Chevron (NYSE:CVX) Cut to "Hold" at HSBC

Chevron (NYSE:CVX - Get Free Report) was downgraded by equities researchers at HSBC from a "buy" rating to a "hold" rating in a research note issued on Tuesday, MarketBeat.com reports. They presently have a $158.00 target price on the oil and gas company's stock, down from their prior target price of $176.00. HSBC's price objective suggests a potential upside of 11.16% from the stock's current price.

A number of other research firms have also commented on CVX. Truist Financial lowered their price objective on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research note on Tuesday, February 4th. UBS Group decreased their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Raymond James lowered their target price on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a report on Monday, February 3rd. Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and reduced their target price for the company from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, TD Cowen lowered their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $160.24.

Chevron Price Performance

Shares of CVX traded up $0.47 during trading hours on Tuesday, hitting $142.14. The stock had a trading volume of 7,537,625 shares, compared to its average volume of 8,016,020. The stock has a market capitalization of $248.23 billion, a price-to-earnings ratio of 14.62, a P/E/G ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96. The company's fifty day moving average is $147.20 and its two-hundred day moving average is $151.87.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the business posted $2.93 earnings per share. On average, analysts anticipate that Chevron will post 10.79 EPS for the current year.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Allianz SE acquired a new stake in Chevron during the fourth quarter valued at $9,369,000. Nicholas Company Inc. raised its stake in shares of Chevron by 4.3% in the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock valued at $11,591,000 after acquiring an additional 3,280 shares during the period. Applied Finance Capital Management LLC boosted its holdings in Chevron by 1.6% during the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company's stock valued at $26,044,000 after acquiring an additional 2,755 shares during the period. Cerity Partners LLC increased its position in shares of Chevron by 4.5% during the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company's stock worth $174,817,000 after acquiring an additional 52,307 shares during the period. Finally, Dale Q Rice Investment Management Ltd acquired a new stake in Chevron in the fourth quarter valued at approximately $594,000. Hedge funds and other 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.