Chevron Corp. (CVX) Upgraded by Vetr Inc. to Strong-Buy
Vetr upgraded shares of Chevron Corp. (NYSE:CVX) from a buy rating to a strong-buy rating in a research report sent to investors on Wednesday morning. They currently have $119.79 target price on the stock.
A number of other research firms also recently issued reports on CVX. Jefferies Group reaffirmed a buy rating on shares of Chevron Corp. in a research report on Friday, August 5th. Barclays PLC reaffirmed an equal weight rating and issued a $125.00 target price on shares of Chevron Corp. in a research report on Thursday, July 28th. Simmons raised Chevron Corp. from a neutral rating to an overweight rating and lifted their target price for the company from $110.00 to $117.00 in a research report on Tuesday, August 9th. Credit Suisse Group AG reaffirmed a neutral rating on shares of Chevron Corp. in a research report on Tuesday, September 6th. Finally, JPMorgan Chase & Co. reaffirmed an overweight rating and issued a $117.00 target price on shares of Chevron Corp. in a research report on Monday. Twelve equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $105.53.
Chevron Corp. (NYSE:CVX) opened at 102.15 on Wednesday. The firm has a 50-day moving average price of $100.98 and a 200-day moving average price of $100.77. Chevron Corp. has a 52 week low of $75.33 and a 52 week high of $107.58. The stock’s market cap is $192.71 billion.
Chevron Corp. (NYSE:CVX) last released its earnings results on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by $1.10. The company earned $29.28 billion during the quarter, compared to analyst estimates of $25.78 billion. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. Chevron Corp.’s revenue was down 27.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.30 EPS. On average, equities research analysts predict that Chevron Corp. will post $1.29 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were paid a $1.07 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.19%. Chevron Corp.’s dividend payout ratio is -1,097.44%.
In other news, Director Inge G. Thulin purchased 487 shares of the business’s stock in a transaction on Monday, August 15th. The shares were acquired at an average price of $102.87 per share, with a total value of $50,097.69. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeanette L. Ourada sold 7,000 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $101.70, for a total transaction of $711,900.00. Following the sale, the insider now directly owns 7,535 shares in the company, valued at approximately $766,309.50. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. Thompson Davis & CO. Inc. boosted its stake in shares of Chevron Corp. by 322.6% in the second quarter. Thompson Davis & CO. Inc. now owns 955 shares of the company’s stock worth $100,000 after buying an additional 729 shares during the period. RPg Family Wealth Advisory LLC boosted its position in Chevron Corp. by 14.5% in the first quarter. RPg Family Wealth Advisory LLC now owns 1,058 shares of the company’s stock worth $101,000 after buying an additional 134 shares during the period. Global X Management Co. LLC boosted its position in Chevron Corp. by 115.6% in the second quarter. Global X Management Co. LLC now owns 1,158 shares of the company’s stock worth $121,000 after buying an additional 621 shares during the period. Camarda Financial Advisors LLC bought a new position in Chevron Corp. during the second quarter worth about $122,000. Finally, Wealthcare Capital Management LLC bought a new position in Chevron Corp. during the second quarter worth about $128,000. 62.24% of the stock is currently owned by institutional investors and hedge funds.
About Chevron Corp.
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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