Chevron Corp. (CVX) Downgraded to Buy at Vetr Inc.
Chevron Corp. (NYSE:CVX) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Monday. They presently have a $112.29 price target on the stock. Vetr‘s price objective would suggest a potential upside of 7.99% from the stock’s current price.
A number of other equities analysts have also recently commented on the stock. Zacks Investment Research raised shares of Chevron Corp. from a “hold” rating to a “strong-buy” rating and set a $118.00 price target for the company in a research note on Monday, October 3rd. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $117.00 price target on shares of Chevron Corp. in a research note on Monday, September 26th. Credit Suisse Group AG reissued a “neutral” rating on shares of Chevron Corp. in a research note on Tuesday, September 6th. Jefferies Group reissued a “buy” rating on shares of Chevron Corp. in a research note on Friday, August 5th. Finally, Piper Jaffray Cos. raised shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $110.00 to $117.00 in a research note on Tuesday, August 9th. Thirteen research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $105.09.
Chevron Corp. (NYSE:CVX) traded up 1.67% during trading on Monday, reaching $103.98. 5,982,741 shares of the company were exchanged. The company’s market capitalization is $196.16 billion. Chevron Corp. has a one year low of $75.33 and a one year high of $107.58. The firm’s 50-day moving average is $101.02 and its 200 day moving average is $101.21.
Chevron Corp. (NYSE:CVX) last released 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 negative net margin of 0.64% and a positive return on equity of 1.07%. The firm earned $29.28 billion during the quarter, compared to the consensus estimate of $25.78 billion. During the same quarter last year, the business posted $0.30 earnings per share. Chevron Corp.’s revenue was down 27.4% compared to the same quarter last year. On average, analysts anticipate that Chevron Corp. will post $1.31 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.12%. Chevron Corp.’s dividend payout ratio is presently -1,097.44%.
In other news, insider Jeanette L. Ourada sold 7,000 shares of Chevron Corp. stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $101.70, for a total value of $711,900.00. Following the completion of the sale, the insider now directly owns 7,535 shares in the company, valued at $766,309.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Inge G. Thulin purchased 487 shares of Chevron Corp. stock in a transaction dated 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 disclosure for this purchase can be found here. 0.40% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Oliver Luxxe Assets LLC raised its stake in shares of Chevron Corp. by 1.0% in the first quarter. Oliver Luxxe Assets LLC now owns 29,840 shares of the company’s stock worth $2,847,000 after buying an additional 281 shares in the last quarter. Howard Capital Management raised its stake in shares of Chevron Corp. by 3.2% in the first quarter. Howard Capital Management now owns 134,670 shares of the company’s stock valued at $12,847,000 after buying an additional 4,235 shares during the period. QUANTRES ASSET MANAGEMENT Ltd raised its stake in shares of Chevron Corp. by 370.3% in the first quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 17,400 shares of the company’s stock valued at $1,660,000 after buying an additional 13,700 shares during the period. V Wealth Management LLC acquired a new stake in shares of Chevron Corp. during the first quarter valued at about $549,000. Finally, Traynor Capital Management Inc. raised its stake in shares of Chevron Corp. by 9.6% in the first quarter. Traynor Capital Management Inc. now owns 7,454 shares of the company’s stock valued at $711,000 after buying an additional 654 shares during the period. Hedge funds and other institutional investors own 62.24% of the company’s stock.
Chevron Corp. 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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