Chevron Co. (NYSE:CVX) Cut to Market Perform at BMO Capital Markets

BMO Capital Markets lowered shares of Chevron Co. (NYSE:CVX) from an outperform rating to a market perform rating in a research report sent to investors on Wednesday, October 18th, MarketBeat Ratings reports. They currently have $120.00 price target on the oil and gas company’s stock. The analysts noted that the move was a valuation call.

CVX has been the topic of several other research reports. Credit Suisse Group set a $123.00 price objective on Chevron and gave the stock a buy rating in a research note on Friday, August 25th. Citigroup Inc. dropped their price objective on Chevron from $129.00 to $118.00 and set a buy rating on the stock in a research note on Friday, July 21st. Barclays PLC raised Chevron to an overweight rating in a research note on Wednesday, October 11th. Vetr cut Chevron from a buy rating to a hold rating and set a $124.92 price objective on the stock. in a research note on Monday, October 16th. Finally, BidaskClub raised Chevron from a sell rating to a hold rating in a research note on Tuesday, August 1st. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the company’s stock. Chevron presently has an average rating of Hold and an average target price of $120.45.

Chevron (CVX) traded up $2.05 during trading hours on Wednesday, hitting $117.04. The company had a trading volume of 5,231,826 shares, compared to its average volume of 5,050,000. Chevron has a 12 month low of $102.55 and a 12 month high of $120.89. 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 $221,940.00, a P/E ratio of 32.21, a P/E/G ratio of 3.90 and a beta of 1.22.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. Chevron had a return on equity of 5.35% and a net margin of 5.83%. The business had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. During the same period in the prior year, the business posted $0.68 earnings per share. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. equities research analysts predict that Chevron will post 4.21 earnings per share for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Thursday, November 16th. Chevron’s dividend payout ratio (DPR) is presently 125.95%.

In related news, VP R. Hewitt Pate sold 25,500 shares of Chevron stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $120.00, for a total value of $3,060,000.00. Following the sale, the vice president now directly owns 25,500 shares in the company, valued at approximately $3,060,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Linnet F. Deily sold 2,312 shares of Chevron stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $107.38, for a total value of $248,262.56. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Evanson Asset Management LLC boosted its holdings in shares of Chevron by 0.5% during the 1st quarter. Evanson Asset Management LLC now owns 9,521 shares of the oil and gas company’s stock worth $1,022,000 after purchasing an additional 44 shares during the last quarter. Greylin Investment Mangement Inc. raised its position in shares of Chevron by 7.2% during the 1st quarter. Greylin Investment Mangement Inc. now owns 10,175 shares of the oil and gas company’s stock valued at $1,092,000 after buying an additional 685 shares during the period. Benin Management CORP raised its position in shares of Chevron by 145.1% during the 1st quarter. Benin Management CORP now owns 12,359 shares of the oil and gas company’s stock valued at $1,327,000 after buying an additional 7,317 shares during the period. Patten & Patten Inc. TN raised its position in shares of Chevron by 2.2% during the 1st quarter. Patten & Patten Inc. TN now owns 71,867 shares of the oil and gas company’s stock valued at $7,716,000 after buying an additional 1,543 shares during the period. Finally, St. Johns Investment Management Company LLC raised its position in shares of Chevron by 1.0% during the 1st quarter. St. Johns Investment Management Company LLC now owns 9,568 shares of the oil and gas company’s stock valued at $1,027,000 after buying an additional 91 shares during the period. Institutional investors own 62.91% of the company’s stock.

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.

Analyst Recommendations for Chevron (NYSE:CVX)

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