Chevron (NYSE:CVX) Stock Rating Upgraded by Zacks Research

by · The Markets Daily

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

CVX has been the topic of several other research reports. Piper Sandler cut 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. Hsbc Global Res upgraded Chevron from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Raymond James Financial reaffirmed an “outperform” rating and set a $160.00 price objective (down previously from $170.00) on shares of Chevron in a research report on Friday, October 17th. Bank of America dropped their target price on shares of Chevron from $183.00 to $180.00 and set a “buy” rating on the stock in a research report on Thursday, December 11th. Finally, Scotiabank increased their target price on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $166.00.

View Our Latest Research Report on CVX

Chevron Trading Down 0.0%

CVX opened at $150.50 on Tuesday. Chevron has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a fifty day moving average of $152.20 and a 200-day moving average of $152.71. The stock has a market cap of $303.03 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 9.03 and a beta of 0.68. The company has a quick ratio of 0.86, a current ratio of 1.15 and a debt-to-equity ratio of 0.19.

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 the consensus estimate of $1.71 by $0.14. Chevron had a net margin of 6.57% and a return on equity of 8.74%. The business had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. During the same quarter in the previous year, the business earned $2.48 earnings per share. Chevron’s revenue for the quarter was down 1.9% on a year-over-year basis. On average, sell-side analysts predict that Chevron will post 10.79 EPS for the current year.

Insider Transactions at Chevron

In other Chevron news, Director John B. Hess sold 275,000 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $150.75, for a total transaction of $41,456,250.00. Following the completion of the sale, the director owned 1,128,045 shares in the company, valued at approximately $170,052,783.75. The trade was a 19.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wealth Preservation Advisors LLC bought a new position in shares of Chevron in the first quarter valued at approximately $82,000. Truvestments Capital LLC grew its holdings in Chevron by 106.6% during the first quarter. Truvestments Capital LLC now owns 2,173 shares of the oil and gas company’s stock worth $364,000 after buying an additional 1,121 shares in the last quarter. Northstar Financial Companies Inc. raised its position in Chevron by 12.5% in the 1st quarter. Northstar Financial Companies Inc. now owns 10,540 shares of the oil and gas company’s stock valued at $1,763,000 after buying an additional 1,168 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management lifted its stake in Chevron by 13.4% during the 1st quarter. Gerber Kawasaki Wealth & Investment Management now owns 5,516 shares of the oil and gas company’s stock valued at $923,000 after acquiring an additional 651 shares in the last quarter. Finally, TD Capital Management LLC boosted its holdings in Chevron by 12.2% during the 1st quarter. TD Capital Management LLC now owns 1,070 shares of the oil and gas company’s stock worth $179,000 after acquiring an additional 116 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

About Chevron

(Get Free Report)

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.

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