Chevron (NYSE:CVX) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Chevron (NYSE:CVX) from a buy rating to a hold rating in a research report sent to investors on Tuesday, November 14th.

According to Zacks, “The second-largest U.S. oil producer beat Q3 expectations amid the recovery in commodity prices and robust refining profits. More importantly, Chevron was able to cover its investment and payouts with cash from operations – something investors really want right now. With crude prices firming and Chevron being one of the most oilweighted majors, the company's profits got an expected boost. Stronger refining margins also helped increase earnings. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. However, we remain worried over signs of headwind in Chevron's U.S. production. Chevron's exposure to production in the vulnerable and violence-prone regions in Nigeria poses additional risk. Hence, we advise investors to wait for a better entry point before buying shares in the oil major.”

CVX has been the topic of several other research reports. Credit Suisse Group set a $123.00 target price on Chevron and gave the stock a buy rating in a research report on Friday, August 25th. Citigroup dropped their target price on Chevron from $129.00 to $118.00 and set a buy rating on the stock in a research report on Friday, July 21st. Barclays upgraded Chevron to an overweight rating in a research report on Wednesday, October 11th. BMO Capital Markets set a $120.00 target price on Chevron and gave the stock a buy rating in a research report on Sunday, July 30th. Finally, Vetr cut Chevron from a buy rating to a hold rating and set a $124.92 price target on the stock. in a report on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company. Chevron currently has a consensus rating of Hold and an average target price of $120.54.

Shares of Chevron (NYSE:CVX) traded up $0.52 during midday trading on Tuesday, reaching $119.51. The company’s stock had a trading volume of 6,832,205 shares, compared to its average volume of 4,623,880. Chevron has a 12 month low of $102.55 and a 12 month high of $120.89. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 0.84. The stock has a market cap of $226,994.19, a P/E ratio of 33.48, a price-to-earnings-growth ratio of 3.94 and a beta of 1.22.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.04. The firm had revenue of $36.21 billion for the quarter, compared to analysts’ expectations of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 EPS. equities analysts anticipate that Chevron will post 4.39 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Thursday, November 16th. Chevron’s dividend payout ratio (DPR) is currently 125.95%.

In related news, CFO Patricia E. Yarrington sold 13,143 shares of the stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $115.01, for a total value of $1,511,576.43. Following the transaction, the chief financial officer now directly owns 17,981 shares of the company’s stock, valued at approximately $2,067,994.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman Michael K. Wirth sold 1,229 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total value of $145,022.00. Following the completion of the transaction, the insider now directly owns 1,229 shares in the company, valued at $145,022. The disclosure for this sale can be found here. Insiders sold a total of 290,750 shares of company stock worth $33,774,072 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Chevron by 2.9% during the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after acquiring an additional 3,920,240 shares in the last quarter. BlackRock Inc. grew its stake in shares of Chevron by 1.6% during the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after acquiring an additional 1,975,865 shares in the last quarter. State Street Corp grew its stake in shares of Chevron by 1.1% during the first quarter. State Street Corp now owns 118,769,549 shares of the oil and gas company’s stock valued at $12,752,287,000 after acquiring an additional 1,261,078 shares in the last quarter. Capital World Investors grew its stake in shares of Chevron by 9.8% during the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after acquiring an additional 3,182,250 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Chevron by 0.6% during the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after acquiring an additional 157,021 shares in the last quarter. Hedge funds and other institutional investors own 63.93% 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.

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