Chevron (NYSE:CVX) Given New $248.00 Price Target at Barclays

Key Points

• Barclays raised its Chevron price target to $248 from $244, while maintaining an “equal weight” rating; the target implies 13.71% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $222.96.
• Chevron beat quarterly expectations, reporting earnings of $5.28 per share versus $4.87 expected and revenue of $65.24 billion versus $61.82 billion expected.

Chevron (NYSE:CVX - Get Free Report) had its price target boosted by equities research analysts at Barclays from $244.00 to $248.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an "equal weight" rating on the oil and gas company's stock. Barclays's price objective would suggest a potential upside of 13.71% from the company's previous close.

CVX has been the topic of a number of other research reports. Piper Sandler upped their target price on shares of Chevron from $207.00 to $243.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Raymond James Financial cut their price target on shares of Chevron from $230.00 to $225.00 and set an "outperform" rating for the company in a research note on Tuesday, July 21st. Argus lifted their price objective on Chevron from $206.00 to $211.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Zacks Research upgraded Chevron from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Finally, William Blair assumed coverage on Chevron in a report on Wednesday, October 28th. They issued an "outperform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.96.

Chevron Stock Performance

Chevron stock traded up $1.74 on Friday, hitting $218.09. The company's stock had a trading volume of 486,831 shares, compared to its average volume of 10,195,778. Chevron has a one year low of $146.49 and a one year high of $236.48. The firm has a market cap of $428.64 billion, a P/E ratio of 15.94, a price-to-earnings-growth ratio of 0.50 and a beta of 0.47. The company has a quick ratio of 1.07, a current ratio of 1.34 and a debt-to-equity ratio of 0.16. The company has a fifty day moving average price of $215.33 and a 200-day moving average price of $195.33.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping analysts' consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The company had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. During the same period last year, the firm earned $1.85 EPS. The firm's revenue for the quarter was up 36.3% compared to the same quarter last year. On average, equities analysts anticipate that Chevron will post 18.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Andrew Walz sold 16,800 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. This trade represents a 99.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider R. Pate sold 40,700 shares of Chevron stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the transaction, the insider directly owned 8,791 shares of the company's stock, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 174,370 shares of company stock valued at $37,224,309. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in shares of Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company's stock valued at $28,016,651,000 after purchasing an additional 5,998,852 shares in the last quarter. BlackRock Inc. bought a new position in Chevron in the 2nd quarter worth approximately $25,663,729,000. Bank of America Corp DE lifted its holdings in Chevron by 5.1% during the 1st quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company's stock worth $5,716,694,000 after buying an additional 1,334,976 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Chevron during the 2nd quarter worth $2,378,114,000. Finally, Amundi lifted its holdings in Chevron by 14.1% during the 2nd quarter. Amundi now owns 13,900,271 shares of the oil and gas company's stock worth $2,304,109,000 after buying an additional 1,714,835 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron News Summary

Here's some of the latest news about CVX:

• Positive Sentiment: Chevron plans to restart its Iowa Ralston biodiesel facility, backed by a feedstock supply agreement with Landus Cooperative. The restart may expand its renewable-fuels business, though no financial contribution was reported. Article: Chevron to Restart Ralston Biodiesel Facility
• Positive Sentiment: Chevron’s latest announced quarterly dividend is $1.78 per share, equivalent to a 3.3% yield at the cited share price, which may appeal to income-focused investors. Article: Chevron And 2 Other Dividend Stocks To Own
• Negative Sentiment: Sanford C. Bernstein lowered its price target to $233 from $248 and kept a “market perform” rating, indicating a more cautious view of potential upside. Article: Bernstein Lowers Chevron Price Target

Chevron Company Profile

Chevron Corporation NYSE: CVX is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.

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