Chevron (NYSE:CVX) Given New $206.00 Price Target at Wells Fargo & Company

Chevron (NYSE:CVX) had its price target increased by Wells Fargo & Company from $198.00 to $206.00 in a research report sent to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and gas company’s stock.

CVX has been the subject of several other reports. UBS Group lifted their price objective on shares of Chevron from $185.00 to $197.00 and gave the stock a buy rating in a research note on Tuesday, April 9th. Barclays began coverage on shares of Chevron in a research note on Wednesday, April 10th. They set an overweight rating and a $203.00 price objective for the company. The Goldman Sachs Group reiterated a buy rating on shares of Chevron in a research note on Monday, April 1st. TD Cowen lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a hold rating in a research note on Monday. Finally, Raymond James lifted their price objective on shares of Chevron from $170.00 to $174.00 and gave the stock an outperform rating in a research note on Monday, April 15th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $185.35.

Chevron Price Performance

Shares of CVX opened at $161.27 on Tuesday. The company has a market cap of $299.52 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 2.44 and a beta of 1.12. Chevron has a twelve month low of $139.62 and a twelve month high of $171.70. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $156.96 and a two-hundred day moving average of $151.68.

Chevron (NYSE:CVX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a net margin of 10.21% and a return on equity of 14.38%. The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. During the same period last year, the firm earned $3.55 earnings per share. Chevron’s revenue was down 4.1% compared to the same quarter last year. As a group, analysts predict that Chevron will post 13.58 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 10th. Shareholders of record on Friday, May 17th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a yield of 4.04%. Chevron’s payout ratio is 59.98%.

Insider Buying and Selling at Chevron

In other news, VP Alana K. Knowles sold 2,800 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $165.00, for a total transaction of $462,000.00. Following the completion of the sale, the vice president now owns 276 shares of the company’s stock, valued at $45,540. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

Institutional Trading of Chevron

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Chevron by 0.3% during the third quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock worth $27,303,688,000 after purchasing an additional 458,080 shares in the last quarter. Berkshire Hathaway Inc grew its stake in Chevron by 14.4% during the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after acquiring an additional 15,845,037 shares in the last quarter. Morgan Stanley grew its stake in Chevron by 7.0% during the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after acquiring an additional 2,244,995 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Chevron by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after acquiring an additional 1,999,332 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Chevron by 2.6% during the 3rd quarter. Northern Trust Corp now owns 22,705,118 shares of the oil and gas company’s stock valued at $3,828,537,000 after acquiring an additional 569,850 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.