Chevron (NYSE:CVX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Key Points

• Morgan Stanley raised Chevron’s price target from $212 to $214 and kept an overweight rating, implying about 12.1% upside from the prior close.
• Chevron’s latest quarterly results beat earnings expectations, with EPS of $1.41 topping the $1.00 consensus, though revenue came in below estimates at $47.56 billion.
• Analyst sentiment remains broadly positive overall, with a Moderate Buy consensus and an average price target of $204.22, even as recent insider selling drew attention.

Chevron (NYSE:CVX - Get Free Report) had its price target hoisted by equities researchers at Morgan Stanley from $212.00 to $214.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the oil and gas company's stock. Morgan Stanley's target price indicates a potential upside of 12.10% from the company's previous close.

Other research analysts have also recently issued research reports about the company. Wells Fargo & Company boosted their price objective on Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research note on Thursday, April 9th. The Goldman Sachs Group reiterated a "buy" rating and set a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. Tudor Pickering upgraded shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 price target for the company in a research note on Thursday, April 9th. Wall Street Zen upgraded shares of Chevron from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Finally, Bank of America increased their price target on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $204.22.

Chevron Trading Down 0.1%

NYSE CVX opened at $190.90 on Friday. The company has a market cap of $380.19 billion, a P/E ratio of 33.15, a P/E/G ratio of 0.64 and a beta of 0.51. Chevron has a 12 month low of $134.06 and a 12 month high of $214.71. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The company has a 50-day moving average of $193.55 and a 200-day moving average of $174.48.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.41. The company had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron's revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.18 earnings per share. As a group, equities analysts predict that Chevron will post 15.43 earnings per share for the current year.

Insiders Place Their Bets

In other Chevron news, insider R. Hewitt Pate sold 58,000 shares of the company's stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.65, for a total value of $10,941,700.00. Following the transaction, the insider directly owned 8,558 shares of the company's stock, valued at $1,614,466.70. This represents a 87.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John B. Hess sold 195,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $184.78, for a total value of $36,032,100.00. Following the completion of the transaction, the director owned 658,045 shares in the company, valued at $121,593,555.10. This represents a 22.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 799,699 shares of company stock worth $151,259,517. Corporate insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

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

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned sale of several Asia Pacific refining and retail assets to Eneos could bring in about $2.17 billion, supporting its ongoing portfolio simplification and potentially boosting capital flexibility. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale
• Positive Sentiment: Chevron introduced next-generation Techron in its U.S. Chevron and Texaco gasolines, a product update that could help reinforce its brand and fuel-quality positioning. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Neutral Sentiment: Chevron said CEO Mike Wirth will participate in a fireside chat at Bernstein’s Strategic Decisions Conference on May 28, giving investors another chance to hear management’s view on strategy and operations. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Negative Sentiment: California Governor Gavin Newsom publicly urged consumers to “avoid Chevron,” saying big oil is profiting from the Iran war, which could add to reputational and political pressure on the company. Gavin Newsom Warns Californians To 'Avoid Chevron,' Says Big Oil Is 'Making Billions Off Trump's Iran War'
• Negative Sentiment: Chevron is also facing fresh ESG and governance scrutiny ahead of its annual meeting, with activists pushing shareholders to reject a proposal focused on its Israel operations. Chevron Israel Activism Puts ESG Risks And Valuation In Focus

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.

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.