Royal Bank of Canada Reaffirms “Outperform” Rating for Chevron (NYSE:CVX)

Royal Bank of Canada restated their outperform rating on shares of Chevron (NYSE:CVX) in a research note published on Tuesday morning, Benzinga reports. The firm currently has a $170.00 target price on the oil and gas company’s stock.

CVX has been the topic of several other research reports. UBS Group decreased their price objective on Chevron from $192.00 to $189.00 and set a buy rating on the stock in a research note on Wednesday, September 18th. Wells Fargo & Company decreased their target price on shares of Chevron from $196.00 to $169.00 and set an overweight rating on the stock in a research note on Friday, September 27th. Barclays dropped their price target on shares of Chevron from $185.00 to $168.00 and set an overweight rating for the company in a research report on Thursday, October 3rd. Truist Financial decreased their price objective on shares of Chevron from $154.00 to $150.00 and set a hold rating on the stock in a research report on Monday, September 30th. Finally, Scotiabank dropped their target price on shares of Chevron from $195.00 to $180.00 and set a sector outperform rating for the company in a report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $177.59.

Chevron Stock Performance

Shares of NYSE CVX opened at $151.42 on Tuesday. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. Chevron has a 12-month low of $135.37 and a 12-month high of $170.17. The firm has a market capitalization of $276.94 billion, a price-to-earnings ratio of 14.99, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The firm has a 50 day moving average of $145.41 and a 200 day moving average of $153.99.

Chevron (NYSE:CVX) last issued 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 for the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $3.08 EPS. On average, research analysts anticipate that Chevron will post 11.09 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio is currently 64.55%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CVX. American Capital Advisory LLC grew its position in shares of Chevron by 403.2% during the 1st quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after buying an additional 125 shares in the last quarter. Anfield Capital Management LLC increased its position in Chevron by 118.0% during 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 raised its holdings in shares of Chevron by 66.7% in 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. Cooksen Wealth LLC purchased a new stake in shares of Chevron in the 4th quarter worth approximately $40,000. Finally, Vima LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors 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.