Vetr Inc. Downgrades Chevron Corp. (CVX) to Buy
Chevron Corp. (NYSE:CVX) was downgraded by research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Monday. They presently have a $112.29 price target on the stock. Vetr‘s price target would indicate a potential upside of 8.98% from the company’s current price.
CVX has been the subject of a number of other reports. Exane BNP Paribas initiated coverage on shares of Chevron Corp. in a report on Monday. They issued a “neutral” rating and a $102.00 target price for the company. Zacks Investment Research downgraded shares of Chevron Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Piper Jaffray Cos. upgraded shares of Chevron Corp. from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $110.00 to $117.00 in a research note on Tuesday, August 9th. Jefferies Group reiterated a “buy” rating and set a $116.00 price objective (up from $114.00) on shares of Chevron Corp. in a research note on Wednesday, July 6th. Finally, BMO Capital Markets initiated coverage on shares of Chevron Corp. in a research note on Monday, September 12th. They set an “outperform” rating and a $120.00 price objective for the company. Thirteen analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $105.09.
Chevron Corp. (NYSE:CVX) opened at 103.04 on Monday. Chevron Corp. has a 52-week low of $75.33 and a 52-week high of $107.58. The stock’s market capitalization is $194.39 billion. The company has a 50 day moving average of $101.05 and a 200-day moving average of $101.22.
Chevron Corp. (NYSE:CVX) last released its earnings results on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by $1.10. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. The company earned $29.28 billion during the quarter, compared to analysts’ expectations of $25.78 billion. During the same quarter in the previous year, the firm posted $0.30 earnings per share. Chevron Corp.’s revenue for the quarter was down 27.4% compared to the same quarter last year. Equities research analysts anticipate that Chevron Corp. will post $1.31 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, August 19th were given a $1.07 dividend. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.28 dividend on an annualized basis and a yield of 4.15%. Chevron Corp.’s dividend payout ratio is presently -1,097.44%.
In other news, insider Pierre R. Breber sold 21,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The shares were 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeanette L. Ourada sold 7,000 shares of the firm’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $101.70, for a total transaction of $711,900.00. Following the transaction, the insider now owns 7,535 shares of the company’s stock, valued at approximately $766,309.50. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock valued at $13,087,581,000 after buying an additional 2,824,724 shares during the period. State Street Corp raised its position in Chevron Corp. by 1.2% in the first quarter. State Street Corp now owns 110,199,640 shares of the company’s stock valued at $10,513,045,000 after buying an additional 1,318,854 shares during the period. FMR LLC raised its position in Chevron Corp. by 0.5% in the second quarter. FMR LLC now owns 49,878,624 shares of the company’s stock valued at $5,228,775,000 after buying an additional 250,410 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Chevron Corp. by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 49,644,363 shares of the company’s stock valued at $4,736,072,000 after buying an additional 987,259 shares during the period. Finally, Capital World Investors raised its position in Chevron Corp. by 0.8% in the second quarter. Capital World Investors now owns 40,135,747 shares of the company’s stock valued at $4,207,430,000 after buying an additional 321,100 shares during the period. Institutional investors own 62.24% of the company’s stock.
About Chevron Corp.
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.
To view Vetr’s full report, visit Vetr’s official website.
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