Chevron Corp. (CVX) Raised to “Buy” at Zacks Investment Research
Chevron Corp. (NYSE:CVX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $114.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 12.47% from the stock’s current price.
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 research analysts have also issued reports on CVX. Vetr lowered Chevron Corp. from a “buy” rating to a “hold” rating and set a $106.39 price objective for the company. in a research report on Monday, June 20th. Jefferies Group restated a “buy” rating and set a $116.00 price objective (up previously from $114.00) on shares of Chevron Corp. in a research report on Wednesday, July 6th. Barclays PLC restated an “equal weight” rating and set a $125.00 price objective on shares of Chevron Corp. in a research report on Thursday, July 28th. Piper Jaffray Cos. upgraded Chevron Corp. from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $117.00 in a research report on Tuesday, August 9th. Finally, Simmons upgraded Chevron Corp. from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $110.00 to $117.00 in a research report on Tuesday, August 9th. Twelve research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $105.73.
Shares of Chevron Corp. (NYSE:CVX) opened at 101.36 on Tuesday. Chevron Corp. has a 12-month low of $75.33 and a 12-month high of $107.58. The firm has a 50-day moving average price of $101.00 and a 200 day moving average price of $101.40. The firm’s market cap is $191.22 billion.
Chevron Corp. (NYSE:CVX) last released its quarterly earnings data on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 company had revenue of $29.28 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. The company’s revenue for the quarter was down 27.4% compared to the same quarter last year. On average, equities research analysts anticipate that Chevron Corp. will post $1.31 earnings per share for the current fiscal year.
In other Chevron Corp. news, insider Pierre R. Breber sold 21,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total value of $2,074,170.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Inge G. Thulin bought 487 shares of the stock in a transaction on Monday, August 15th. The stock was purchased at an average price of $102.87 per share, for a total transaction of $50,097.69. The disclosure for this purchase can be found here. 0.40% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of CVX. Vanguard Group Inc. increased its position in shares of Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock worth $13,087,581,000 after buying an additional 2,824,724 shares during the period. State Street Corp increased its position in shares of Chevron Corp. by 1.2% in the first quarter. State Street Corp now owns 110,199,640 shares of the company’s stock worth $10,513,045,000 after buying an additional 1,318,854 shares during the period. FMR LLC increased its position in shares of Chevron Corp. by 0.5% in the second quarter. FMR LLC now owns 49,878,624 shares of the company’s stock worth $5,228,775,000 after buying an additional 250,410 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of Chevron Corp. by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 49,644,363 shares of the company’s stock worth $4,736,072,000 after buying an additional 987,259 shares during the period. Finally, Capital World Investors increased its position in shares of Chevron Corp. by 0.8% in the second quarter. Capital World Investors now owns 40,135,747 shares of the company’s stock worth $4,207,430,000 after buying an additional 321,100 shares during the period. Hedge funds and other institutional investors own 62.25% of the company’s stock.
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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