Zacks Investment Research upgraded shares of Chevron Corporation (NYSE:CVX) from a hold rating to a buy rating in a research report sent to investors on Friday, November 10th. They currently have $131.00 price target on the oil and gas company’s stock.
According to Zacks, “Following the comprehensive Q3 beat, we are upgrading our investment thesis on Chevron to a 'Buy'. The second-largest U.S. oil producer beat 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 oil-weighted 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, multiyear projects. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
Several other brokerages have also recently weighed in on CVX. Citigroup Inc. lifted their price target on Chevron Corporation from $118.00 to $128.00 and gave the company a buy rating in a research report on Monday, October 30th. Jefferies Group LLC restated a buy rating and set a $137.00 target price (up from $113.54) on shares of Chevron Corporation in a research report on Monday, October 30th. Royal Bank Of Canada set a $100.00 target price on Chevron Corporation and gave the stock a sell rating in a research report on Friday, October 27th. TheStreet upgraded Chevron Corporation from a c+ rating to a b rating in a research report on Monday, October 23rd. Finally, Wells Fargo & Company restated a market perform rating on shares of Chevron Corporation in a research report on Thursday, October 19th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $120.54.
Shares of Chevron Corporation (NYSE CVX) traded up $0.74 during trading hours on Friday, hitting $115.91. The company had a trading volume of 3,945,722 shares, compared to its average volume of 5,646,689. The stock has a market capitalization of $218,750.89, a PE ratio of 32.26, a price-to-earnings-growth ratio of 3.80 and a beta of 1.22. 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 has a one year low of $102.55 and a one year high of $120.89.
Chevron Corporation (NYSE:CVX) last issued its quarterly 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 return on equity of 4.59% and a net margin of 4.79%. Chevron Corporation’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. analysts anticipate that Chevron Corporation will post 4.33 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Shareholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. The ex-dividend date is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 3.73%. Chevron Corporation’s dividend payout ratio is 125.95%.
In other 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 transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP R. Hewitt Pate sold 25,500 shares of the stock in a transaction on Monday, October 16th. The shares were sold at an average price of $120.00, for a total value of $3,060,000.00. Following the transaction, the vice president now directly owns 25,500 shares in the company, valued at $3,060,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 179,979 shares of company stock worth $20,905,804. Company insiders own 0.38% of the company’s stock.
Large investors have recently bought and sold shares of the business. Pathstone Family Office LLC grew its stake in shares of Chevron Corporation by 2.5% in the 2nd 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 period. Shine Investment Advisory Services Inc. purchased a new stake in shares of Chevron Corporation in the 2nd quarter valued at approximately $106,000. Thompson Davis & CO. Inc. grew its stake in shares of Chevron Corporation by 20.0% in the 1st 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 period. Winfield Associates Inc. grew its stake in shares of Chevron Corporation by 5.1% in the 2nd 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 period. Finally, Accurate Investment Solutions Inc. grew its stake in shares of Chevron Corporation by 59.1% in the 3rd 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 period. 63.15% of the stock is currently owned by institutional investors and hedge funds.
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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