Chevron Corp. (CVX) Rating Increased to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Chevron Corp. (NYSE:CVX) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning. They currently have $118.00 target price on the stock.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Being one of the most oil-weighted majors, Chevron is poised to achieve significant share price appreciation following the recent OPEC deal and the subsequent advancement of crude oil. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. The company has been able to boost returns and remain competitive by embarking on aggressive cost reduction initiatives, exiting unprofitable markets and streamlining the organization. The approval of the $37 billion expansion of Kazakhstan's huge Tengiz oilfield also marks an important landmark for CVX, which considers the Central Asian nation a cornerstone of its business. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
Other equities research analysts have also issued research reports about the company. Vetr raised Chevron Corp. from a hold rating to a buy rating and set a $107.24 price objective for the company in a report on Tuesday, August 9th. Jefferies Group reissued a buy rating on shares of Chevron Corp. in a report on Thursday, September 8th. Barclays PLC restated an equal weight rating and issued a $125.00 target price on shares of Chevron Corp. in a research note on Thursday, July 28th. BMO Capital Markets began coverage on Chevron Corp. in a research note on Monday, September 12th. They issued an outperform rating and a $120.00 target price for the company. Finally, Simmons upgraded Chevron Corp. from a neutral rating to an overweight rating and raised their target price for the stock from $110.00 to $117.00 in a research note on Tuesday, August 9th. Twelve analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average price target of $105.53.
Chevron Corp. (NYSE:CVX) opened at 102.18 on Monday. The firm’s 50-day moving average price is $101.01 and its 200 day moving average price is $101.01. The firm’s market cap is $192.76 billion. Chevron Corp. has a 52 week low of $75.33 and a 52 week high of $107.58.
Chevron Corp. (NYSE:CVX) last announced its quarterly earnings data on Friday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of $0.32 by $1.10. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The firm earned $29.28 billion during the quarter, compared to analysts’ expectations of $25.78 billion. During the same period last year, the business posted $0.30 EPS. The company’s revenue was down 27.4% compared to the same quarter last year. Equities analysts forecast that Chevron Corp. will post $1.31 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were given a dividend of $1.07 per share. The ex-dividend date was Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.19%. Chevron Corp.’s dividend payout ratio is presently -1,097.44%.
In related news, insider Pierre R. Breber sold 21,000 shares of Chevron Corp. stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total transaction of $2,074,170.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Inge G. Thulin purchased 487 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The shares were purchased at an average price of $102.87 per share, for a total transaction of $50,097.69. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CVX. Sit Investment Associates Inc. increased its stake in Chevron Corp. by 9.9% in the first quarter. Sit Investment Associates Inc. now owns 7,245 shares of the company’s stock valued at $691,000 after buying an additional 650 shares during the period. Acadian Asset Management LLC increased its stake in Chevron Corp. by 8.6% in the first quarter. Acadian Asset Management LLC now owns 19,827 shares of the company’s stock valued at $1,891,000 after buying an additional 1,564 shares during the period. Eastern Bank increased its stake in Chevron Corp. by 14.6% in the first quarter. Eastern Bank now owns 223,473 shares of the company’s stock valued at $21,319,000 after buying an additional 28,443 shares during the period. TNB Financial increased its stake in Chevron Corp. by 6.6% in the first quarter. TNB Financial now owns 11,485 shares of the company’s stock valued at $1,096,000 after buying an additional 711 shares during the period. Finally, Donald L. Hagan LLC increased its stake in Chevron Corp. by 214.8% in the first quarter. Donald L. Hagan LLC now owns 9,333 shares of the company’s stock valued at $890,000 after buying an additional 6,368 shares during the period. Institutional investors own 62.24% of the company’s stock.
Chevron Corp. Company Profile
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.
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