Wells Fargo & Company Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX - Get Free Report) had its price objective hoisted by analysts at Wells Fargo & Company from $165.00 to $178.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas company's stock. Wells Fargo & Company's price target would indicate a potential upside of 14.96% from the company's previous close.

CVX has been the subject of a number of other reports. Mizuho dropped their target price 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. Jefferies Financial Group reissued a "buy" rating on shares of Chevron in a research note on Friday, July 18th. Piper Sandler reissued an "overweight" rating on shares of Chevron in a research note on Tuesday, July 15th. Hsbc Global Res downgraded shares of Chevron from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, BNP Paribas downgraded shares of Chevron to a "cautious" rating in a research note on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $162.13.

Chevron Price Performance

Shares of NYSE CVX traded down $1.00 during trading on Wednesday, reaching $154.84. The company had a trading volume of 7,872,671 shares, compared to its average volume of 12,051,790. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96. The stock has a market cap of $270.40 billion, a PE ratio of 17.70, a PEG ratio of 2.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The business's 50 day moving average price is $145.12 and its 200-day moving average price is $148.83.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the previous year, the firm posted $2.93 earnings per share. The company's revenue was down 2.3% on a year-over-year basis. Analysts expect that Chevron will post 10.79 earnings per share for the current year.

Hedge Funds Weigh In On Chevron

A number of hedge funds and other institutional investors have recently bought and sold shares of CVX. Harvest Fund Management Co. Ltd raised its stake in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the period. Elequin Capital LP bought a new position in shares of Chevron in the first quarter valued at about $31,000. Mizuho Securities Co. Ltd. bought a new position in shares of Chevron in the fourth quarter valued at about $29,000. 10Elms LLP bought a new position in shares of Chevron in the fourth quarter valued at about $29,000. Finally, IFS Advisors LLC raised its position in shares of Chevron by 119.6% in the first quarter. IFS Advisors LLC now owns 213 shares of the oil and gas company's stock valued at $36,000 after purchasing an additional 116 shares during the period. Institutional investors own 72.42% of the company's stock.

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.