Wells Fargo & Company Cuts Chevron (NYSE:CVX) Price Target to $169.00

Chevron (NYSE:CVX) had its price objective cut by Wells Fargo & Company from $196.00 to $169.00 in a report published on Friday, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other equities analysts have also recently weighed in on the company. Scotiabank dropped their price objective on Chevron from $195.00 to $180.00 and set a sector outperform rating for the company in a report on Friday, July 12th. Barclays dropped their price target on Chevron from $203.00 to $185.00 and set an overweight rating for the company in a research note on Tuesday, August 6th. UBS Group reduced their price objective on shares of Chevron from $192.00 to $189.00 and set a buy rating on the stock in a research note on Wednesday, September 18th. Mizuho dropped their target price on shares of Chevron from $205.00 to $189.00 and set an outperform rating for the company in a research report on Monday, September 16th. Finally, Truist Financial cut their price target on shares of Chevron from $156.00 to $154.00 and set a hold rating for the company in a report on Monday, August 5th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $180.24.

Chevron Stock Up 2.5 %

CVX stock opened at $145.49 on Friday. Chevron has a fifty-two week low of $135.37 and a fifty-two week high of $171.70. 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 stock has a market capitalization of $268.13 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 2.68 and a beta of 1.09. The business’s fifty day moving average price is $146.63 and its two-hundred day moving average price is $154.31.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same quarter last year, the firm earned $3.08 EPS. Chevron’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts anticipate that Chevron will post 11.02 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.48%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. American Capital Advisory LLC lifted its holdings in Chevron by 403.2% in the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 125 shares during the period. Frank Rimerman Advisors LLC bought a new position in shares of Chevron in the 4th quarter worth about $30,000. Anfield Capital Management LLC lifted its stake in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 118 shares during the period. Cyrus J. Lawrence LLC boosted its position in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 100 shares in the last quarter. Finally, Cooksen Wealth LLC acquired a new stake in Chevron during the fourth quarter worth approximately $40,000. Institutional investors own 72.42% of the company’s stock.

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.