Zacks Investment Research upgraded shares of Chevron Corporation (NYSE:CVX) from a hold rating to a buy rating in a research report report published on Friday. Zacks Investment Research currently has $129.00 price objective on the oil and gas company’s stock.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Importantly, during the most recent quarter, 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 oil-weighted 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, multiyear projects. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
A number of other research firms also recently weighed in on CVX. Jefferies Group LLC reissued a buy rating and set a $137.00 target price (up from $113.54) on shares of Chevron Corporation in a research report on Monday, October 30th. Piper Jaffray Companies reissued a buy rating on shares of Chevron Corporation in a research report on Thursday, August 3rd. BidaskClub downgraded Chevron Corporation from a sell rating to a strong sell rating in a research report on Monday, July 24th. Citigroup Inc. lifted their target price on Chevron Corporation from $118.00 to $128.00 and gave the stock a buy rating in a research report on Monday, October 30th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a buy rating and set a $123.00 price objective (up from $118.00) on shares of Chevron Corporation in a report on Tuesday, September 19th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $120.54.
Shares of Chevron Corporation (CVX) opened at $114.72 on Friday. Chevron Corporation has a 1 year low of $102.55 and a 1 year high of $120.89. The firm has a market capitalization of $217,900.00, a PE ratio of 32.13, a P/E/G ratio of 3.83 and a beta of 1.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 1.04.
Chevron Corporation (NYSE:CVX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. Chevron Corporation had a return on equity of 4.59% and a net margin of 4.79%. The business had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. During the same period last year, the business earned $0.68 earnings per share. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. analysts anticipate that Chevron Corporation will post 4.28 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 17th will be given a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Thursday, November 16th. Chevron Corporation’s dividend payout ratio (DPR) is presently 125.95%.
In other Chevron Corporation news, VP R. Hewitt Pate sold 25,500 shares of the company’s stock in a transaction 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 sale, the vice president now owns 25,500 shares in the company, valued at approximately $3,060,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 13,143 shares of the company’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $115.01, for a total transaction of $1,511,576.43. Following the sale, the chief financial officer now owns 17,981 shares of the company’s stock, valued at approximately $2,067,994.81. The disclosure for this sale can be found here. Insiders sold a total of 63,122 shares of company stock valued at $7,433,361 in the last 90 days. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Chevron Corporation by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after acquiring an additional 3,920,240 shares during the last quarter. BlackRock Inc. raised its position in shares of Chevron Corporation by 1.6% during the 2nd quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after acquiring an additional 1,975,865 shares during the last quarter. State Street Corp raised its position in shares of Chevron Corporation by 1.1% during the 1st quarter. State Street Corp now owns 118,769,549 shares of the oil and gas company’s stock valued at $12,752,287,000 after acquiring an additional 1,261,078 shares during the last quarter. Capital World Investors raised its position in shares of Chevron Corporation by 9.8% during the 2nd quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after acquiring an additional 3,182,250 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Chevron Corporation by 0.6% during the 2nd quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after acquiring an additional 157,021 shares during the last quarter. Institutional investors own 63.15% of the company’s stock.
About Chevron Corporation
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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