Chevron Corp. (CVX) Upgraded at Zacks Investment Research
Chevron Corp. (NYSE:CVX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $114.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.47% from the company’s previous close.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Being one of the most oil-weighted majors, Chevron is poised to achieve significant share price appreciation following the recent OPEC deal and the subsequent advancement of crude oil. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. The company has been able to boost returns and remain competitive by embarking on aggressive cost reduction initiatives, exiting unprofitable markets and streamlining the organization. The approval of the $37 billion expansion of Kazakhstan's huge Tengiz oilfield also marks an important landmark for CVX, which considers the Central Asian nation a cornerstone of its business. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
A number of other research analysts have also recently weighed in on CVX. Vetr cut shares of Chevron Corp. from a “buy” rating to a “hold” rating and set a $106.39 price objective for the company. in a report on Monday, June 20th. Jefferies Group reaffirmed a “buy” rating and issued a $116.00 price objective (up previously from $114.00) on shares of Chevron Corp. in a report on Wednesday, July 6th. Barclays PLC reaffirmed an “equal weight” rating and issued a $125.00 price objective on shares of Chevron Corp. in a report on Thursday, July 28th. Piper Jaffray Cos. raised shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $117.00 in a report on Tuesday, August 9th. Finally, Simmons raised shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $117.00 in a report on Tuesday, August 9th. Twelve investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Chevron Corp. currently has an average rating of “Buy” and a consensus target price of $105.73.
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Chevron Corp. (NYSE:CVX) opened at 101.85 on Tuesday. The firm’s 50 day moving average is $101.00 and its 200 day moving average is $101.40. Chevron Corp. has a 12-month low of $75.33 and a 12-month high of $107.58. The company’s market cap is $192.14 billion.
Chevron Corp. (NYSE:CVX) last issued its earnings results on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $25.78 billion. During the same period last year, the business earned $0.30 EPS. The company’s revenue for the quarter was down 27.4% on a year-over-year basis. Equities research analysts anticipate that Chevron Corp. will post $1.31 EPS for the current fiscal year.
In other news, Director Inge G. Thulin acquired 487 shares of the company’s stock in a transaction on Monday, August 15th. The shares were bought at an average cost of $102.87 per share, with a total value of $50,097.69. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeanette L. Ourada sold 7,000 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $101.70, for a total transaction of $711,900.00. Following the completion of the sale, the insider now directly owns 7,535 shares in the company, valued at $766,309.50. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Capital Research Global Investors boosted its position in shares of 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 shares of 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 shares of 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. bought a new position in shares of Chevron Corp. during the second quarter valued at about $227,457,000. Finally, BlackRock Fund Advisors boosted its position in shares of 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. 62.25% of the stock is currently owned by institutional investors.
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.
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