Bank of America Initiates Coverage on Chevron (NYSE:CVX)

by · The Markets Daily

Bank of America initiated coverage on shares of Chevron (NYSE:CVX – Get Free Report) in a research note issued on Thursday, StockNewsAPI reports. The firm set a “buy” rating and a $168.00 price target on the oil and gas company’s stock. Bank of America‘s price objective suggests a potential upside of 12.99% from the company’s current price.

CVX has been the subject of a number of other research reports. Truist Financial decreased their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. UBS Group upped their price objective on shares of Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Scotiabank cut their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Barclays cut their price objective on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a research report on Thursday, October 3rd. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $174.81.

Read Our Latest Stock Analysis on CVX

Chevron Price Performance

Shares of CVX opened at $148.69 on Thursday. Chevron has a fifty-two week low of $135.37 and a fifty-two week high of $170.17. The firm’s 50 day moving average price is $145.82 and its 200 day moving average price is $153.78. The company has a market cap of $274.03 billion, a P/E ratio of 13.68, a PEG ratio of 2.72 and a beta of 1.09. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same quarter last year, the firm earned $3.08 EPS. The company’s revenue was up 4.7% on a year-over-year basis. On average, research analysts forecast that Chevron will post 11.09 earnings per share for the current fiscal year.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently made changes to their positions in CVX. Anfield Capital Management LLC increased its stake in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after buying an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC increased its stake in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after buying an additional 100 shares during the last quarter. Krane Funds Advisors LLC bought a new stake in shares of Chevron in the third quarter worth $47,000. Dixon Mitchell Investment Counsel Inc. bought a new stake in shares of Chevron in the first quarter worth $55,000. Finally, Richardson Capital Management LLC bought a new stake in shares of Chevron in the first quarter worth $58,000. Institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

(Get Free Report)

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.

Read More