TD Cowen Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

Key Points

• TD Cowen raised Chevron’s price target from $215 to $225 while maintaining a “hold” rating, implying roughly 5% upside from the prior close.
• Chevron shares rose 1.1% to $214.33, near their 12-month high of $217.78. The stock has a “Moderate Buy” consensus rating and an average analyst target of $211.08.
• Chevron exceeded quarterly expectations, reporting $6.06 in EPS versus a $5.55 consensus estimate and $67.20 billion in revenue, up 57.4% year over year; however, insiders sold more than 1.15 million shares worth about $225.9 million over the past 90 days.

Chevron (NYSE:CVX - Get Free Report) had its target price hoisted by TD Cowen from $215.00 to $225.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the oil and gas company's stock. TD Cowen's price target would suggest a potential upside of 4.98% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Bank of America upped their price objective on shares of Chevron from $210.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. The Goldman Sachs Group decreased their target price on shares of Chevron from $240.00 to $228.00 and set a "buy" rating on the stock in a research report on Tuesday, September 22nd. Weiss Ratings raised shares of Chevron from a "hold (c)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Zacks Research upgraded Chevron from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Finally, Barclays cut their price target on Chevron from $216.00 to $208.00 and set an "equal weight" rating for the company in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and a consensus target price of $211.08.

Chevron Trading Up 1.1%

NYSE:CVX traded up $2.35 on Monday, reaching $214.33. The stock had a trading volume of 1,941,110 shares, compared to its average volume of 10,435,422. The company has a market cap of $423.47 billion, a price-to-earnings ratio of 20.51, a P/E/G ratio of 0.59 and a beta of 0.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The firm's fifty day moving average is $204.50 and its two-hundred day moving average is $192.98. Chevron has a 12-month low of $146.49 and a 12-month high of $217.78.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to analysts' expectations of $62.72 billion. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm's revenue for the quarter was up 57.4% compared to the same quarter last year. During the same period last year, the company earned $1.77 EPS. Equities analysts expect that Chevron will post 17.34 EPS for the current fiscal year.

Insider Buying and Selling at Chevron

In related news, Director John Hess sold 710,665 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the transaction, the director owned 363,711 shares in the company, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the transaction, 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,152,582 shares of company stock worth $225,853,661. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chevron

Hedge funds have recently made changes to their positions in the business. Midwest Capital Advisors LLC purchased a new stake in shares of Chevron in the first quarter valued at $25,000. Main Street Group LTD purchased a new position in shares of Chevron during the first quarter valued at $28,000. Phillip James Consulting Co. purchased a new position in shares of Chevron during the fourth quarter valued at $26,000. Kilter Group LLC purchased a new position in shares of Chevron during the second quarter valued at $28,000. Finally, Basso Capital Management L.P. acquired a new position in Chevron during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

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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