Chevron (NYSE:CVX) Cut to Strong Sell at Zacks Research

by · The Markets Daily

Chevron (NYSE:CVX – Get Free Report) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently issued reports on CVX. Bank of America increased their price objective on Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Piper Sandler dropped their target price on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a research report on Monday, November 10th. Evercore ISI restated an “outperform” rating and issued a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Melius assumed coverage on shares of Chevron in a research note on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Finally, Barclays dropped their target price on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. Ten analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $165.58.

Read Our Latest Stock Analysis on CVX

Chevron Trading Down 0.8%

Chevron stock opened at $148.52 on Monday. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The firm has a market capitalization of $299.06 billion, a price-to-earnings ratio of 19.12, a P/E/G ratio of 4.40 and a beta of 0.83. The company has a 50 day moving average price of $154.46 and a 200 day moving average price of $151.11.

Chevron (NYSE:CVX – Get Free Report) last released its earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The company had revenue of $48.17 billion during the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.48 earnings per share. Research analysts forecast that Chevron will post 10.79 EPS for the current year.

Insider Transactions at Chevron

In related news, Director John B. Hess sold 275,000 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $150.75, for a total value of $41,456,250.00. Following the completion of the transaction, the director owned 1,128,045 shares of the company’s stock, valued at $170,052,783.75. This represents a 19.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Alana K. Knowles sold 3,978 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. The trade was a 77.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company’s stock.

Institutional Trading of Chevron

Several hedge funds have recently modified their holdings of CVX. Solitude Financial Services grew its position in shares of Chevron by 8.2% in the 2nd quarter. Solitude Financial Services now owns 25,325 shares of the oil and gas company’s stock valued at $3,626,000 after purchasing an additional 1,913 shares during the period. Shell Asset Management Co. boosted its holdings in shares of Chevron by 21.4% in the second quarter. Shell Asset Management Co. now owns 51,115 shares of the oil and gas company’s stock valued at $7,319,000 after buying an additional 9,002 shares during the period. Mutual Advisors LLC boosted its holdings in shares of Chevron by 7.3% in the second quarter. Mutual Advisors LLC now owns 88,759 shares of the oil and gas company’s stock valued at $13,743,000 after buying an additional 6,058 shares during the period. Costello Asset Management INC increased its position in shares of Chevron by 26.9% during the second quarter. Costello Asset Management INC now owns 16,694 shares of the oil and gas company’s stock worth $2,390,000 after acquiring an additional 3,541 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in Chevron by 25.7% in the 1st quarter. Jones Financial Companies Lllp now owns 697,011 shares of the oil and gas company’s stock worth $115,887,000 after purchasing an additional 142,662 shares during the period. Institutional investors and hedge funds 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.

Featured Articles