Chevron Corporation (CVX) Downgraded to Hold at Zacks Investment Research
Chevron Corporation (NYSE:CVX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “The second-largest U.S. oil producer beat Q3 expectations amid the recovery in commodity prices and robust refining profits. More importantly, Chevron was able to cover its investment and payouts with cash from operations – something investors really want right now. With crude prices firming and Chevron being one of the most oilweighted majors, the company's profits got an expected boost. Stronger refining margins also helped increase earnings. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. However, we remain worried over signs of headwind in Chevron's U.S. production. Chevron's exposure to production in the vulnerable and violence-prone regions in Nigeria poses additional risk. Hence, we advise investors to wait for a better entry point before buying shares in the oil major.”
Several other research analysts also recently weighed in on the stock. UBS AG set a $105.00 price objective on shares of Chevron Corporation and gave the stock a “neutral” rating in a report on Wednesday, September 6th. Morgan Stanley upped their price objective on shares of Chevron Corporation from $120.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, October 18th. Credit Suisse Group AG set a $123.00 price objective on shares of Chevron Corporation and gave the stock a “buy” rating in a report on Friday, August 25th. Jefferies Group LLC set a $130.00 price objective on shares of Chevron Corporation and gave the stock a “buy” rating in a report on Tuesday, August 29th. Finally, Wolfe Research upgraded shares of Chevron Corporation from a “market perform” rating to an “outperform” rating in a report on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $120.63.
Chevron Corporation (NYSE:CVX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.04. Chevron Corporation had a net margin of 4.79% and a return on equity of 4.59%. The firm had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. The business’s revenue was up 20.1% on a year-over-year basis. analysts forecast that Chevron Corporation will post 4.28 earnings per share for the current year.
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In other Chevron Corporation news, VP R. Hewitt Pate sold 25,500 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now owns 25,500 shares in the company, valued at $3,060,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Linnet F. Deily sold 2,312 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $107.38, for a total transaction of $248,262.56. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 50,000 shares of company stock valued at $6,590 and have sold 29,041 shares valued at $3,453,285. 0.38% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Harbour Capital Advisors LLC lifted its holdings in shares of Chevron Corporation by 10,213.3% in the second quarter. Harbour Capital Advisors LLC now owns 5,709,042 shares of the oil and gas company’s stock worth $54,721,000 after buying an additional 5,653,686 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Chevron Corporation by 2.9% in the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after buying an additional 3,920,240 shares in the last quarter. Capital World Investors lifted its holdings in shares of Chevron Corporation by 9.8% in the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock worth $3,708,603,000 after buying an additional 3,182,250 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Chevron Corporation by 669.9% in the second quarter. Janus Henderson Group PLC now owns 3,230,554 shares of the oil and gas company’s stock worth $337,050,000 after buying an additional 2,810,928 shares in the last quarter. Finally, First Eagle Investment Management LLC lifted its holdings in shares of Chevron Corporation by 305,886.4% in the third quarter. First Eagle Investment Management LLC now owns 2,613,124 shares of the oil and gas company’s stock worth $307,042,000 after buying an additional 2,612,270 shares in the last quarter. Hedge funds and other institutional investors own 63.03% of the company’s stock.
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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