Citigroup Upgrades Chevron (NYSE:CVX) to “Buy”

Chevron (NYSE:CVX) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a report released on Tuesday,Briefing.com Automated Import reports. The brokerage presently has a $185.00 price objective on the oil and gas company’s stock, up from their previous price objective of $145.00. Citigroup’s price objective points to a potential upside of 15.35% from the stock’s current price.

CVX has been the subject of a number of other research reports. Royal Bank of Canada boosted their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Scotiabank lowered their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Mizuho reduced their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. UBS Group increased their price objective on Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.56.

Chevron Trading Down 1.2 %

Shares of CVX stock opened at $160.38 on Tuesday. The stock’s fifty day moving average price is $151.94 and its two-hundred day moving average price is $152.51. Chevron has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $288.22 billion, a PE ratio of 17.62, a P/E/G ratio of 3.58 and a beta of 1.09.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the previous year, the business earned $3.05 earnings per share. Chevron’s revenue was down 6.3% compared to the same quarter last year. Equities analysts predict that Chevron will post 10.55 EPS for the current fiscal year.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Rational Advisors LLC purchased a new stake in shares of Chevron during the 3rd quarter valued at $29,000. Legacy Investment Solutions LLC acquired a new position in Chevron during the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron in the third quarter valued at about $30,000. RPg Family Wealth Advisory LLC acquired a new stake in Chevron in the third quarter worth about $31,000. Finally, Anfield Capital Management LLC grew its stake in shares of Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the last quarter. 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.