Chevron Corporation (CVX) Given Buy Rating at Bank of America Corporation
Chevron Corporation (NYSE:CVX)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America Corporation in a report released on Tuesday. They currently have a $125.00 price target on the oil and gas company’s stock, up from their prior price target of $120.00. Bank of America Corporation’s price target would indicate a potential upside of 6.09% from the stock’s current price.
Other analysts have also issued reports about the company. Credit Suisse Group set a $123.00 price target on Chevron Corporation and gave the stock a “buy” rating in a report on Friday, August 25th. Citigroup Inc. reduced their price objective on Chevron Corporation from $129.00 to $118.00 and set a “buy” rating for the company in a research note on Friday, July 21st. BMO Capital Markets set a $120.00 price objective on Chevron Corporation and gave the company a “buy” rating in a research note on Sunday, July 30th. BidaskClub raised Chevron Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, J P Morgan Chase & Co reaffirmed an “overweight” rating on shares of Chevron Corporation in a research report on Saturday, September 16th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $116.68.
Shares of Chevron Corporation (NYSE:CVX) traded up 0.33% on Tuesday, hitting $117.82. 3,892,189 shares of the stock were exchanged. The stock has a market cap of $223.27 billion, a price-to-earnings ratio of 38.20 and a beta of 1.24. Chevron Corporation has a 1-year low of $99.61 and a 1-year high of $119.00. The stock’s 50-day moving average is $111.97 and its 200-day moving average is $107.70. Chevron Corporation also was the recipient of unusually large options trading on Monday. Investors acquired 9,406 call options on the company. This represents an increase of approximately 100% compared to the average volume of 4,703 call options.
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 the consensus estimate of $0.89 by $0.02. The company had revenue of $34.48 billion during the quarter, compared to analyst estimates of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. Chevron Corporation’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.78) earnings per share. Analysts forecast that Chevron Corporation will post $3.93 earnings per share for the current year.
In other Chevron Corporation news, Director Linnet F. Deily sold 2,312 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $107.38, for a total value of $248,262.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 39,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total value of $4,329,000.00. Following the completion of the sale, the chief financial officer now directly owns 43,838 shares in the company, valued at approximately $4,866,018. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,312 shares of company stock valued at $8,008,343. Insiders own 0.38% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CVX. Shine Investment Advisory Services Inc. bought a new position in shares of Chevron Corporation in the second quarter worth approximately $106,000. Thompson Davis & CO. Inc. raised its stake 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 valued at $123,000 after purchasing an additional 191 shares in the last quarter. Winfield Associates Inc. raised its stake in Chevron Corporation by 5.1% in the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after purchasing an additional 63 shares in the last quarter. Americafirst Capital Management LLC purchased a new stake in Chevron Corporation in the first quarter valued at approximately $140,000. Finally, Daiwa SB Investments Ltd. lifted its position in Chevron Corporation by 438.5% during the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 1,140 shares during the last quarter. Hedge funds and other institutional investors own 62.74% 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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