Zacks Investment Research Upgrades Chevron (NYSE:CVX) to “Buy”

Chevron (NYSE:CVX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, November 17th. The firm presently has a $129.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 7.85% from the company’s current price.

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.”

CVX has been the subject of a number of other reports. Morgan Stanley upped their price objective on Chevron from $120.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 18th. Barclays increased their price target on Chevron from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, October 10th. Piper Jaffray Companies set a $119.00 price objective on Chevron and gave the stock a “buy” rating in a research note on Friday, August 25th. Jefferies Group set a $130.00 price objective on Chevron and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Finally, Scotiabank reissued a “buy” rating on shares of Chevron in a report on Friday, September 15th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $121.22.

Shares of Chevron (NYSE CVX) traded down $0.78 during trading on Friday, reaching $119.61. The company’s stock had a trading volume of 4,852,512 shares, compared to its average volume of 5,622,893. The company has a market cap of $229,520.33, a P/E ratio of 33.85, a PEG ratio of 3.94 and a beta of 1.21. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.23. Chevron has a 12 month low of $102.55 and a 12 month high of $122.30.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 EPS. equities analysts anticipate that Chevron will post 4.38 EPS for the current year.

In other Chevron news, Vice Chairman Michael K. Wirth sold 1,229 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total transaction of $145,022.00. Following the transaction, the insider now owns 1,229 shares in the company, valued at approximately $145,022. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pierre R. Breber sold 23,250 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $119.00, for a total value of $2,766,750.00. Following the transaction, the insider now owns 42,182 shares in the company, valued at approximately $5,019,658. The disclosure for this sale can be found here. Insiders sold a total of 314,000 shares of company stock valued at $36,540,822 over the last three months. Company insiders own 0.38% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. Vanguard Group Inc. lifted its stake in shares of Chevron by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after purchasing an additional 3,920,240 shares during the period. BlackRock Inc. lifted its stake in shares of Chevron by 1.6% during the 2nd quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock worth $13,007,759,000 after purchasing an additional 1,975,865 shares during the period. State Street Corp lifted its stake in shares of Chevron by 1.1% during the 1st quarter. State Street Corp now owns 118,769,549 shares of the oil and gas company’s stock worth $12,752,287,000 after purchasing an additional 1,261,078 shares during the period. Capital World Investors lifted its stake in shares of Chevron by 9.8% during the 2nd quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock worth $3,708,603,000 after purchasing an additional 3,182,250 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Chevron by 0.6% during the 2nd quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock worth $2,728,558,000 after purchasing an additional 157,021 shares during the period. Institutional investors own 63.93% of the company’s stock.

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About Chevron

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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