TD Cowen Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Key Points

• TD Cowen has increased its price target for Chevron (NYSE:CVX) from $150.00 to $155.00, indicating a potential upside of 2.43% from the current stock price.
• The average rating on Chevron's stock is currently "Hold", with ten analysts assigning a buy rating and three giving it a sell rating.
• Chevron recently reported earnings of $1.77 per share, exceeding analysts' estimates, although its quarterly revenue decreased 12.4% compared to the previous year.

Chevron (NYSE:CVX - Get Free Report) had its price target upped by analysts at TD Cowen from $150.00 to $155.00 in a research note issued on Monday,Briefing.com Automated Import reports. The firm presently has a "hold" rating on the oil and gas company's stock. TD Cowen's target price would suggest a potential upside of 2.43% from the stock's current price.

A number of other brokerages have also commented on CVX. DZ Bank lowered shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research report on Tuesday, May 6th. Evercore ISI restated an "outperform" rating and issued a $180.00 target price on shares of Chevron in a research note on Thursday. HSBC downgraded shares of Chevron from a "buy" rating to a "hold" rating and lowered their target price for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Finally, Mizuho lowered their price objective on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Chevron currently has an average rating of "Hold" and an average target price of $163.47.

Chevron Stock Performance

Chevron stock opened at $151.33 on Monday. The firm has a market capitalization of $264.28 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 2.31 and a beta of 0.87. The company's 50-day moving average is $146.86 and its 200 day moving average is $148.73. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.08 and a quick ratio of 0.82.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.80%. The company's quarterly revenue was down 12.4% compared to the same quarter last year. During the same period last year, the company posted $2.55 earnings per share. Research analysts forecast that Chevron will post 10.79 EPS for the current year.

Institutional Trading of Chevron

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Analyst IMS Investment Management Services Ltd. increased its stake in shares of Chevron by 1.0% during the second quarter. Analyst IMS Investment Management Services Ltd. now owns 6,751 shares of the oil and gas company's stock worth $966,000 after purchasing an additional 67 shares in the last quarter. Greenfield Savings Bank increased its stake in shares of Chevron by 0.6% during the second quarter. Greenfield Savings Bank now owns 11,611 shares of the oil and gas company's stock worth $1,663,000 after purchasing an additional 68 shares in the last quarter. Atwater Malick LLC increased its stake in shares of Chevron by 2.4% during the second quarter. Atwater Malick LLC now owns 2,886 shares of the oil and gas company's stock worth $413,000 after purchasing an additional 68 shares in the last quarter. Hubbell Strickland Wealth Management LLC increased its stake in shares of Chevron by 0.7% during the second quarter. Hubbell Strickland Wealth Management LLC now owns 10,081 shares of the oil and gas company's stock worth $1,443,000 after purchasing an additional 68 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of Chevron by 10.3% during the second quarter. Mowery & Schoenfeld Wealth Management LLC now owns 750 shares of the oil and gas company's stock worth $107,000 after purchasing an additional 70 shares in 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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