Chevron (NYSE:CVX) Upgraded to “Buy” at Societe Generale

Chevron (NYSE:CVXGet Rating) was upgraded by equities research analysts at Societe Generale from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Marketbeat reports.

A number of other equities research analysts also recently weighed in on the company. Bank of America raised their price objective on Chevron from $178.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, August 1st. Piper Sandler dropped their price objective on Chevron from $213.00 to $189.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. Morgan Stanley raised their price objective on Chevron from $185.00 to $190.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 19th. Credit Suisse Group raised their price objective on Chevron from $190.00 to $202.00 and gave the company an “outperform” rating in a research report on Thursday, June 9th. Finally, Cowen decreased their price target on Chevron from $179.00 to $160.00 and set an “outperform” rating for the company in a research note on Friday, July 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.00.

Chevron Price Performance

CVX opened at $153.64 on Thursday. Chevron has a 12-month low of $92.86 and a 12-month high of $182.40. The company has a current ratio of 1.43, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. The business’s fifty day simple moving average is $154.37 and its 200-day simple moving average is $155.35. The company has a market capitalization of $301.87 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 0.63 and a beta of 1.15.

Chevron (NYSE:CVXGet Rating) last posted its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.66 by $1.16. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The business had revenue of $68.76 billion for the quarter, compared to the consensus estimate of $57.69 billion. During the same quarter in the prior year, the company earned $1.71 EPS. The business’s revenue was up 82.9% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron will post 17.51 earnings per share for the current fiscal year.

Insider Activity at Chevron

In other Chevron news, EVP Mark A. Nelson sold 117,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total value of $18,721,778.00. Following the sale, the executive vice president now directly owns 788 shares of the company’s stock, valued at $125,662.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Chevron news, EVP Mark A. Nelson sold 117,400 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $159.47, for a total value of $18,721,778.00. Following the sale, the executive vice president now directly owns 788 shares of the company’s stock, valued at $125,662.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Enrique Hernandez, Jr. sold 39,773 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $173.99, for a total value of $6,920,104.27. Following the completion of the sale, the director now directly owns 22,978 shares in the company, valued at $3,997,942.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 399,043 shares of company stock worth $67,010,843. 0.32% of the stock is owned by corporate insiders.

Institutional Trading of Chevron

A number of institutional investors have recently made changes to their positions in the company. Halbert Hargrove Global Advisors LLC boosted its stake in shares of Chevron by 10.5% in the second quarter. Halbert Hargrove Global Advisors LLC now owns 2,756 shares of the oil and gas company’s stock worth $399,000 after acquiring an additional 263 shares during the last quarter. Coastal Bridge Advisors LLC boosted its stake in Chevron by 24.7% during the second quarter. Coastal Bridge Advisors LLC now owns 6,831 shares of the oil and gas company’s stock worth $989,000 after buying an additional 1,353 shares during the last quarter. Ascent Group LLC boosted its stake in Chevron by 5.7% during the second quarter. Ascent Group LLC now owns 24,023 shares of the oil and gas company’s stock worth $3,934,000 after buying an additional 1,291 shares during the last quarter. Wealth Advisors Inc. acquired a new position in Chevron during the second quarter worth $215,000. Finally, Lindenwold Advisors boosted its stake in Chevron by 0.7% during the second quarter. Lindenwold Advisors now owns 14,611 shares of the oil and gas company’s stock worth $2,115,000 after buying an additional 99 shares during the last quarter. 65.89% of the stock is owned by institutional investors and hedge funds.

Chevron Company Profile

(Get Rating)

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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