus target price of $136.43.
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.
To view Zacks’ full report, visit Zacks’ official website.
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