Weiss Ratings Reaffirms "Hold (C)" Rating for Chevron (NYSE:CVX)

Key Points

• Weiss Ratings has reaffirmed its "Hold (C)" rating for Chevron (NYSE:CVX), indicating a cautious outlook for the stock.
• Chevron's stock is currently trading at $153.76, and it has a consensus price target of $165.15 based on analyst ratings.
• Chevron reported earnings per share of $1.77 last quarter, exceeding estimates but down 12.4% year-over-year.

Chevron (NYSE:CVX - Get Free Report)'s stock had its "hold (c)" rating reaffirmed by equities researchers at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts have also recently issued reports on CVX. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They set a "hold" rating and a $155.00 price target for the company. Mizuho dropped their price objective on Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Wells Fargo & Company reissued an "overweight" rating and set a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Melius began coverage on Chevron in a research report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price for the company. Finally, Raymond James Financial restated an "outperform" rating on shares of Chevron in a research report on Friday, August 1st. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, Chevron currently has a consensus rating of "Hold" and a consensus price target of $165.15.

Chevron Stock Down 0.7%

Shares of NYSE CVX traded down $1.15 during midday trading on Wednesday, reaching $153.76. 5,652,452 shares of the company's stock were exchanged, compared to its average volume of 7,055,365. 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 stock has a market capitalization of $265.70 billion, a PE ratio of 19.79, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. Chevron has a 52-week low of $132.04 and a 52-week high of $168.96. The business's fifty day moving average price is $156.15 and its two-hundred day moving average price is $148.88.

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

Insider Activity

In related news, Director John B. Hess sold 375,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of the company's stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.21% of the company's stock.

Institutional Investors Weigh In On Chevron

Hedge funds have recently modified their holdings of the company. Harvest Fund Management Co. Ltd lifted its stake in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in Chevron in the 1st quarter valued at approximately $31,000. Quaker Wealth Management LLC grew its stake in shares of Chevron by 197.7% in the second quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company's stock worth $31,000 after acquiring an additional 439 shares in the last quarter. Vermillion & White Wealth Management Group LLC grew its stake in shares of Chevron by 86.1% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company's stock worth $37,000 after acquiring an additional 118 shares in the last quarter. Finally, IMG Wealth Management Inc. lifted its position in shares of Chevron by 52.3% during the 2nd quarter. IMG Wealth Management Inc. now owns 265 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 91 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.