Chevron (NYSE:CVX) Coverage Initiated at Morgan Stanley

Key Points

• Morgan Stanley has initiated coverage on Chevron (NYSE:CVX) with an "overweight" rating and a price target of $174.00, indicating a potential upside of nearly 15% from its current price.
• Chevron's recent earnings report showed an EPS of $1.77, surpassing expectations, but revenue declined by 12.4% year-over-year.
• Overall, Chevron's consensus rating is currently "Hold", with 11 buy ratings and 3 sell ratings among analysts.

Investment analysts at Morgan Stanley initiated coverage on shares of Chevron (NYSE:CVX - Get Free Report) in a research note issued on Monday. The firm set an "overweight" rating and a $174.00 price target on the oil and gas company's stock. Morgan Stanley's price objective suggests a potential upside of 14.98% from the company's current price.

Other research analysts have also recently issued reports about the stock. Piper Sandler reiterated an "overweight" rating on shares of Chevron in a report on Tuesday, July 15th. Mizuho decreased their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. DZ Bank cut shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a report on Tuesday, May 6th. HSBC cut shares of Chevron from a "buy" rating to a "hold" rating and reduced their target price for the stock from $176.00 to $158.00 in a report on Tuesday, May 13th. Finally, BNP Paribas cut shares of Chevron to a "cautious" rating in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $164.06.

Chevron Price Performance

NYSE CVX opened at $151.33 on Monday. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The stock has a market cap of $264.28 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. The company has a 50-day moving average price of $146.86 and a two-hundred day moving average price of $148.73.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.80%. Chevron's quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.55 EPS. Analysts forecast that Chevron will post 10.79 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Analyst IMS Investment Management Services Ltd. raised its holdings in shares of Chevron by 1.0% during the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company's stock valued at $966,000 after purchasing an additional 67 shares in the last quarter. Greenfield Savings Bank raised its holdings in Chevron by 0.6% in the 2nd quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after acquiring an additional 68 shares during the period. Atwater Malick LLC raised its holdings in Chevron by 2.4% in the 2nd quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock worth $413,000 after acquiring an additional 68 shares during the period. Hubbell Strickland Wealth Management LLC increased its holdings in shares of Chevron by 0.7% during the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock worth $1,443,000 after purchasing an additional 68 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC increased its holdings in shares of Chevron by 10.3% during the 2nd quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company's stock worth $107,000 after purchasing an additional 70 shares during the period. Institutional investors own 72.42% of the company's stock.

Chevron Company Profile

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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