Chevron (NYSE:CVX) Price Target Lowered to $204.00 at TD Cowen

Key Points

• TD Cowen cut its price target on Chevron from $214 to $204 and maintained a hold rating, implying roughly an 8.19% upside from the prior close.
• Analysts are mixed but the consensus is a Moderate Buy with a mean target of $191.61 (1 Strong Buy, 15 Buy, 5 Hold, 4 Sell).
• Chevron beat EPS estimates with $1.52 per share but missed revenue at $45.79B (down 10.2% year‑over‑year), and insiders have sold about $146.5M of stock in the past 90 days.

Chevron (NYSE:CVX - Get Free Report) had its target price reduced by investment analysts at TD Cowen from $214.00 to $204.00 in a research report issued on Monday. The brokerage presently has a "hold" rating on the oil and gas company's stock. TD Cowen's target price suggests a potential upside of 8.19% from the stock's previous close.

CVX has been the subject of a number of other reports. Jefferies Financial Group lifted their target price on Chevron from $174.00 to $189.00 and gave the stock a "buy" rating in a report on Wednesday, January 14th. Melius Research upgraded Chevron from a "hold" rating to a "buy" rating and set a $205.00 target price for the company in a report on Tuesday, February 17th. JPMorgan Chase & Co. upgraded Chevron from a "neutral" rating to an "overweight" rating and set a $176.00 target price for the company in a report on Tuesday, January 20th. Wells Fargo & Company lifted their target price on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $191.61.

Chevron Price Performance

Chevron stock opened at $188.57 on Monday. The stock's 50 day moving average is $191.51 and its 200 day moving average is $168.12. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86. The firm has a market cap of $375.68 billion, a P/E ratio of 28.31, a P/E/G ratio of 1.40 and a beta of 0.60. Chevron has a one year low of $132.04 and a one year high of $214.71.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.08. The company had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The firm's quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.06 earnings per share. As a group, research analysts expect that Chevron will post 10.79 EPS for the current year.

Insider Activity

In other news, insider Alana K. Knowles sold 2,408 shares of the business's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $183.28, for a total transaction of $441,338.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 782,607 shares of company stock valued at $146,510,571. Corporate insiders own 0.20% of the company's stock.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently modified their holdings of CVX. D.B. Root & Company LLC grew its holdings in Chevron by 1.0% during the fourth quarter. D.B. Root & Company LLC now owns 5,552 shares of the oil and gas company's stock worth $846,000 after buying an additional 57 shares in the last quarter. Fox Hill Wealth Management grew its holdings in Chevron by 1.7% during the fourth quarter. Fox Hill Wealth Management now owns 3,443 shares of the oil and gas company's stock worth $525,000 after buying an additional 57 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings in Chevron by 6.8% during the fourth quarter. Cornerstone Planning Group LLC now owns 930 shares of the oil and gas company's stock worth $142,000 after buying an additional 59 shares in the last quarter. MMA Asset Management LLC grew its holdings in Chevron by 3.4% during the fourth quarter. MMA Asset Management LLC now owns 1,820 shares of the oil and gas company's stock worth $277,000 after buying an additional 59 shares in the last quarter. Finally, EWA LLC grew its holdings in Chevron by 2.8% during the fourth quarter. EWA LLC now owns 2,182 shares of the oil and gas company's stock worth $333,000 after buying an additional 59 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

Chevron Company Profile

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.

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