Bank of America Lowers Chevron (NYSE:CVX) Price Target to $180.00

Chevron (NYSE:CVX) had its price objective decreased by analysts at Bank of America from $183.00 to $180.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Bank of America‘s price objective points to a potential upside of 20.04% from the company’s current price.

A number of other research firms have also weighed in on CVX. Mizuho raised their price objective on shares of Chevron from $191.00 to $204.00 and gave the company an “outperform” rating in a research note on Thursday, November 13th. Hsbc Global Res upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Wall Street Zen raised shares of Chevron from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Raymond James Financial reaffirmed an “outperform” rating and issued a $160.00 price objective (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. Finally, Barclays cut their target price on Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Chevron currently has an average rating of “Hold” and an average target price of $166.00.

Chevron Stock Performance

Chevron stock opened at $149.95 on Thursday. Chevron has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $301.93 billion, a P/E ratio of 21.09, a PEG ratio of 8.95 and a beta of 0.68. The stock’s 50 day moving average is $152.74 and its 200 day moving average is $151.98.

Chevron (NYSE:CVX) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.71 by $0.14. Chevron had a return on equity of 8.74% and a net margin of 6.57%.The business had revenue of $48.17 billion for the quarter, compared to the consensus estimate of $46.99 billion. During the same period in the previous year, the company posted $2.48 earnings per share. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. On average, equities research analysts predict that Chevron will post 10.79 earnings per share for the current fiscal year.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director directly owned 1,128,045 shares of the company’s stock, valued at approximately $170,052,783.75. This represents a 19.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of institutional investors have recently bought and sold shares of the stock. Vishria Bird Financial Group LLC increased its holdings in Chevron by 1.2% in the 3rd quarter. Vishria Bird Financial Group LLC now owns 5,285 shares of the oil and gas company’s stock worth $821,000 after acquiring an additional 65 shares in the last quarter. Nexus Investment Management ULC lifted its holdings in Chevron by 0.9% during the third quarter. Nexus Investment Management ULC now owns 7,641 shares of the oil and gas company’s stock valued at $1,187,000 after purchasing an additional 65 shares in the last quarter. Scott & Selber Inc. boosted its position in shares of Chevron by 0.5% in the third quarter. Scott & Selber Inc. now owns 13,391 shares of the oil and gas company’s stock worth $2,079,000 after purchasing an additional 65 shares during the period. White Knight Strategic Wealth Advisors LLC increased its stake in shares of Chevron by 3.0% in the second quarter. White Knight Strategic Wealth Advisors LLC now owns 2,230 shares of the oil and gas company’s stock worth $319,000 after purchasing an additional 65 shares in the last quarter. Finally, William B. Walkup & Associates Inc. raised its position in shares of Chevron by 1.0% during the 3rd quarter. William B. Walkup & Associates Inc. now owns 6,356 shares of the oil and gas company’s stock valued at $987,000 after purchasing an additional 66 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Company Profile

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.