Chevron Corp. (CVX) Lowered to “Buy” at Vetr Inc.
Chevron Corp. (NYSE:CVX) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Monday. They currently have a $112.29 price target on the stock. Vetr‘s price target would indicate a potential upside of 7.99% from the stock’s previous close.
Several other research analysts have also commented on the company. Credit Suisse Group AG reiterated a “neutral” rating on shares of Chevron Corp. in a report on Tuesday, September 6th. Jefferies Group reiterated a “buy” rating and set a $116.00 price target (up previously from $114.00) on shares of Chevron Corp. in a report on Wednesday, July 6th. BMO Capital Markets started coverage on Chevron Corp. in a report on Monday, September 12th. They set an “outperform” rating and a $120.00 price target on the stock. Barclays PLC reiterated an “equal weight” rating and set a $125.00 price target on shares of Chevron Corp. in a report on Thursday, July 28th. Finally, Piper Jaffray Cos. upgraded shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $117.00 in a report on Tuesday, August 9th. Thirteen analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $105.09.
Chevron Corp. (NYSE:CVX) traded up 1.67% on Monday, hitting $103.98. 5,982,741 shares of the stock were exchanged. The stock’s 50 day moving average price is $101.02 and its 200 day moving average price is $101.21. Chevron Corp. has a 52-week low of $75.33 and a 52-week high of $107.58. The firm’s market cap is $196.16 billion.
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Chevron Corp. (NYSE:CVX) last announced its earnings results on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $1.10. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The business had revenue of $29.28 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same period last year, the firm earned $0.30 EPS. The company’s revenue for the quarter was down 27.4% compared to the same quarter last year. Equities research analysts forecast that Chevron Corp. will post $1.31 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 4.12%. The ex-dividend date was Wednesday, August 17th. Chevron Corp.’s dividend payout ratio (DPR) is presently -1,097.44%.
In other Chevron Corp. news, insider Pierre R. Breber sold 21,000 shares of the stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total value of $2,074,170.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael K. Wirth sold 125,000 shares of the stock in a transaction on Monday, August 1st. The stock was sold at an average price of $100.47, for a total value of $12,558,750.00. Following the completion of the transaction, the insider now owns 4,222 shares of the company’s stock, valued at approximately $424,184.34. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. Capital Research Global Investors boosted its position in Chevron Corp. by 272.6% in the second quarter. Capital Research Global Investors now owns 14,239,856 shares of the company’s stock valued at $1,492,764,000 after buying an additional 10,417,906 shares during the last quarter. Jarislowsky Fraser Ltd boosted its position in Chevron Corp. by 411.5% in the second quarter. Jarislowsky Fraser Ltd now owns 3,793,376 shares of the company’s stock valued at $221,830,000 after buying an additional 3,051,817 shares during the last quarter. Vanguard Group Inc. boosted its position in Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock valued at $13,087,581,000 after buying an additional 2,824,724 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in Chevron Corp. during the second quarter valued at about $227,457,000. Finally, BlackRock Fund Advisors boosted its position in Chevron Corp. by 6.5% in the second quarter. BlackRock Fund Advisors now owns 32,652,251 shares of the company’s stock valued at $3,422,935,000 after buying an additional 1,983,103 shares during the last quarter. Hedge funds and other institutional investors own 62.24% of the company’s stock.
About Chevron Corp.
Chevron Corporation (Chevron) 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 integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
To view Vetr’s full report, visit Vetr’s official website.
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