Chevron Corporation (CVX) Raised to Neutral at BNP Paribas
Chevron Corporation (NYSE:CVX) was upgraded by analysts at BNP Paribas from an “underperform” rating to a “neutral” rating in a note issued to investors on Monday. The firm presently has a $105.00 price target on the oil and gas company’s stock. BNP Paribas’ price target suggests a potential downside of 4.35% from the stock’s current price.
Other equities research analysts also recently issued reports about the stock. Jefferies Group LLC set a $135.00 price objective on shares of Chevron Corporation and gave the stock a “buy” rating in a research note on Saturday, June 24th. Barclays PLC reiterated an “overweight” rating and set a $125.00 price objective (up from $116.00) on shares of Chevron Corporation in a research note on Wednesday, July 12th. Simmons decreased their price objective on shares of Chevron Corporation from $129.00 to $124.00 and set an “overweight” rating for the company in a research note on Wednesday, April 19th. BidaskClub downgraded shares of Chevron Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 24th. Finally, Macquarie downgraded shares of Chevron Corporation from an “outperform” rating to a “neutral” rating and set a $105.00 price objective for the company. in a research note on Wednesday, June 21st. Three analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $116.22.
Chevron Corporation (NYSE CVX) traded down 0.30% during midday trading on Monday, reaching $109.78. 4,762,791 shares of the company’s stock were exchanged. Chevron Corporation has a 52 week low of $97.53 and a 52 week high of $119.00. The firm has a market capitalization of $207.98 billion, a P/E ratio of 35.60 and a beta of 1.23. The stock’s 50 day moving average is $105.21 and its 200 day moving average is $107.91.
Chevron Corporation (NYSE:CVX) last released its earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The firm had revenue of $34.48 billion during the quarter, compared to the consensus estimate of $32.77 billion. During the same period in the previous year, the firm earned ($0.78) earnings per share. Chevron Corporation’s revenue was up 17.8% compared to the same quarter last year. On average, analysts expect that Chevron Corporation will post $3.75 EPS for the current fiscal year.
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In other Chevron Corporation news, CFO Patricia E. Yarrington sold 39,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the sale, the chief financial officer now directly owns 43,838 shares of the company’s stock, valued at $4,866,018. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James William Johnson sold 31,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the sale, the insider now directly owns 11,000 shares in the company, valued at $1,217,480. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Baker Avenue Asset Management boosted its stake in shares of Chevron Corporation by 13.9% in the third quarter. Baker Avenue Asset Management now owns 3,455 shares of the oil and gas company’s stock worth $273,000 after buying an additional 422 shares during the period. Crow Point Partners boosted its stake in shares of Chevron Corporation by 210.2% in the third quarter. Crow Point Partners now owns 3,490 shares of the oil and gas company’s stock worth $275,000 after buying an additional 2,365 shares during the period. Eagle Asset Management boosted its stake in shares of Chevron Corporation by 102.5% in the third quarter. Eagle Asset Management now owns 1,211,566 shares of the oil and gas company’s stock worth $95,568,000 after buying an additional 613,211 shares during the period. Chelsea Counsel Company boosted its stake in shares of Chevron Corporation by 62.5% in the third quarter. Chelsea Counsel Company now owns 91,377 shares of the oil and gas company’s stock worth $7,208,000 after buying an additional 35,146 shares during the period. Finally, Beacon Financial Group boosted its stake in shares of Chevron Corporation by 7.1% in the fourth quarter. Beacon Financial Group now owns 71,912 shares of the oil and gas company’s stock worth $6,478,000 after buying an additional 4,793 shares during the period. 62.58% of the stock is currently owned by institutional investors.
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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