Melius Research Initiates Coverage on Chevron (NYSE:CVX)

Key Points

• Melius Research has initiated coverage on Chevron (NYSE:CVX) with a "hold" rating and a price target of $155.00, suggesting a potential upside of 1.56% from the current trading price.
• Seventeen research analysts have rated Chevron's stock, with a consensus rating of "Hold" and an average price target of $163.40.
• Chevron reported earnings of $1.77 per share for the last quarter, exceeding analysts' expectations and indicating a revenue of $44.82 billion, though down 12.4% year-over-year.

Analysts at Melius Research initiated coverage on shares of Chevron (NYSE:CVX - Get Free Report) in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage set a "hold" rating and a $155.00 price target on the oil and gas company's stock. Melius Research's target price indicates a potential upside of 1.56% from the stock's previous close.

A number of other research analysts have also recently commented on CVX. TD Cowen raised their price target on shares of Chevron from $150.00 to $155.00 and gave the stock a "hold" rating in a research note on Monday, August 4th. DZ Bank downgraded Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price for the company. in a research report on Tuesday, May 6th. Evercore ISI reiterated an "outperform" rating and issued a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 price objective on shares of Chevron in a report on Friday, August 1st. Finally, Raymond James Financial restated an "outperform" rating on shares of Chevron in a research note on Friday, August 1st. Eleven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $163.40.

Chevron Stock Performance

CVX traded up $0.6180 during trading on Wednesday, reaching $152.6180. 1,151,894 shares of the company's stock were exchanged, compared to its average volume of 9,320,167. The company has a market capitalization of $263.72 billion, a P/E ratio of 19.65, a PEG ratio of 2.33 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. The business has a 50 day moving average price of $150.60 and a 200 day moving average price of $148.56. Chevron has a fifty-two week low of $132.04 and a fifty-two week high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion during the quarter, compared to analysts' expectations of $44.59 billion. During the same quarter in the prior year, the company posted $2.55 EPS. The business's revenue was down 12.4% on a year-over-year basis. As a group, analysts predict that Chevron will post 10.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chevron

A number of institutional investors have recently modified their holdings of the stock. Kingstone Capital Partners Texas LLC increased its holdings in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares in the last quarter. Norges Bank bought a new position in Chevron in the 2nd quarter valued at $2,721,477,000. GQG Partners LLC bought a new position in Chevron in the 1st quarter valued at $1,466,751,000. Nuveen LLC acquired a new stake in shares of Chevron in the 1st quarter valued at $1,362,232,000. Finally, GAMMA Investing LLC raised its position in shares of Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock worth $904,746,000 after acquiring an additional 5,382,847 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

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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