Wells Fargo & Company Boosts Chevron (NYSE:CVX) Price Target to $206.00

Chevron (NYSE:CVX) had its price target increased by equities researchers at Wells Fargo & Company from $198.00 to $206.00 in a report released on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 25.63% from the company’s previous close.

CVX has been the topic of several other reports. Barclays assumed coverage on Chevron in a report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 target price on the stock. Piper Sandler increased their price objective on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Royal Bank of Canada boosted their target price on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Jefferies Financial Group raised shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective for the company in a research report on Monday, January 8th. Finally, TD Cowen raised their target price on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research note on Monday. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $185.65.

Chevron Stock Down 1.4 %

NYSE CVX traded down $2.36 during trading on Tuesday, hitting $163.97. The stock had a trading volume of 1,709,412 shares, compared to its average volume of 8,371,036. The company has a market capitalization of $304.54 billion, a PE ratio of 15.11, a P/E/G ratio of 2.44 and a beta of 1.12. Chevron has a 12 month low of $139.62 and a 12 month high of $171.70. The company’s 50-day moving average price is $156.81 and its two-hundred day moving average price is $151.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.01 and a current ratio of 1.27.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) 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 business 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 business posted $3.55 EPS. Chevron’s revenue was down 4.1% on a year-over-year basis. As a group, sell-side analysts forecast that Chevron will post 13.58 EPS for the current year.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $165.00, for a total value of $462,000.00. Following the transaction, the vice president now owns 276 shares of the company’s stock, valued at $45,540. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Chevron by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after acquiring an additional 458,080 shares during the last quarter. Berkshire Hathaway Inc grew its stake in shares of Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after buying an additional 15,845,037 shares in the last quarter. Morgan Stanley increased its holdings in shares of Chevron by 7.0% in the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock worth $5,761,223,000 after buying an additional 2,244,995 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of 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 buying an additional 1,999,332 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Chevron by 2.6% in 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 during the last quarter. 72.42% of the stock is currently owned by hedge funds and other 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.