Barclays Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Key Points

• Barclays raised its Chevron price target from $213 to $216 while maintaining an “equal weight” rating, implying 9.59% potential upside.
• Analyst sentiment remains positive overall, with 18 Buy ratings, six Holds and one Sell; the consensus rating is “Moderate Buy” with a $207.30 price target.
• Chevron exceeded quarterly expectations, reporting $6.06 in adjusted earnings per share versus $5.55 expected and $67.20 billion in revenue, up 57.4% year over year.

Chevron (NYSE:CVX - Get Free Report) had its price target raised by Barclays from $213.00 to $216.00 in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has an "equal weight" rating on the oil and gas company's stock. Barclays's price target suggests a potential upside of 9.59% from the stock's current price.

A number of other brokerages have also recently commented on CVX. Piper Sandler started coverage on Chevron in a research note on Thursday, July 23rd. They set an "overweight" rating and a $207.00 price objective on the stock. The Goldman Sachs Group reiterated a "buy" rating and issued a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Sanford C. Bernstein reduced their price target on Chevron from $216.00 to $204.00 and set a "market perform" rating on the stock in a research report on Monday, May 11th. Scotiabank upped their price target on Chevron from $168.00 to $187.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Mizuho boosted their target price on shares of Chevron from $225.00 to $230.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Eighteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.30.

Chevron Price Performance

Chevron stock opened at $197.10 on Monday. The firm has a fifty day moving average of $181.95 and a 200-day moving average of $185.12. Chevron has a 52-week low of $146.49 and a 52-week high of $214.71. The company has a quick ratio of 0.84, a current ratio of 1.09 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $392.55 billion, a P/E ratio of 18.90, a PEG ratio of 0.61 and a beta of 0.50.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.14%. The business had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. During the same quarter in the previous year, the business posted $1.77 EPS. The business's quarterly revenue was up 57.4% on a year-over-year basis. As a group, analysts predict that Chevron will post 15.64 EPS for the current year.

Insider Buying and Selling

In other news, Director John B. Hess sold 380,000 shares of the business's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the sale, the director owned 278,045 shares of the company's stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.56% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chevron

A number of large investors have recently bought and sold shares of CVX. Midwest Capital Advisors LLC acquired a new stake in Chevron during the 1st quarter worth about $25,000. Main Street Group LTD purchased a new position in shares of Chevron in the first quarter worth approximately $28,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter valued at approximately $26,000. Finally, Karpus Management Inc. purchased a new stake in shares of Chevron in the 4th quarter valued at approximately $27,000. Institutional investors own 72.42% of the company's stock.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.