Chevron (NYSE:CVX) had its price target cut by analysts at Morgan Stanley from $150.00 to $149.00 in a research report issued to clients and investors on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective suggests a potential upside of 23.45% from the company’s previous close.
A number of other analysts have also commented on CVX. Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $132.00 price target on the stock in a research note on Monday, April 29th. Cowen reissued a “buy” rating and set a $142.00 price target on shares of Chevron in a research note on Wednesday, April 17th. Citigroup lifted their price target on Chevron from $135.00 to $142.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Barclays lifted their price target on Chevron from $140.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, March 6th. Finally, Bank of America raised Chevron from a “neutral” rating to a “buy” rating and set a $140.00 price target on the stock in a research note on Friday, April 12th. Seven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Chevron currently has a consensus rating of “Buy” and an average target price of $135.42.
Shares of CVX stock traded down $1.44 during mid-day trading on Thursday, reaching $120.70. 103,607 shares of the stock traded hands, compared to its average volume of 7,533,395. Chevron has a 1-year low of $100.22 and a 1-year high of $130.39. The firm has a market capitalization of $229.41 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.12, a quick ratio of 0.90 and a debt-to-equity ratio of 0.17.
Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.26 by $0.13. Chevron had a return on equity of 9.07% and a net margin of 8.45%. The firm had revenue of $35.20 billion for the quarter, compared to analyst estimates of $38.42 billion. During the same period last year, the firm posted $1.90 earnings per share. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. On average, sell-side analysts predict that Chevron will post 7.24 earnings per share for the current fiscal year.
In other news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $125.60, for a total transaction of $596,600.00. Following the completion of the transaction, the insider now directly owns 4,750 shares in the company, valued at $596,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.31% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of CVX. Dfpg Investments Inc. increased its holdings in shares of Chevron by 1.5% during the first quarter. Dfpg Investments Inc. now owns 5,538 shares of the oil and gas company’s stock valued at $691,000 after acquiring an additional 82 shares in the last quarter. Pin Oak Investment Advisors Inc. increased its holdings in shares of Chevron by 1.0% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 8,671 shares of the oil and gas company’s stock valued at $943,000 after acquiring an additional 84 shares in the last quarter. ClariVest Asset Management LLC increased its holdings in shares of Chevron by 1.5% during the first quarter. ClariVest Asset Management LLC now owns 5,881 shares of the oil and gas company’s stock valued at $724,000 after acquiring an additional 85 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Chevron by 3.6% during the fourth quarter. Proficio Capital Partners LLC now owns 2,479 shares of the oil and gas company’s stock valued at $270,000 after acquiring an additional 86 shares in the last quarter. Finally, Investec Asset Management PTY Ltd increased its holdings in shares of Chevron by 22.3% during the first quarter. Investec Asset Management PTY Ltd now owns 472 shares of the oil and gas company’s stock valued at $58,000 after acquiring an additional 86 shares in the last quarter. Institutional investors and hedge funds own 65.90% of the company’s stock.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.
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