Chevron Corporation (NYSE:CVX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

According to Zacks, “For more than three years, Chevron has seen its stock price decline precipitously, as the commodity downturn has taken its toll on the entire industry. Since July 2014, shares of the No. 2 U.S. energy producer have dived 20% – a significant fall considering its status as a ‘traditionally defensive stock’. Consequently, with oil and natural gas prices collapsing, the U.S. energy major’s upstream division’s revenues, earnings and cash flows have taken a beating. Moreover, Chevron is still outspending its cash flow, making it dependent on asset sales. In the wake of weak industry sentiment and apprehensions of more punishing times ahead with future cash flows drying up, we see little reason for investors to hold the stock.”

Other equities research analysts also recently issued research reports about the company. Jefferies Group LLC reissued a “buy” rating and issued a $147.00 price target on shares of Chevron Corporation in a report on Tuesday, April 11th. BidaskClub raised Chevron Corporation from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Royal Bank Of Canada reissued a “hold” rating and issued a $114.00 price target on shares of Chevron Corporation in a report on Thursday, March 23rd. Vetr raised Chevron Corporation from a “hold” rating to a “buy” rating and set a $119.27 price target for the company in a report on Tuesday, March 28th. Finally, Scotiabank set a $114.00 price target on Chevron Corporation and gave the stock a “buy” rating in a report on Monday, May 1st. Six research analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $116.18.

Shares of Chevron Corporation (NYSE CVX) traded down 0.2299% during trading on Monday, reaching $104.1999. 2,491,237 shares of the company were exchanged. The firm has a market capitalization of $197.41 billion, a P/E ratio of 67.6184 and a beta of 1.23. The firm’s 50 day moving average is $105.41 and its 200 day moving average is $109.94. Chevron Corporation has a 1-year low of $97.53 and a 1-year high of $119.00.

Chevron Corporation (NYSE:CVX) last posted its earnings results on Friday, April 28th. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.56. Chevron Corporation had a return on equity of 3.58% and a net margin of 2.34%. The company had revenue of $33.42 billion for the quarter, compared to analyst estimates of $34.05 billion. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. The firm’s quarterly revenue was up 42.0% compared to the same quarter last year. On average, equities analysts anticipate that Chevron Corporation will post $3.95 EPS for the current fiscal year.

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A number of institutional investors have recently added to or reduced their stakes in CVX. Thompson Davis & CO. Inc. raised its position in Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock worth $123,000 after buying an additional 191 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new position in Chevron Corporation during the fourth quarter worth $139,000. Americafirst Capital Management LLC bought a new position in Chevron Corporation during the first quarter worth $140,000. Daiwa SB Investments Ltd. raised its position in Chevron Corporation by 438.5% in the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock worth $146,000 after buying an additional 1,140 shares during the period. Finally, Tortoise Investment Management LLC raised its position in Chevron Corporation by 46.4% in the fourth quarter. Tortoise Investment Management LLC now owns 1,329 shares of the oil and gas company’s stock worth $156,000 after buying an additional 421 shares during the period. 62.52% of the stock is currently owned by institutional investors.

Chevron Corporation Company Profile

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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Analyst Recommendations for Chevron Corporation (NYSE:CVX)

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