Piper Sandler Issues Pessimistic Forecast for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX - Get Free Report) had its price objective cut by research analysts at Piper Sandler from $173.00 to $162.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's price target would indicate a potential upside of 13.81% from the company's current price.

Other research analysts have also issued reports about the company. BNP Paribas lowered Chevron to a "cautious" rating in a research report on Tuesday, April 15th. UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a report on Monday, April 7th. Raymond James decreased their price objective on shares of Chevron from $180.00 to $175.00 and set an "outperform" rating for the company in a report on Monday, February 3rd. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $160.00 to $143.00 in a report on Friday, April 11th. Finally, HSBC cut Chevron from a "buy" rating to a "hold" rating and cut their price objective for the stock from $176.00 to $158.00 in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $160.24.

Chevron Stock Performance

Shares of NYSE:CVX traded up $0.72 on Tuesday, reaching $142.34. 3,308,833 shares of the company's stock were exchanged, compared to its average volume of 7,985,560. Chevron has a fifty-two week low of $132.04 and a fifty-two week high of $168.96. The business's 50-day moving average is $147.72 and its two-hundred day moving average is $152.01. 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 firm has a market capitalization of $250.60 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last posted its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.93 EPS. As a group, equities research analysts forecast that Chevron will post 10.79 EPS for the current year.

Institutional Trading of Chevron

Several institutional investors have recently added to or reduced their stakes in CVX. TFB Advisors LLC raised its holdings in Chevron by 2.4% in the fourth quarter. TFB Advisors LLC now owns 2,840 shares of the oil and gas company's stock valued at $411,000 after acquiring an additional 66 shares in the last quarter. W.H. Cornerstone Investments Inc. boosted its position in shares of Chevron by 1.4% during the 4th quarter. W.H. Cornerstone Investments Inc. now owns 4,672 shares of the oil and gas company's stock worth $677,000 after acquiring an additional 66 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Chevron by 0.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 15,240 shares of the oil and gas company's stock valued at $2,207,000 after acquiring an additional 66 shares during the last quarter. Meridian Financial Partners LLC raised its position in shares of Chevron by 0.5% during the 4th quarter. Meridian Financial Partners LLC now owns 13,416 shares of the oil and gas company's stock worth $1,943,000 after acquiring an additional 67 shares in the last quarter. Finally, Western Pacific Wealth Management LP boosted its holdings in Chevron by 14.9% in the fourth quarter. Western Pacific Wealth Management LP now owns 517 shares of the oil and gas company's stock valued at $75,000 after purchasing an additional 67 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Chevron Company Profile

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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