Mizuho Has Lowered Expectations for Chevron (NYSE:CVX) Stock Price

Key Points

• Mizuho has decreased its target price for Chevron (NYSE:CVX) from $192.00 to $191.00, while maintaining an "outperform" rating which indicates a potential upside of 20.69% based on the last close price.
• Chevron's stock currently has a consensus rating of "Hold" with an average target price of $165.05, as reported by analysts who have assigned various ratings including eleven "Buy" and three "Sell" ratings.
• Insider trades have shown significant activity, with VP Alana K. Knowles selling 3,978 shares and Director John B. Hess selling 375,000 shares of Chevron stock in recent transactions.

Chevron (NYSE:CVX - Get Free Report) had its target price decreased by analysts at Mizuho from $192.00 to $191.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the oil and gas company's stock. Mizuho's target price points to a potential upside of 20.69% from the company's previous close.

A number of other research analysts have also issued reports on CVX. UBS Group lifted their target price on Chevron from $186.00 to $197.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Piper Sandler lifted their price objective on shares of Chevron from $164.00 to $168.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Melius Research assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a "hold" rating and a $155.00 target price for the company. Scotiabank restated a "sector perform" rating and set a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, TD Cowen upped their price target on Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Eleven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Chevron currently has a consensus rating of "Hold" and an average target price of $165.05.

Chevron Price Performance

Shares of NYSE:CVX traded up $1.14 during trading on Monday, reaching $158.25. The company had a trading volume of 911,327 shares, compared to its average volume of 9,192,308. The firm's fifty day moving average is $154.67 and its 200 day moving average is $148.79. The firm has a market capitalization of $273.46 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.98 and a beta of 0.90. Chevron has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping the consensus estimate of $1.58 by $0.19. The firm had revenue of $44.82 billion for the quarter, compared to analysts' expectations of $44.59 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm's quarterly revenue was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.55 earnings per share. On average, equities analysts forecast that Chevron will post 10.79 EPS for the current year.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director directly owned 1,403,045 shares of the company's stock, valued at $222,102,023.50. This represents a 21.09% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Berkshire Hathaway Inc increased its stake in shares of Chevron by 2.9% in the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company's stock worth $17,478,458,000 after purchasing an additional 3,454,258 shares during the period. Kingstone Capital Partners Texas LLC increased its position in Chevron by 652,139.5% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company's stock worth $13,214,757,000 after buying an additional 83,702,101 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 4.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company's stock worth $4,979,255,000 after buying an additional 1,342,723 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Chevron by 1.9% in the second quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company's stock valued at $2,982,190,000 after acquiring an additional 378,936 shares during the period. Finally, Norges Bank acquired a new stake in shares of Chevron in the second quarter worth $2,721,477,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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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