Chevron (NYSE:CVX) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday, Zacks.com reports. They currently have a $100.00 target price on the oil and gas company's stock. Zacks Investment Research's target price indicates a potential upside of 5.09% from the stock's previous close.
According to Zacks, "Shares of Chevron have risen 16.9% year to date, as the company's earnings and cash flows steadily improve on higher crude realizations and a recovery in consumption. In shareholder friendly moves, the integrated major recently hiked its dividend by 3.9% and revived the stock repurchase program. Chevron’s Noble Energy takeover has expanded its footprint in the DJ Basin and the Permian Basin along with the addition of cash-generating offshore assets in Israel. However, Chevron was not immune to last year’s price crash, forcing it to cut capital spending and increase long-term debt to fund its dividend. The company’s high oil price sensitivity is a concern too. Moreover, the supermajor’s reserve replacement ratio of 74% is indicative of its inability to add reserves to replace the amount of oil and gas produced."
A number of other analysts also recently weighed in on CVX. JPMorgan Chase & Co. downgraded shares of Chevron from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $128.00 to $111.00 in a research report on Wednesday, September 15th. Raymond James lifted their price objective on shares of Chevron from $120.00 to $125.00 and gave the stock an "outperform" rating in a report on Monday, August 2nd. Truist lifted their price objective on shares of Chevron from $130.00 to $144.00 and gave the stock a "buy" rating in a report on Thursday, July 1st. They noted that the move was a valuation call. DZ Bank downgraded shares of Chevron from a "buy" rating to a "hold" rating and set a $110.00 price objective for the company. in a report on Wednesday, August 4th. Finally, Truist Securities lifted their price objective on shares of Chevron from $130.00 to $144.00 and gave the stock a "buy" rating in a report on Thursday, July 1st. Twelve research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $117.64.
Shares of CVX stock traded up $0.38 during mid-day trading on Tuesday, reaching $95.16. 426,158 shares of the company were exchanged, compared to its average volume of 10,483,174. Chevron has a fifty-two week low of $65.16 and a fifty-two week high of $113.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.95 and a current ratio of 1.17. The company has a market capitalization of $184.03 billion, a P/E ratio of 50.94, a P/E/G ratio of 2.85 and a beta of 1.32. The business's 50 day simple moving average is $98.93 and its 200 day simple moving average is $103.37.
Chevron (NYSE:CVX) last released its quarterly earnings results on Thursday, July 29th. The oil and gas company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of $1.59 by $0.12. Chevron had a net margin of 3.01% and a return on equity of 3.89%. The business had revenue of $37.60 billion during the quarter, compared to the consensus estimate of $35.98 billion. During the same quarter last year, the company earned ($1.59) earnings per share. The business's quarterly revenue was up 169.5% compared to the same quarter last year. On average, analysts forecast that Chevron will post 6.74 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the stock. Concentric Wealth Management LLC grew its position in Chevron by 0.3% during the 2nd quarter. Concentric Wealth Management LLC now owns 36,963 shares of the oil and gas company's stock worth $3,872,000 after acquiring an additional 98 shares during the last quarter. Dempze Nancy E grew its position in Chevron by 2.0% during the 1st quarter. Dempze Nancy E now owns 4,980 shares of the oil and gas company's stock worth $523,000 after acquiring an additional 100 shares during the last quarter. Rede Wealth LLC grew its position in Chevron by 2.3% during the 2nd quarter. Rede Wealth LLC now owns 4,438 shares of the oil and gas company's stock worth $464,000 after acquiring an additional 100 shares during the last quarter. Encompass Wealth Advisors LLC grew its position in Chevron by 1.7% during the 2nd quarter. Encompass Wealth Advisors LLC now owns 6,110 shares of the oil and gas company's stock worth $640,000 after acquiring an additional 100 shares during the last quarter. Finally, Fiduciary Planning LLC grew its position in Chevron by 5.2% during the 2nd quarter. Fiduciary Planning LLC now owns 2,039 shares of the oil and gas company's stock worth $214,000 after acquiring an additional 100 shares during the last quarter. 65.78% of the stock is currently owned by hedge funds and other institutional investors.
Chevron Company Profile
Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.
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