Chevron Corporation (NYSE:CVX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “The second-largest U.S. oil producer beat Q3 expectations amid the recovery in commodity prices and robust refining profits. More importantly, Chevron was able to cover its investment and payouts with cash from operations – something investors really want right now. With crude prices firming and Chevron being one of the most oilweighted majors, the company's profits got an expected boost. Stronger refining margins also helped increase earnings. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. However, we remain worried over signs of headwind in Chevron's U.S. production. Chevron's exposure to production in the vulnerable and violence-prone regions in Nigeria poses additional risk. Hence, we advise investors to wait for a better entry point before buying shares in the oil major.”
Other research analysts have also issued research reports about the stock. TheStreet raised shares of Chevron Corporation from a “c+” rating to a “b” rating in a research report on Monday, October 23rd. Credit Suisse Group set a $123.00 price target on shares of Chevron Corporation and gave the stock a “buy” rating in a research report on Friday, August 25th. Jefferies Group LLC reissued a “buy” rating and issued a $135.00 price target on shares of Chevron Corporation in a research report on Wednesday, August 23rd. BMO Capital Markets set a $120.00 price objective on shares of Chevron Corporation and gave the stock a “buy” rating in a report on Sunday, July 30th. Finally, Citigroup Inc. dropped their price objective on shares of Chevron Corporation from $129.00 to $118.00 and set a “buy” rating for the company in a report on Friday, July 21st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $120.63.
Shares of Chevron Corporation (NYSE CVX) traded up $0.05 during trading hours on Tuesday, reaching $117.23. 4,279,200 shares of the company were exchanged, compared to its average volume of 5,663,813. The company has a market capitalization of $222,568.64, a PE ratio of 32.82, a PEG ratio of 3.91 and a beta of 1.22. Chevron Corporation has a 12-month low of $102.55 and a 12-month high of $120.89. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 0.84.
Chevron Corporation (NYSE:CVX) last released its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.04. Chevron Corporation had a net margin of 4.79% and a return on equity of 4.59%. The company had revenue of $36.21 billion during the quarter, compared to analysts’ expectations of $34.06 billion. During the same period in the prior year, the company earned $0.68 earnings per share. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. equities analysts anticipate that Chevron Corporation will post 4.28 earnings per share for the current year.
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In related news, VP R. Hewitt Pate sold 25,500 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now directly owns 25,500 shares in the company, valued at approximately $3,060,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Linnet F. Deily sold 2,312 shares of the company’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $107.38, for a total transaction of $248,262.56. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 50,000 shares of company stock valued at $6,590 and sold 29,041 shares valued at $3,453,285. 0.38% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVX. Shine Investment Advisory Services Inc. acquired a new position in Chevron Corporation in the 2nd quarter valued at approximately $106,000. Thompson Davis & CO. Inc. boosted its stake in shares of Chevron Corporation by 20.0% in the 1st quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 191 shares during the last quarter. Winfield Associates Inc. boosted its stake in shares of Chevron Corporation by 5.1% in the 2nd quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after purchasing an additional 63 shares during the last quarter. Daiwa SB Investments Ltd. boosted its stake in shares of Chevron Corporation by 438.5% in the 2nd quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 1,140 shares during the last quarter. Finally, Acrospire Investment Management LLC boosted its stake in shares of Chevron Corporation by 133.3% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 63.03% of the company’s stock.
Chevron Corporation Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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