Chevron (NYSE:CVX) Stock Price Target Lowered at Sanford C. Bernstein

Chevron (NYSE:CVX) had its price target decreased by equities researchers at Sanford C. Bernstein from $248.00 to $233.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the oil and gas company’s stock. Sanford C. Bernstein‘s price objective indicates a potential upside of 9.28% from the company’s current price.

Other analysts have also issued research reports about the stock. Barclays raised their price objective on shares of Chevron from $208.00 to $244.00 and gave the stock an “equal weight” rating in a report on Monday, November 2nd. Royal Bank Of Canada boosted their target price on Chevron from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, September 24th. The Goldman Sachs Group restated a “buy” rating and set a $241.00 price target on shares of Chevron in a research report on Tuesday, October 20th. Wells Fargo & Company raised their price target on Chevron from $230.00 to $268.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Finally, Weiss Ratings cut Chevron from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $222.81.

Chevron Stock Up 0.9%

CVX opened at $213.21 on Thursday. The firm has a market cap of $419.05 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 0.49 and a beta of 0.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.07 and a current ratio of 1.34. The firm’s 50-day simple moving average is $215.23 and its 200-day simple moving average is $195.08. Chevron has a twelve month low of $146.49 and a twelve month high of $236.48.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.87 by $0.41. The firm had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The firm’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period last year, the firm posted $1.85 EPS. Equities research analysts anticipate that Chevron will post 18.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Michael Wirth sold 317,100 shares of the company’s 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 in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the insider directly owned 8,791 shares in the company, valued at $1,992,480.15. This trade represents a 82.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 379,470 shares of company stock valued at $77,216,415. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CVX. BlackRock Inc. bought a new stake in shares of Chevron during the second quarter worth $25,663,729,000. Bank of New York Mellon Corp acquired a new position in shares of Chevron during the second quarter valued at $2,378,114,000. Legal & General Group Plc bought a new position in Chevron in the second quarter valued at about $1,462,412,000. Deutsche Bank AG bought a new position in Chevron in the second quarter valued at about $1,189,577,000. Finally, State Street Corp boosted its holdings in Chevron by 3.9% in the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.