Royal Bank Of Canada Boosts Chevron (NYSE:CVX) Price Target to $220.00
by Tristan Rich · The Markets DailyChevron (NYSE:CVX – Get Free Report) had its target price lifted by research analysts at Royal Bank Of Canada from $200.00 to $220.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 15.48% from the stock’s current price.
A number of other research firms have also recently commented on CVX. Melius Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research report on Tuesday, February 17th. Zacks Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 3rd. Piper Sandler upped their price objective on shares of Chevron from $179.00 to $242.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. TD Cowen lowered their price objective on shares of Chevron from $214.00 to $204.00 and set a “hold” rating for the company in a research report on Monday. Finally, Wells Fargo & Company upped their price objective on shares of Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $192.79.
Check Out Our Latest Analysis on Chevron
Chevron Trading Up 1.0%
Shares of CVX traded up $1.96 during trading hours on Monday, reaching $190.51. The stock had a trading volume of 2,335,961 shares, compared to its average volume of 12,987,605. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.21. Chevron has a 52 week low of $132.33 and a 52 week high of $214.71. The firm has a 50-day moving average of $191.51 and a 200 day moving average of $168.12. The company has a market cap of $379.55 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.40 and a beta of 0.60.
Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 7.89%. The business had revenue of $45.79 billion during the quarter, compared to analysts’ expectations of $48.18 billion. During the same quarter in the prior year, the company earned $2.06 EPS. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. On average, sell-side analysts expect that Chevron will post 10.79 earnings per share for the current fiscal year.
Insider Activity
In other Chevron news, insider R. Hewitt Pate sold 58,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $188.65, for a total transaction of $10,941,700.00. Following the completion of the transaction, the insider owned 8,558 shares in the company, valued at approximately $1,614,466.70. This represents a 87.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the transaction, the insider owned 11,337 shares of the company’s stock, valued at approximately $2,130,449.04. This trade represents a 92.49% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 782,607 shares of company stock worth $146,510,571. 0.20% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Chevron
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after buying an additional 27,961,463 shares during the last quarter. Norges Bank acquired a new position in shares of Chevron during the 4th quarter worth about $3,727,586,000. State Street Corp boosted its stake in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc boosted its stake in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Finally, Primecap Management Co. CA acquired a new position in shares of Chevron during the 3rd quarter worth about $988,083,000. Institutional investors own 72.42% of the company’s stock.
About Chevron
Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.
Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.