Traders Buy Shares of Chevron Corp. (CVX) on Weakness
Traders bought shares of Chevron Corp. (NYSE:CVX) on weakness during trading on Thursday. $147.02 million flowed into the stock on the tick-up and $109.50 million flowed out of the stock on the tick-down, for a money net flow of $37.52 million into the stock. Of all companies tracked, Chevron Corp. had the 11th highest net in-flow for the day. Chevron Corp. traded down ($0.20) for the day and closed at $105.39
CVX has been the subject of a number of recent research reports. Simmons lifted their price objective on Chevron Corp. to $84.00 in a research note on Friday, March 25th. Vetr upgraded Chevron Corp. from a “hold” rating to a “buy” rating and set a $99.90 price objective for the company in a research note on Thursday, March 31st. Citigroup Inc. reiterated an “outperform” rating on shares of Chevron Corp. in a research note on Friday, April 1st. Jefferies Group reiterated a “buy” rating and set a $110.00 price objective on shares of Chevron Corp. in a research note on Monday, April 4th. Finally, Barclays PLC lifted their price objective on Chevron Corp. from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, April 8th. Fourteen research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $97.66.
The company has a market cap of $199.14 billion and a price-to-earnings ratio of 152.91. The firm has a 50 day moving average price of $103.60 and a 200-day moving average price of $95.43.
Chevron Corp. (NYSE:CVX) last released its quarterly earnings results on Friday, April 29th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.10) by $0.29. The firm had revenue of $23.53 billion for the quarter, compared to analyst estimates of $21.47 billion. Chevron Corp.’s revenue was down 31.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.37 EPS. On average, equities research analysts forecast that Chevron Corp. will post $1.47 EPS for the current fiscal year.
In other news, Director Linnet F. Deily sold 869 shares of the stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $103.27, for a total value of $89,741.63. Following the sale, the director now directly owns 25,279 shares in the company, valued at $2,610,562.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
A number of hedge funds have recently made changes to their positions in CVX. Honeywell International Inc. raised its stake in shares of Chevron Corp. by 12.8% in the fourth quarter. Honeywell International Inc. now owns 880,700 shares of the company’s stock worth $79,228,000 after buying an additional 100,200 shares during the period. Intersect Capital LLC raised its stake in shares of Chevron Corp. by 20.2% in the fourth quarter. Intersect Capital LLC now owns 25,151 shares of the company’s stock worth $2,263,000 after buying an additional 4,226 shares during the period. Becker Capital Management Inc. raised its stake in shares of Chevron Corp. by 3.1% in the fourth quarter. Becker Capital Management Inc. now owns 326,791 shares of the company’s stock worth $29,398,000 after buying an additional 9,817 shares during the period. Eagle Asset Management Inc. raised its stake in shares of Chevron Corp. by 1.9% in the fourth quarter. Eagle Asset Management Inc. now owns 617,553 shares of the company’s stock worth $55,555,000 after buying an additional 11,770 shares during the period. Finally, Korea Investment CORP raised its stake in shares of Chevron Corp. by 6.0% in the fourth quarter. Korea Investment CORP now owns 726,271 shares of the company’s stock worth $65,335,000 after buying an additional 40,900 shares during the period.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.