Scotiabank Trims Chevron (NYSE:CVX) Target Price to $163.00

Chevron (NYSE:CVX) had its target price trimmed by Scotiabank from $180.00 to $163.00 in a report published on Thursday morning, Benzinga reports. They currently have a sector outperform rating on the oil and gas company’s stock.

A number of other brokerages also recently commented on CVX. Wolfe Research started coverage on Chevron in a research report on Thursday, July 18th. They set a peer perform rating for the company. Wells Fargo & Company decreased their price target on Chevron from $196.00 to $169.00 and set an overweight rating for the company in a research report on Friday, September 27th. UBS Group increased their price target on Chevron from $189.00 to $192.00 and gave the company a buy rating in a research report on Tuesday, October 8th. Sanford C. Bernstein downgraded Chevron from an outperform rating to a market perform rating and decreased their price target for the company from $183.00 to $167.00 in a research report on Wednesday, July 17th. Finally, Mizuho decreased their price target on Chevron from $205.00 to $189.00 and set an outperform rating for the company in a research report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $176.81.

Chevron Stock Up 0.5 %

Shares of NYSE:CVX opened at $151.42 on Thursday. The company has a market capitalization of $276.94 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 2.70 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The business’s 50-day moving average is $145.46 and its 200-day moving average is $153.95. Chevron has a 1 year low of $135.37 and a 1 year high of $170.17.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.08 earnings per share. Equities research analysts predict that Chevron will post 11.09 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 64.55%.

Hedge Funds Weigh In On Chevron

Hedge funds have recently made changes to their positions in the stock. Eagle Capital Management LLC grew its position in shares of Chevron by 0.5% in the first quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock valued at $5,435,000 after purchasing an additional 163 shares in the last quarter. Lane & Associates LLC bought a new stake in Chevron during the first quarter valued at $345,000. KCM Investment Advisors LLC boosted its stake in Chevron by 2.5% during the first quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock valued at $52,299,000 after buying an additional 8,168 shares during the period. Livelsberger Financial Advisory bought a new stake in Chevron during the fourth quarter valued at $46,000. Finally, Hosking Partners LLP bought a new stake in Chevron during the first quarter valued at $4,924,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Company Profile

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.