Chevron (NYSE:CVX) Stock Rating Lowered by Hsbc Global Res

Chevron (NYSE:CVX - Get Free Report) was downgraded by equities researchers at Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a report issued on Tuesday,Zacks.com reports.

A number of other research firms have also recently issued reports on CVX. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. Barclays cut Chevron from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Raymond James dropped their price target on Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a report on Monday, February 3rd. Wells Fargo & Company dropped their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a report on Monday, May 5th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $160.24.

Chevron Stock Down 0.8%

CVX stock opened at $141.22 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $147.20 and a two-hundred day moving average price of $151.87. The company has a market cap of $246.63 billion, a price-to-earnings ratio of 14.53, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron has a twelve month low of $132.04 and a twelve month high of $168.96.

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

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently modified their holdings of the business. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in Chevron during the 4th quarter worth $25,000. Elequin Capital LP bought a new stake in Chevron during the 1st quarter worth $31,000. Mizuho Securities Co. Ltd. bought a new stake in Chevron during the 4th quarter worth $29,000. Finally, 10Elms LLP bought a new stake in Chevron during the 4th quarter worth $29,000. 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.

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