Morningstar Gives “AA” Credit Rating to Chevron (CVX)
Chevron (NYSE:CVX) has received an “AA” credit rating from analysts at Morningstar. The credit rating agency’s “AA” rating indicates that the company is a very-low default risk. They also issued a neutral credit outlook for the company and gave their stock a three star rating.
Several other analysts have also recently commented on the stock. Analysts at Oppenheimer raised their price target on shares of Chevron from $130.00 to $140.00 in a research note on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Chevron in a research note on Tuesday, August 26th. They now have a $134.00 price target on the stock. Finally, 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. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $137.14.
Shares of Chevron (NYSE:CVX) opened at 126.80 on Friday. Chevron has a 1-year low of $109.27 and a 1-year high of $135.10. The stock has a 50-day moving average of $128.8 and a 200-day moving average of $124.0. The company has a market cap of $240.8 billion and a P/E ratio of 12.21. Chevron also was the recipient of some unusual options trading activity on Thursday. Stock investors purchased 14,392 call options on the company. This represents an increase of 152% compared to the average daily volume of 5,711 call options.
Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 1st. The company reported $2.98 earnings per share for the quarter, beating the analysts’ 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 last 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. Stockholders 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 3.38%. The ex-dividend date is Friday, August 15th.
In other Chevron news, EVP Michael K. Wirth unloaded 75,000 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $129.15, for a total value of $9,686,250.00. The sale was disclosed in a document filed with the SEC, which is available at this link.
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 more credit ratings from Morningstar, visit www.morningstar.com.
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