Chevron (NYSE:CVX) Price Target Raised to $175.00

Chevron (NYSE:CVX) had its target price raised by stock analysts at Royal Bank of Canada from $170.00 to $175.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 13.84% from the company’s previous close.

Other analysts also recently issued reports about the company. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Wells Fargo & Company reduced their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research note on Friday, September 27th. Truist Financial boosted their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday. UBS Group boosted their price target on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday. Finally, Bank of America assumed coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target for the company. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $174.27.

Chevron Stock Performance

Shares of NYSE CVX traded up $0.65 during midday trading on Monday, hitting $153.72. 1,736,493 shares of the company’s stock were exchanged, compared to its average volume of 7,634,756. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. Chevron has a 12 month low of $135.37 and a 12 month high of $167.11. The company’s 50 day moving average price is $146.96 and its 200 day moving average price is $152.93. The firm has a market capitalization of $281.14 billion, a PE ratio of 16.91, a price-to-earnings-growth ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.08 earnings per share. As a group, analysts predict that Chevron will post 10.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chevron

A number of institutional investors have recently modified their holdings of the business. Marietta Wealth Management LLC grew its position in Chevron by 10.9% during the 3rd quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company’s stock worth $5,962,000 after acquiring an additional 3,965 shares during the last quarter. Leo Wealth LLC grew its position in Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company’s stock worth $1,214,000 after acquiring an additional 1,354 shares during the last quarter. KCM Investment Advisors LLC grew its position in Chevron by 2.5% during the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after acquiring an additional 8,168 shares during the last quarter. Hosking Partners LLP bought a new stake in Chevron during the 1st quarter worth $4,924,000. Finally, Garner Asset Management Corp grew its position in Chevron by 14.5% during the 2nd quarter. Garner Asset Management Corp now owns 19,997 shares of the oil and gas company’s stock worth $3,128,000 after acquiring an additional 2,530 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.