UBS Group Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Key Points

• UBS Group has increased its price target for Chevron (NYSE:CVX) from $186.00 to $197.00, indicating a potential upside of 28.76% from the current stock price.
• While UBS maintains a "buy" rating, other analysts have varied opinions, with target prices ranging from $124.00 to $178.00, reflecting mixed sentiment on Chevron's stock performance.
• Chevron's stock recently traded at $152.99, with a 12-month low of $132.04 and a high of $168.96, amidst various changes in institutional investment positions.

Chevron (NYSE:CVX - Free Report) had its target price increased by UBS Group from $186.00 to $197.00 in a report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the oil and gas company's stock.

A number of other equities research analysts also recently commented on CVX. Melius Research started coverage on Chevron in a research report on Wednesday. They issued a "hold" rating and a $155.00 target price on the stock. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective for the company. in a research report on Tuesday, May 6th. Morgan Stanley initiated coverage on Chevron in a research report on Monday, August 4th. They set an "overweight" rating and a $174.00 price objective for the company. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a research report on Friday, July 18th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $160.00 price objective (up from $143.00) on shares of Chevron in a research report on Friday, July 11th. Eleven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $163.95.

Chevron Price Performance

Shares of NYSE:CVX traded up $1.8340 during trading on Wednesday, reaching $157.3840. The stock had a trading volume of 1,865,953 shares, compared to its average volume of 9,306,172. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The business has a fifty day moving average price of $150.97 and a 200-day moving average price of $148.63. The stock has a market cap of $271.96 billion, a PE ratio of 20.27, a PEG ratio of 2.27 and a beta of 0.87. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data 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. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The firm had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter last year, the business posted $2.55 earnings per share. The firm's revenue was down 12.4% compared to the same quarter last year. On average, equities analysts forecast that Chevron will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron's dividend payout ratio is 88.03%.

Hedge Funds Weigh In On Chevron

Large investors have recently modified their holdings of the business. Sage Capital Advisors llc grew its holdings in Chevron by 2.2% during the 1st quarter. Sage Capital Advisors llc now owns 42,421 shares of the oil and gas company's stock valued at $7,097,000 after buying an additional 919 shares during the last quarter. CCG Wealth Management LLC grew its holdings in Chevron by 2.3% during the 1st quarter. CCG Wealth Management LLC now owns 6,334 shares of the oil and gas company's stock valued at $1,060,000 after buying an additional 145 shares during the last quarter. Ignite Planners LLC boosted its holdings in shares of Chevron by 14.1% during the first quarter. Ignite Planners LLC now owns 12,316 shares of the oil and gas company's stock worth $2,060,000 after purchasing an additional 1,519 shares during the last quarter. Vista Capital Partners Inc. boosted its holdings in shares of Chevron by 9.1% during the first quarter. Vista Capital Partners Inc. now owns 5,938 shares of the oil and gas company's stock worth $993,000 after purchasing an additional 495 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of Chevron by 0.5% during the first quarter. Oregon Public Employees Retirement Fund now owns 143,914 shares of the oil and gas company's stock worth $24,075,000 after purchasing an additional 675 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

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.