Credit Suisse Group Initiates Coverage on Chevron (CVX)

Research analysts at Credit Suisse Group initiated coverage on shares of Chevron (NYSE:CVX) in a report released on Monday, December 11th, Marketbeat.com reports. The firm set a “neutral” rating and a $123.00 price target on the oil and gas company’s stock. Credit Suisse Group’s price target would suggest a potential downside of 1.58% from the stock’s previous close.

CVX has been the subject of several other research reports. Barclays raised Chevron to an “overweight” rating in a research note on Wednesday, October 11th. Vetr lowered Chevron from a “buy” rating to a “hold” rating and set a $124.92 target price for the company. in a research note on Monday, October 16th. Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $129.00 target price for the company in a research note on Friday, November 17th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Chevron in a research note on Saturday, September 16th. Finally, Cowen reaffirmed a “buy” rating and issued a $122.00 target price on shares of Chevron in a research note on Tuesday, September 19th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $124.22.

Shares of Chevron (NYSE CVX) traded up $0.16 during midday trading on Monday, hitting $124.98. The stock had a trading volume of 4,724,411 shares, compared to its average volume of 5,330,000. Chevron has a 52 week low of $102.55 and a 52 week high of $125.65. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $237,690.00, a price-to-earnings ratio of 36.44, a price-to-earnings-growth ratio of 4.12 and a beta of 1.21.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.04. The business had revenue of $36.21 billion during the quarter, compared to analyst estimates of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. Chevron’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share. analysts anticipate that Chevron will post 4.33 EPS for the current year.

In related news, EVP Michael K. Wirth sold 110,771 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $116.17, for a total transaction of $12,868,267.07. Following the completion of the transaction, the executive vice president now owns 110,771 shares in the company, valued at $12,868,267.07. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Patricia E. Yarrington sold 116,857 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $115.29, for a total value of $13,472,443.53. Following the transaction, the chief financial officer now owns 39,506 shares of the company’s stock, valued at approximately $4,554,646.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 314,000 shares of company stock valued at $36,540,822. Insiders own 0.38% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Pathstone Family Office LLC boosted its position in shares of Chevron by 2.5% during the second quarter. Pathstone Family Office LLC now owns 813 shares of the oil and gas company’s stock valued at $2,170,000 after buying an additional 20 shares during the last quarter. Shine Investment Advisory Services Inc. purchased a new stake in shares of Chevron during the second quarter valued at $106,000. Thompson Davis & CO. Inc. boosted its position in shares of Chevron by 20.0% during 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 buying an additional 191 shares during the last quarter. Winfield Associates Inc. boosted its position in shares of Chevron by 5.1% during the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after buying an additional 63 shares during the last quarter. Finally, Accurate Investment Solutions Inc. boosted its position in shares of Chevron by 59.1% during the third quarter. Accurate Investment Solutions Inc. now owns 1,352 shares of the oil and gas company’s stock valued at $159,000 after buying an additional 502 shares during the last quarter. Institutional investors own 63.77% of the company’s stock.

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Chevron 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.