Morgan Stanley Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Chevron (NYSE:CVXGet Free Report) had its price target boosted by stock analysts at Morgan Stanley from $174.00 to $212.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price target indicates a potential upside of 0.03% from the company’s previous close.

Several other research analysts also recently weighed in on the company. JPMorgan Chase & Co. upgraded Chevron from a “neutral” rating to an “overweight” rating and set a $176.00 target price on the stock in a research note on Tuesday, January 20th. BMO Capital Markets reiterated an “outperform” rating and issued a $190.00 price objective on shares of Chevron in a research report on Monday, February 2nd. Argus set a $203.00 price objective on shares of Chevron in a research report on Tuesday, February 3rd. Citigroup raised their target price on shares of Chevron from $179.00 to $210.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Piper Sandler increased their price target on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Fourteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $186.50.

Read Our Latest Stock Report on Chevron

Chevron Stock Performance

Shares of NYSE:CVX traded up $4.15 on Friday, reaching $211.94. The company’s stock had a trading volume of 4,711,447 shares, compared to its average volume of 12,920,849. Chevron has a 52-week low of $132.04 and a 52-week high of $212.00. The stock has a market capitalization of $422.89 billion, a P/E ratio of 31.83, a PEG ratio of 1.90 and a beta of 0.67. The stock’s 50-day moving average is $184.62 and its two-hundred day moving average is $164.74. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.15 and a quick ratio of 0.86.

Chevron (NYSE:CVXGet Free Report) last released its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. Chevron had a return on equity of 7.89% and a net margin of 6.51%.The business’s revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $2.06 earnings per share. As a group, sell-side analysts forecast that Chevron will post 10.79 EPS for the current year.

Insider Buying and Selling at Chevron

In related news, CEO Michael K. Wirth sold 272,624 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $189.35, for a total value of $51,621,354.40. Following the sale, the chief executive officer owned 31,266 shares in the company, valued at $5,920,217.10. This represents a 89.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total value of $26,233,632.00. Following the transaction, the insider directly owned 11,337 shares of the company’s stock, valued at approximately $2,130,449.04. This represents a 92.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,099,397 shares of company stock worth $196,196,468. Corporate insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several hedge funds have recently added to or reduced their stakes in the business. Phillip James Consulting Co. purchased a new stake in shares of Chevron in the fourth quarter valued at $26,000. Core Wealth Advisors LLC acquired a new position in Chevron in the fourth quarter valued at $26,000. Karpus Management Inc. acquired a new stake in Chevron in the 4th quarter worth about $27,000. Basso Capital Management L.P. acquired a new position in shares of Chevron during the 4th quarter valued at about $27,000. Finally, Quattro Advisors LLC purchased a new position in shares of Chevron during the 4th quarter worth about $27,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

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About Chevron

(Get Free Report)

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

Further Reading

Analyst Recommendations for Chevron (NYSE:CVX)

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