Chevron (NYSE:CVX) Stock Rating Raised to Hold at Freedom Broker

Freedom Broker upgraded shares of Chevron (NYSE:CVX) from a sell rating to a hold rating in a research report released on Thursday,Benzinga reports. Freedom Broker currently has $218.00 price target on the oil and gas company’s stock.

CVX has been the subject of several other research reports. Piper Sandler upped their price objective on Chevron from $207.00 to $243.00 and gave the company an “overweight” rating in a research note on Thursday, September 3rd. Wall Street Zen upgraded shares of Chevron from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $240.00 target price on the stock. in a research report on Tuesday. HSBC set a $90.00 target price on shares of Chevron in a report on Friday, September 25th. Finally, UBS Group upped their price target on shares of Chevron from $235.00 to $265.00 and gave the company a “buy” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $221.88.

Chevron Trading Down 1.9%

Shares of CVX stock opened at $212.92 on Thursday. Chevron has a twelve month low of $146.49 and a twelve month high of $236.48. The stock’s fifty day simple moving average is $214.66 and its 200 day simple moving average is $194.17. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $420.68 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.51 and a beta of 0.47.

Chevron (NYSE:CVX) last posted its earnings results on Friday, October 30th. The oil and gas company reported $5.28 EPS for the quarter, beating the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The firm had revenue of $65.24 billion during the quarter, compared to the consensus estimate of $61.82 billion. During the same period last year, the company earned $1.85 earnings per share. The business’s quarterly revenue was up 36.3% on a year-over-year basis. As a group, sell-side analysts predict that Chevron will post 18.56 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be issued a $1.78 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 annualized dividend and a yield of 3.3%. Chevron’s dividend payout ratio is presently 52.08%.

Insider Buying and Selling at Chevron

In other news, insider Andrew Walz sold 16,800 shares of the business’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael K. Wirth sold 317,100 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the sale, the chief executive officer directly owned 26,308 shares in the company, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chevron

Hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after buying an additional 5,998,852 shares in the last quarter. BlackRock Inc. bought a new position in shares of Chevron in the second quarter worth about $25,663,729,000. Bank of America Corp DE boosted its stake in shares of Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock worth $5,716,694,000 after acquiring an additional 1,334,976 shares during the period. Amundi grew its position in shares of Chevron by 3.0% during the first quarter. Amundi now owns 12,185,436 shares of the oil and gas company’s stock worth $2,521,166,000 after purchasing an additional 349,416 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Chevron during the second quarter worth about $2,378,114,000. Institutional investors own 72.42% of the company’s stock.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Freedom Broker upgraded Chevron from “sell” to “hold” and set a $218 price target, about 2.4% above the cited share price. The move is a modest improvement in analyst sentiment.
• Positive Sentiment: Chevron’s fundamentals remain a counterweight to market weakness: a recent report highlighted record cash flow and seven consecutive earnings beats. The company also produced more than 9 Bcf/d of natural gas in Q3, supporting its LNG ambitions despite operational disruptions. Can Chevron’s Record Natural Gas Output Strengthen Its LNG Position?
• Negative Sentiment: Oil stocks sold off after the midterm results, with political developments sending crude lower and weighing on Chevron. Commentary also pointed to risks that could undermine a recovery, including a potential issue in Texas. Chevron Has Become Very Interesting Again Following the Midterms
• Negative Sentiment: A DZ Bank rating cut was followed by a reported decline in CVX shares, adding to the selling pressure. Chevron Shares Down After Analyst Downgrade

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.