Chevron (CVX) – Research Analysts’ Recent Ratings Changes

A number of research firms have changed their ratings and price targets for Chevron (NYSE: CVX):

• 8/6/2024 – Chevron had its price target lowered by analysts at Barclays PLC from $203.00 to $185.00. They now have an “overweight” rating on the stock.
• 8/5/2024 – Chevron had its price target lowered by analysts at Royal Bank of Canada from $190.00 to $180.00. They now have an “outperform” rating on the stock.
• 8/5/2024 – Chevron had its price target lowered by analysts at Truist Financial Co. from $156.00 to $154.00. They now have a “hold” rating on the stock.
• 7/22/2024 – Chevron had its price target lowered by analysts at Truist Financial Co. from $166.00 to $156.00. They now have a “hold” rating on the stock.
• 7/18/2024 – Chevron is now covered by analysts at Wolfe Research. They set a “peer perform” rating on the stock.
• 7/17/2024 – Chevron was downgraded by analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating. They now have a $167.00 price target on the stock, down previously from $183.00.
• 7/12/2024 – Chevron had its price target lowered by analysts at Scotiabank from $195.00 to $180.00. They now have a “sector outperform” rating on the stock.

Chevron Stock Performance

Shares of CVX traded up $0.59 during trading hours on Wednesday, hitting $143.82. The stock had a trading volume of 3,863,499 shares, compared to its average volume of 7,879,057. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 1.23. The firm has a 50-day moving average price of $155.79 and a 200 day moving average price of $156.12. Chevron Co. has a fifty-two week low of $139.62 and a fifty-two week high of $171.70. The firm has a market capitalization of $265.06 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 2.39 and a beta of 1.10.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.08 earnings per share. As a group, research analysts anticipate that Chevron Co. will post 12.45 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date of this dividend is Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the sale, the vice president now owns 477 shares of the company’s stock, valued at $76,429.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the sale, the director now owns 27,725 shares of the company’s stock, valued at $4,581,279. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the sale, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The disclosure for this sale can be found here. 0.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chevron

A number of hedge funds have recently modified their holdings of the company. Sachetta LLC grew its holdings in shares of Chevron by 9.9% in the second quarter. Sachetta LLC now owns 3,769 shares of the oil and gas company’s stock valued at $601,000 after purchasing an additional 340 shares during the period. Insight Inv LLC grew its holdings in shares of Chevron by 8.3% in the second quarter. Insight Inv LLC now owns 16,725 shares of the oil and gas company’s stock valued at $2,616,000 after purchasing an additional 1,285 shares during the period. Invesco LLC lifted its position in Chevron by 4.7% in the second quarter. Invesco LLC now owns 11,489 shares of the oil and gas company’s stock valued at $1,797,000 after buying an additional 516 shares during the last quarter. LGT Fund Management Co Ltd. lifted its position in Chevron by 318.9% in the second quarter. LGT Fund Management Co Ltd. now owns 26,245 shares of the oil and gas company’s stock valued at $4,105,000 after buying an additional 19,980 shares during the last quarter. Finally, Lane & Associates LLC lifted its position in Chevron by 14.2% in the second quarter. Lane & Associates LLC now owns 2,495 shares of the oil and gas company’s stock valued at $390,000 after buying an additional 310 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

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.