Raymond James Raises Chevron (NYSE:CVX) Price Target to $174.00

Chevron (NYSE:CVX) had its price target hoisted by Raymond James from $170.00 to $174.00 in a research report report published on Monday morning, Benzinga reports. Raymond James currently has an outperform rating on the oil and gas company’s stock.

Several other brokerages also recently issued reports on CVX. Piper Sandler lowered their price target on Chevron from $188.00 to $180.00 and set an overweight rating on the stock in a research report on Thursday, March 14th. Jefferies Financial Group raised Chevron from a hold rating to a buy rating and set a $184.00 price target on the stock in a research report on Monday, January 8th. Wells Fargo & Company raised their price target on Chevron from $185.00 to $198.00 and gave the company an overweight rating in a research report on Thursday, April 4th. Truist Financial lowered their price target on Chevron from $168.00 to $156.00 and set a hold rating on the stock in a research report on Friday, April 5th. Finally, Royal Bank of Canada lifted their target price on Chevron from $185.00 to $190.00 and gave the stock an outperform rating in a research report on Monday, February 5th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Chevron currently has an average rating of Moderate Buy and a consensus target price of $183.55.

Chevron Price Performance

NYSE CVX opened at $156.38 on Monday. Chevron has a fifty-two week low of $139.62 and a fifty-two week high of $172.39. The stock’s 50-day moving average is $155.19 and its two-hundred day moving average is $151.86. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. The firm has a market cap of $290.44 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 2.37 and a beta of 1.12.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.26. The company had revenue of $47.18 billion for the quarter, compared to the consensus estimate of $50.93 billion. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm’s revenue was down 16.5% compared to the same quarter last year. During the same period last year, the business posted $4.09 earnings per share. On average, analysts anticipate that Chevron will post 13.28 earnings per share for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.17%. This is an increase from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. Chevron’s payout ratio is presently 57.39%.

Insider Activity

In other news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at $44,184.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CVX. Cantor Fitzgerald Investment Advisor L.P raised its stake in shares of Chevron by 85.1% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 159,115 shares of the oil and gas company’s stock valued at $25,908,000 after acquiring an additional 73,141 shares during the last quarter. Axiom Financial Strategies LLC raised its position in Chevron by 25.2% in the 1st quarter. Axiom Financial Strategies LLC now owns 7,335 shares of the oil and gas company’s stock worth $1,155,000 after purchasing an additional 1,476 shares during the last quarter. GQG Partners LLC raised its position in Chevron by 4.7% in the 1st quarter. GQG Partners LLC now owns 40,538 shares of the oil and gas company’s stock worth $6,598,000 after purchasing an additional 1,813 shares during the last quarter. Lumature Wealth Partners LLC raised its position in Chevron by 43.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 5,837 shares of the oil and gas company’s stock worth $950,000 after purchasing an additional 1,770 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Chevron by 13.8% in the 1st quarter. First Trust Advisors LP now owns 2,068,600 shares of the oil and gas company’s stock worth $336,830,000 after purchasing an additional 250,840 shares during the last quarter. 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.