Scotiabank Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

Key Points

• Scotiabank increased Chevron's price target from $160.00 to $165.00, suggesting a potential upside of 8.14% from its previous close. The bank currently maintains a "sector perform" rating on Chevron's stock.
• Chevron's recent earnings report showed $1.77 earnings per share, exceeding expectations, but revenue declined by 12.4% year-over-year, totaling $44.82 billion.
• Institutional investors hold 72.42% of Chevron's stock, indicating strong interest from hedge funds and other large entities in the company.

Chevron (NYSE:CVX - Get Free Report) had its price target increased by Scotiabank from $160.00 to $165.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "sector perform" rating on the oil and gas company's stock. Scotiabank's price objective points to a potential upside of 8.14% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a report on Friday, July 18th. Morgan Stanley started coverage on shares of Chevron in a report on Monday, August 4th. They issued an "overweight" rating and a $174.00 price target for the company. Wells Fargo & Company reissued an "overweight" rating and issued a $178.00 price target on shares of Chevron in a report on Friday, August 1st. Raymond James Financial reissued an "outperform" rating on shares of Chevron in a report on Friday, August 1st. Finally, Mizuho cut their price target on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Eleven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Chevron presently has an average rating of "Hold" and an average target price of $165.40.

Chevron Stock Performance

Shares of NYSE:CVX traded down $1.17 during trading on Thursday, hitting $152.58. 1,309,939 shares of the stock traded hands, compared to its average volume of 8,996,475. 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 company has a market cap of $263.65 billion, a price-to-earnings ratio of 19.64, a P/E/G ratio of 1.99 and a beta of 0.84. The company has a fifty day moving average price of $156.15 and a two-hundred day moving average price of $148.88. Chevron has a 52-week low of $132.04 and a 52-week high of $168.96.

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

Insider Transactions at Chevron

In related news, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company's stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John B. Hess sold 375,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction 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 0.21% of the company's stock.

Institutional Investors Weigh In On Chevron

A number of hedge funds have recently modified their holdings of CVX. Eclectic Associates Inc. ADV lifted its position in Chevron by 8.0% in the third quarter. Eclectic Associates Inc. ADV now owns 4,093 shares of the oil and gas company's stock valued at $636,000 after buying an additional 303 shares during the last quarter. Buckhead Capital Management LLC lifted its position in Chevron by 0.3% in the third quarter. Buckhead Capital Management LLC now owns 31,320 shares of the oil and gas company's stock valued at $4,864,000 after buying an additional 81 shares during the last quarter. Dakota Community Bank & Trust NA lifted its position in Chevron by 7.5% in the third quarter. Dakota Community Bank & Trust NA now owns 1,458 shares of the oil and gas company's stock valued at $226,000 after buying an additional 102 shares during the last quarter. Long Run Wealth Advisors LLC lifted its position in Chevron by 5.7% in the third quarter. Long Run Wealth Advisors LLC now owns 2,055 shares of the oil and gas company's stock valued at $319,000 after buying an additional 110 shares during the last quarter. Finally, Central Valley Advisors LLC lifted its position in Chevron by 1.9% in the third quarter. Central Valley Advisors LLC now owns 16,461 shares of the oil and gas company's stock valued at $2,556,000 after buying an additional 303 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

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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