Chevron (NYSE:CVX) Now Covered by Analysts at Melius

Key Points

• Melius has initiated coverage on Chevron with a "hold" rating and set a price target of $155.00, suggesting a potential upside of 1.83% from its previous close.
• Analysts have varied opinions on Chevron's stock, with a consensus rating of "Hold" and an average price target of $163.84, reflecting a range of ratings from "Buy" to "Sell."
• Chevron reported earnings of $1.77 EPS for the last quarter, exceeding estimates, but also showed a 12.4% year-over-year decline in revenue.

Equities research analysts at Melius initiated coverage on shares of Chevron (NYSE:CVX - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set a "hold" rating and a $155.00 price target on the oil and gas company's stock. Melius' price target suggests a potential downside of 1.83% from the stock's current price.

A number of other equities analysts have also commented on CVX. Mizuho cut their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Raymond James Financial reaffirmed an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Piper Sandler lifted their price objective on Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Morgan Stanley assumed coverage on Chevron in a research note on Monday, August 4th. They issued an "overweight" rating and a $174.00 price objective on the stock. Finally, UBS Group reaffirmed a "buy" rating and issued a $186.00 price objective (up from $177.00) on shares of Chevron in a research note on Monday, August 4th. Eleven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $163.95.

Chevron Trading Up 1.5%

Shares of CVX stock traded up $2.3470 during mid-day trading on Wednesday, reaching $157.8970. 9,080,229 shares of the stock traded hands, compared to its average volume of 8,166,027. The stock's fifty day simple moving average is $151.21 and its two-hundred day simple moving average is $148.66. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a market cap of $272.84 billion, a price-to-earnings ratio of 20.32, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16.

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. The firm had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The business's revenue for the quarter was down 12.4% on a year-over-year basis. During the same period last year, the firm posted $2.55 earnings per share. On average, research analysts anticipate that Chevron will post 10.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Chevron

Hedge funds have recently added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd increased its holdings in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 122 shares in the last quarter. 10Elms LLP bought a new stake in shares of Chevron during the fourth quarter valued at approximately $29,000. Elequin Capital LP bought a new stake in shares of Chevron during the first quarter valued at approximately $31,000. Quaker Wealth Management LLC increased its holdings in shares of Chevron by 197.7% during the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company's stock valued at $31,000 after acquiring an additional 439 shares in the last quarter. Finally, Navigoe LLC bought a new stake in shares of Chevron during the fourth quarter valued at approximately $33,000. 72.42% of the stock is currently owned by institutional investors.

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.