Chevron Corporation (CVX) Downgraded to “Underperform” at Royal Bank Of Canada
Chevron Corporation (NYSE:CVX) was downgraded by equities research analysts at Royal Bank Of Canada from a “sector perform” rating to an “underperform” rating in a research note issued on Thursday, Marketbeat reports. They presently have a $100.00 price objective on the oil and gas company’s stock, down from their prior price objective of $112.00. Royal Bank Of Canada’s price objective would suggest a potential downside of 3.37% from the stock’s previous close.
Several other research firms have also recently issued reports on CVX. Jefferies Group LLC reissued a “buy” rating and issued a $147.00 price objective on shares of Chevron Corporation in a research report on Wednesday, March 8th. Scotiabank set a $121.00 price target on shares of Chevron Corporation and gave the stock a “buy” rating in a research report on Tuesday, March 14th. Vetr raised shares of Chevron Corporation from a “hold” rating to a “buy” rating and set a $119.27 price target for the company in a research report on Tuesday, March 28th. Simmons lowered their price target on shares of Chevron Corporation from $129.00 to $124.00 and set an “overweight” rating for the company in a research report on Wednesday, April 19th. Finally, TheStreet raised shares of Chevron Corporation from a “c” rating to a “b” rating in a research report on Tuesday, May 2nd. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $116.18.
Shares of Chevron Corporation (NYSE:CVX) traded down 0.32% on Thursday, hitting $103.49. The stock had a trading volume of 6,456,968 shares. The stock has a market cap of $196.07 billion, a PE ratio of 67.16 and a beta of 1.23. Chevron Corporation has a 12 month low of $97.53 and a 12 month high of $119.00. The company has a 50 day moving average price of $105.41 and a 200-day moving average price of $109.94.
Chevron Corporation (NYSE:CVX) last issued its quarterly earnings results on Friday, April 28th. The oil and gas company reported $1.41 EPS for the quarter, beating the consensus estimate of $0.85 by $0.56. The company had revenue of $33.42 billion for the quarter, compared to the consensus estimate of $34.05 billion. Chevron Corporation had a net margin of 2.34% and a return on equity of 3.58%. The firm’s revenue was up 42.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.39) EPS. On average, equities research analysts anticipate that Chevron Corporation will post $4.20 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 12th. Stockholders of record on Friday, May 19th were paid a $1.08 dividend. The ex-dividend date was Wednesday, May 17th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.17%. Chevron Corporation’s payout ratio is currently 282.35%.
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Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Chevron Corporation during the fourth quarter worth $2,183,692,000. State Street Corp raised its stake in Chevron Corporation by 3.3% in the fourth quarter. State Street Corp now owns 117,508,471 shares of the oil and gas company’s stock worth $13,830,748,000 after buying an additional 3,719,388 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in Chevron Corporation by 1,003.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 3,341,628 shares of the oil and gas company’s stock worth $393,351,000 after buying an additional 3,038,922 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake in Chevron Corporation by 17,780.6% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,445,527 shares of the oil and gas company’s stock worth $2,445,000 after buying an additional 2,431,850 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in Chevron Corporation during the fourth quarter worth $179,172,000. Hedge funds and other institutional investors own 62.43% of the company’s stock.
About Chevron Corporation
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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