Chevron Corp. (CVX) Upgraded by Zacks Investment Research to “Strong-Buy”
Zacks Investment Research upgraded shares of Chevron Corp. (NYSE:CVX) from a hold rating to a strong-buy rating in a research report released on Monday morning. The brokerage currently has $118.00 target price on the stock.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Being one of the most oil-weighted majors, Chevron is poised to achieve significant share price appreciation following the recent OPEC deal and the subsequent advancement of crude oil. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. The company has been able to boost returns and remain competitive by embarking on aggressive cost reduction initiatives, exiting unprofitable markets and streamlining the organization. The approval of the $37 billion expansion of Kazakhstan's huge Tengiz oilfield also marks an important landmark for CVX, which considers the Central Asian nation a cornerstone of its business. 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 equities analysts have also recently commented on CVX. Vetr cut shares of Chevron Corp. from a buy rating to a hold rating and set a $106.39 price objective for the company. in a research note on Monday, June 27th. Credit Suisse Group AG reissued a neutral rating and issued a $105.00 price objective on shares of Chevron Corp. in a research note on Saturday, August 13th. Morgan Stanley reissued a hold rating and issued a $85.00 price objective on shares of Chevron Corp. in a research note on Wednesday, June 8th. Jefferies Group reaffirmed a buy rating on shares of Chevron Corp. in a research note on Friday, August 5th. Finally, Simmons raised shares of Chevron Corp. from a neutral rating to an overweight rating and lifted their price target for the stock from $110.00 to $117.00 in a research note on Tuesday, August 9th. Eleven investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $105.53.
Shares of Chevron Corp. (NYSE:CVX) traded down 0.33% during trading on Monday, hitting $102.11. 613,585 shares of the stock traded hands. The stock’s market cap is $192.63 billion. The firm’s 50-day moving average price is $101.06 and its 200-day moving average price is $100.97. Chevron Corp. has a 12 month low of $75.33 and a 12 month high of $107.58.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings data on Friday, July 29th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $1.10. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The business earned $29.28 billion during the quarter, compared to analysts’ expectations of $25.78 billion. During the same period in the previous year, the business earned $0.30 earnings per share. The business’s quarterly revenue was down 27.4% on a year-over-year basis. Analysts anticipate that Chevron Corp. will post $1.29 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Shareholders of record on Friday, August 19th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Wednesday, August 17th. Chevron Corp.’s dividend payout ratio (DPR) is presently -1,097.44%.
In related news, Director Inge G. Thulin bought 487 shares of the stock in a transaction on Monday, August 15th. The stock was bought at an average price of $102.87 per share, with a total value of $50,097.69. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pierre R. Breber sold 21,000 shares of the stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total transaction of $2,074,170.00. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in CVX. Thompson Davis & CO. Inc. raised its position in Chevron Corp. by 322.6% in the second quarter. Thompson Davis & CO. Inc. now owns 955 shares of the company’s stock valued at $100,000 after buying an additional 729 shares during the last quarter. RPg Family Wealth Advisory LLC raised 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 valued at $101,000 after buying an additional 134 shares during the last quarter. Global X Management Co. LLC raised 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 valued at $121,000 after buying an additional 621 shares during the last quarter. Camarda Financial Advisors LLC acquired a new position in Chevron Corp. during the second quarter valued at approximately $122,000. Finally, Wealthcare Capital Management LLC acquired a new position in Chevron Corp. during the second quarter valued at approximately $128,000. 62.24% of the stock is owned by institutional investors.
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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