Chevron Co. (NYSE:CVX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday. The brokerage presently has a $118.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 14.65% from the company’s previous close.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Being one of the most oil-weighted majors, Chevron is poised to achieve significant share price appreciation following the recent OPEC deal and the subsequent advancement of crude oil. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. The company has been able to boost returns and remain competitive by embarking on aggressive cost reduction initiatives, exiting unprofitable markets and streamlining the organization. The approval of the $37 billion expansion of Kazakhstan's huge Tengiz oilfield also marks an important landmark for CVX, which considers the Central Asian nation a cornerstone of its business. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
A number of other brokerages have also commented on CVX. Vetr lowered shares of Chevron from a “buy” rating to a “hold” rating and set a $106.39 target price on the stock. in a research report on Monday, June 27th. Jefferies Group reiterated a “buy” rating on shares of Chevron in a research note on Friday, August 5th. Barclays PLC reiterated an “equal weight” rating and set a $125.00 price objective on shares of Chevron in a research note on Thursday, July 28th. Simmons upgraded shares of Chevron from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $117.00 in a research note on Tuesday, August 9th. Finally, Credit Suisse Group AG reiterated a “neutral” rating on shares of Chevron in a research note on Tuesday, September 6th. Eleven equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $105.53.
Shares of Chevron (NYSE:CVX) opened at 102.92 on Monday. The stock’s market capitalization is $194.16 billion. Chevron has a 52 week low of $75.33 and a 52 week high of $107.58. The firm’s 50-day moving average is $101.06 and its 200-day moving average is $100.84.
Chevron (NYSE:CVX) last issued its earnings results on Friday, July 29th. The company reported ($0.78) EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $1.10. The company had revenue of $29.28 billion for the quarter, compared to analysts’ expectations of $25.78 billion. Chevron had a positive return on equity of 1.07% and a negative net margin of 0.64%. The business’s revenue was down 27.4% compared to the same quarter last year. During the same period last year, the business posted $0.30 earnings per share. Analysts forecast that Chevron will post $1.29 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.16%. Chevron’s dividend payout ratio (DPR) is presently -1,097.44%.
In other Chevron news, Director Inge G. Thulin bought 487 shares of Chevron stock in a transaction that occurred on Monday, August 15th. The stock was purchased at an average price of $102.87 per share, with a total value of $50,097.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pierre R. Breber sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total transaction of $2,074,170.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Thompson Davis & CO. Inc. boosted its position in shares of Chevron by 322.6% in the second quarter. Thompson Davis & CO. Inc. now owns 955 shares of the company’s stock valued at $100,000 after buying an additional 729 shares during the period. RPg Family Wealth Advisory LLC boosted its position in shares of Chevron by 14.5% in the first quarter. RPg Family Wealth Advisory LLC now owns 1,058 shares of the company’s stock valued at $101,000 after buying an additional 134 shares during the period. Global X Management Co. LLC boosted its position in shares of Chevron by 115.6% in the second quarter. Global X Management Co. LLC now owns 1,158 shares of the company’s stock valued at $121,000 after buying an additional 621 shares during the period. Camarda Financial Advisors LLC acquired a new position in shares of Chevron during the second quarter valued at about $122,000. Finally, Wealthcare Capital Management LLC acquired a new position in shares of Chevron during the second quarter valued at about $128,000. 62.24% of the stock is owned by hedge funds and other institutional investors.
Chevron Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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