Chevron (NYSE:CVX) Price Target Raised to $244.00

Chevron (NYSE:CVX) had its price objective lifted by Barclays from $208.00 to $244.00 in a report published on Monday,Benzinga reports. Barclays currently has an equal weight rating on the oil and gas company’s stock.

Other research analysts have also issued research reports about the company. Sanford C. Bernstein raised their target price on Chevron from $204.00 to $209.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Raymond James Financial cut their price objective on shares of Chevron from $230.00 to $225.00 and set an “outperform” rating on the stock in a report on Tuesday, July 21st. BMO Capital Markets upped their target price on shares of Chevron from $210.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, September 3rd. Morgan Stanley increased their target price on shares of Chevron from $226.00 to $230.00 and gave the company an “overweight” rating in a report on Monday. Finally, BNP Paribas Exane lowered their target price on shares of Chevron from $230.00 to $224.00 and set an “outperform” rating for the company in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $222.04.

Chevron Price Performance

CVX stock opened at $216.94 on Monday. The company has a market capitalization of $428.63 billion, a P/E ratio of 15.79, a price-to-earnings-growth ratio of 0.53 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. Chevron has a 52-week low of $146.49 and a 52-week high of $236.48. The business has a 50-day simple moving average of $214.40 and a two-hundred day simple moving average of $193.93.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, topping analysts’ consensus estimates of $4.87 by $0.41. The firm had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.85 EPS. Research analysts expect that Chevron will post 18.26 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Wednesday, November 18th. Chevron’s payout ratio is presently 52.08%.

Insider Buying and Selling at Chevron

In other news, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the completion of the transaction, the insider directly owned 8,791 shares of the company’s stock, valued at $1,992,480.15. This represents a 82.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Wirth sold 317,100 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 379,470 shares of company stock worth $77,216,415 over the last three months. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chevron

Institutional investors have recently bought and sold shares of the company. Main Street Group LTD bought a new position in Chevron during the first quarter worth about $28,000. Kilter Group LLC purchased a new position in shares of Chevron in the second quarter worth about $28,000. Principia Wealth Advisory LLC increased its stake in shares of Chevron by 49.6% in the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 60 shares in the last quarter. Strategic Wealth Advisors LLC bought a new stake in shares of Chevron in the second quarter valued at approximately $33,000. Finally, Burk Holdings LLC bought a new stake in shares of Chevron in the second quarter valued at approximately $42,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s third-quarter results were highlighted as strong, with refining strength and cost discipline supporting debt reduction and increased share buybacks. These actions may support shareholder returns. Why ExxonMobil and Chevron Reminded Investors to Keep it Simple
• Positive Sentiment: Chevron advanced talks on Iraq’s West Qurna 2 oilfield and is pursuing additional exploration opportunities, potentially expanding its upstream growth prospects. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Negative Sentiment: Oil stocks, including Chevron, sold off after Democrats won the Senate in the midterm elections. The market reaction put pressure on the sector, rather than reflecting a newly reported problem at Chevron. Oil Stocks Take a Beating on Midterm Results
• Negative Sentiment: Commentary that oil’s price surge may have peaked—and that crude may not return to $100—added to concerns about future energy-sector earnings. The article also notes that a sudden geopolitical shock could reverse that outlook. What Election Night Could Mean for Energy Stocks

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.