Vetr cut shares of Chevron Corp. (NYSE:CVX) from a strong-buy rating to a buy rating in a report published on Monday. They currently have $112.29 price objective on the stock.
A number of other analysts have also recently issued reports on CVX. Credit Suisse Group AG reaffirmed a neutral rating and issued a $105.00 price objective on shares of Chevron Corp. in a research report on Saturday, August 13th. Jefferies Group reaffirmed a buy rating on shares of Chevron Corp. in a research report on Friday, August 5th. Simmons raised Chevron Corp. from a neutral rating to an overweight rating and raised their price objective for the company from $110.00 to $117.00 in a research report on Tuesday, August 9th. Zacks Investment Research upgraded Chevron Corp. from a hold rating to a buy rating and set a $118.00 target price on the stock in a research note on Tuesday, July 12th. Finally, Exane BNP Paribas initiated coverage on Chevron Corp. in a research note on Monday. They set a neutral rating and a $102.00 target price on the stock. Thirteen investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $105.09.
Shares of Chevron Corp. (NYSE:CVX) traded down 0.8572% during mid-day trading on Monday, reaching $103.0887. The company had a trading volume of 938,039 shares. The firm’s 50 day moving average is $101.02 and its 200-day moving average is $101.21. The stock’s market capitalization is $194.48 billion. Chevron Corp. has a 12-month low of $75.33 and a 12-month high of $107.58.
Chevron Corp. (NYSE:CVX) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by $1.10. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. The business earned $29.28 billion during the quarter, compared to analyst estimates of $25.78 billion. During the same period in the previous year, the business earned $0.30 earnings per share. The business’s quarterly revenue was down 27.4% on a year-over-year basis. On average, analysts expect that Chevron Corp. will post $1.31 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 given a dividend of $1.07 per share. The ex-dividend date was Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.12%. Chevron Corp.’s payout ratio is -1,097.44%.
In related news, insider Michael K. Wirth sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $100.47, for a total transaction of $12,558,750.00. Following the transaction, the insider now directly owns 4,222 shares of the company’s stock, valued at approximately $424,184.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Pierre R. Breber sold 21,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total value of $2,074,170.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock worth $13,087,581,000 after buying an additional 2,824,724 shares during the period. State Street Corp increased its position in Chevron Corp. by 1.2% in the first quarter. State Street Corp now owns 110,199,640 shares of the company’s stock worth $10,513,045,000 after buying an additional 1,318,854 shares during the period. FMR LLC increased its position in Chevron Corp. by 0.5% in the second quarter. FMR LLC now owns 49,878,624 shares of the company’s stock worth $5,228,775,000 after buying an additional 250,410 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Chevron Corp. by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 49,644,363 shares of the company’s stock worth $4,736,072,000 after buying an additional 987,259 shares during the period. Finally, Capital World Investors increased its position in Chevron Corp. by 0.8% in the second quarter. Capital World Investors now owns 40,135,747 shares of the company’s stock worth $4,207,430,000 after buying an additional 321,100 shares during the period. 62.24% of the stock is currently owned by institutional investors and hedge funds.
About Chevron Corp.
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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