Bank of America Increases Chevron (NYSE:CVX) Price Target to $185.00

Key Points

• Bank of America has raised its price target for Chevron (NYSE:CVX) from $170.00 to $185.00, indicating a potential upside of 18.16% from the stock's current price.
• Chevron's recent quarterly earnings showed an EPS of $1.77, exceeding expectations by $0.19, despite a 12.4% year-over-year decline in revenue.
• Chevron has a consensus rating of "Hold" among analysts, with 11 "Buy," 8 "Hold," and 3 "Sell" ratings currently given to the company.

Chevron (NYSE:CVX - Get Free Report) had its price objective raised by investment analysts at Bank of America from $170.00 to $185.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the oil and gas company's stock. Bank of America's target price suggests a potential upside of 18.16% from the company's current price.

A number of other brokerages have also commented on CVX. Morgan Stanley started coverage on shares of Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $178.00 price target on shares of Chevron in a research report on Friday, August 1st. Melius Research initiated coverage on shares of Chevron in a research note on Wednesday, August 20th. They issued a "hold" rating and a $155.00 price objective for the company. Scotiabank reiterated a "sector perform" rating and set a $160.00 price target (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $164.80.

Chevron Stock Performance

CVX traded up $1.72 on Wednesday, reaching $156.57. The company had a trading volume of 1,548,548 shares, compared to its average volume of 9,243,629. Chevron has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The stock has a market cap of $270.55 billion, a P/E ratio of 20.16, a P/E/G ratio of 2.28 and a beta of 0.90. The company's fifty day moving average is $154.09 and its 200 day moving average is $148.82. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same quarter in the prior year, the business earned $2.55 EPS. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. As a group, analysts predict that Chevron will post 10.79 earnings per share for the current fiscal year.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company's stock, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.20% of the company's stock.

Institutional Trading of Chevron

Several hedge funds and other institutional investors have recently modified their holdings of the business. Harvest Fund Management Co. Ltd increased its holdings in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the period. Elequin Capital LP bought a new stake in Chevron during the 1st quarter worth approximately $31,000. 10Elms LLP bought a new stake in Chevron during the 4th quarter worth approximately $29,000. IFS Advisors LLC increased its holdings in Chevron by 119.6% during the 1st quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 116 shares during the period. Finally, Quaker Wealth Management LLC increased its holdings in Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company's stock worth $31,000 after acquiring an additional 439 shares during the period. Institutional investors own 72.42% of the company's stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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