Chevron Corporation (CVX) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Chevron Corporation (NYSE:CVX) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

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 reports. UBS AG set a $105.00 price objective on shares of Chevron Corporation and gave the company a neutral rating in a report on Wednesday, September 6th. Morgan Stanley lifted their price objective on shares of Chevron Corporation from $120.00 to $130.00 and gave the company an overweight rating in a report on Wednesday, October 18th. Credit Suisse Group set a $123.00 price objective on shares of Chevron Corporation and gave the company a buy rating in a report on Friday, August 25th. Jefferies Group LLC set a $130.00 price objective on shares of Chevron Corporation and gave the company a buy rating in a report on Tuesday, August 29th. Finally, Citigroup Inc. lifted their price objective on shares of Chevron Corporation from $118.00 to $128.00 and gave the company a buy rating in a report on Monday, October 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the stock. Chevron Corporation has an average rating of Buy and a consensus price target of $120.54.

Chevron Corporation (CVX) opened at $114.71 on Tuesday. The company has a market cap of $217,610.00, a P/E ratio of 32.75, a PEG ratio of 3.91 and a beta of 1.22. Chevron Corporation has a 1 year low of $102.55 and a 1 year high of $120.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 1.04.

Chevron Corporation (NYSE:CVX) last issued its earnings results on Friday, October 27th. The oil and gas company reported $1.03 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.04. The business had revenue of $36.21 billion for the quarter, compared to analyst estimates of $34.06 billion. Chevron Corporation had a net margin of 4.79% and a return on equity of 4.59%. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period last year, the company posted $0.68 earnings per share. research analysts anticipate that Chevron Corporation will post 4.28 EPS for the current year.

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The firm 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 dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a yield of 3.77%. Chevron Corporation’s dividend payout ratio is presently 125.95%.

In related news, CFO Patricia E. Yarrington sold 13,143 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $115.01, for a total transaction of $1,511,576.43. Following the completion of the transaction, the chief financial officer now directly owns 17,981 shares in the company, valued at $2,067,994.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP R. Hewitt Pate sold 25,500 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the transaction, the vice president now owns 25,500 shares of the company’s stock, valued at $3,060,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 41,000 shares of company stock valued at $5,420 and have sold 63,122 shares valued at $7,433,361. Insiders own 0.38% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. HPM Partners LLC lifted its position in Chevron Corporation by 197.0% during the first quarter. HPM Partners LLC now owns 38,735 shares of the oil and gas company’s stock valued at $4,159,000 after purchasing an additional 25,691 shares during the period. Lincoln National Corp lifted its position in Chevron Corporation by 33.3% during the first quarter. Lincoln National Corp now owns 82,502 shares of the oil and gas company’s stock valued at $8,859,000 after purchasing an additional 20,615 shares during the period. Adams Natural Resources Fund Inc. lifted its position in Chevron Corporation by 8.8% during the second quarter. Adams Natural Resources Fund Inc. now owns 596,800 shares of the oil and gas company’s stock valued at $62,264,000 after purchasing an additional 48,100 shares during the period. Korea Investment CORP lifted its position in Chevron Corporation by 5.1% during the second quarter. Korea Investment CORP now owns 1,476,610 shares of the oil and gas company’s stock valued at $154,055,000 after purchasing an additional 72,173 shares during the period. Finally, Strategic Financial Group LLC lifted its position in Chevron Corporation by 6.0% during the first quarter. Strategic Financial Group LLC now owns 8,979 shares of the oil and gas company’s stock valued at $964,000 after purchasing an additional 510 shares during the period. Institutional investors own 63.03% of the company’s stock.

Chevron Corporation 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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