Chevron Corp.’s (CVX) Buy Rating Reaffirmed at HSBC
A number of other research analysts also recently commented on CVX. Vetr downgraded 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 restated a neutral rating and set a $105.00 price objective on shares of Chevron Corp. in a research note on Saturday, August 13th. Jefferies Group restated a buy rating on shares of Chevron Corp. in a research note on Friday, August 5th. Simmons upgraded 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 report on Tuesday, August 9th. Finally, Zacks Investment Research upgraded Chevron Corp. from a hold rating to a buy rating and set a $118.00 price target for the company in a research report on Tuesday, July 12th. Thirteen research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Chevron Corp. presently has an average rating of Buy and a consensus price target of $105.89.
Shares of Chevron Corp. (NYSE:CVX) opened at 101.08 on Friday. Chevron Corp. has a 52-week low of $75.33 and a 52-week high of $107.58. The stock’s market cap is $190.69 billion. The company’s 50-day moving average price is $101.00 and its 200-day moving average price is $101.27.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings data on Friday, July 29th. The company reported ($0.78) EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $1.10. The company had revenue of $29.28 billion for the quarter, compared to the consensus estimate of $25.78 billion. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. Chevron Corp.’s quarterly revenue was down 27.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.30 earnings per share. Analysts expect that Chevron Corp. will post $1.31 earnings per share for the current year.
In related news, Director Inge G. Thulin acquired 487 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were acquired at an average cost of $102.87 per share, with a total value of $50,097.69. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael K. Wirth sold 125,000 shares of Chevron Corp. stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $100.47, for a total value of $12,558,750.00. Following the completion of the transaction, the insider now directly owns 4,222 shares in the company, valued at $424,184.34. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Chevron Corp. during the second quarter valued at approximately $2,118,000. Chevy Chase Trust Holdings Inc. increased its position in shares of Chevron Corp. by 0.7% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 1,644,631 shares of the company’s stock valued at $172,407,000 after buying an additional 11,249 shares in the last quarter. Howard Capital Management increased its position in shares of Chevron Corp. by 1.2% in the second quarter. Howard Capital Management now owns 136,346 shares of the company’s stock valued at $14,293,000 after buying an additional 1,676 shares in the last quarter. First Quadrant L P CA increased its position in shares of Chevron Corp. by 0.8% in the second quarter. First Quadrant L P CA now owns 245,387 shares of the company’s stock valued at $25,724,000 after buying an additional 2,042 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Chevron Corp. by 1.8% in the first quarter. Arizona State Retirement System now owns 730,403 shares of the company’s stock valued at $69,680,000 after buying an additional 13,100 shares in the last quarter. 62.24% of the stock is currently 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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