Chevron Corporation (CVX) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Chevron Corporation (NYSE:CVX) from a hold rating to a buy rating in a report issued on Friday morning. They currently have $129.00 price target on the oil and gas company’s stock.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Importantly, during the most recent quarter, Chevron was able to cover its investment and payouts with cash from operations – something investors really want right now. With crude prices firming and Chevron being one of the most oil-weighted majors, the company's profits got an expected boost. Stronger refining margins also helped increase earnings. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multiyear projects. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
CVX has been the topic of a number of other reports. Morgan Stanley boosted their price objective on Chevron Corporation from $120.00 to $130.00 and gave the company an overweight rating in a research report on Wednesday, October 18th. Barclays PLC boosted their price objective on Chevron Corporation from $120.00 to $130.00 and gave the company an overweight rating in a research report on Tuesday, October 10th. Piper Jaffray Companies set a $119.00 price objective on Chevron Corporation and gave the company a buy rating in a research report on Friday, August 25th. Jefferies Group LLC set a $130.00 price objective on Chevron Corporation and gave the company a buy rating in a research report on Tuesday, August 29th. Finally, Scotiabank restated a buy rating on shares of Chevron Corporation in a research report on Friday, September 15th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have given a buy rating to the company. The company has an average rating of Buy and an average target price of $120.54.
Shares of Chevron Corporation (CVX) traded up $0.14 during mid-day trading on Friday, hitting $114.71. The stock had a trading volume of 4,328,766 shares, compared to its average volume of 5,663,546. Chevron Corporation has a one year low of $102.55 and a one year high of $120.89. The firm has a market capitalization of $217,610.00, a price-to-earnings ratio of 32.75, a PEG ratio of 3.91 and a beta of 1.22. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.23.
Chevron Corporation (NYSE:CVX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.04. The business had revenue of $36.21 billion for the quarter, compared to analysts’ expectations of $34.06 billion. Chevron Corporation had a return on equity of 4.59% and a net margin of 4.79%. Chevron Corporation’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.68 earnings per share. equities analysts expect that Chevron Corporation will post 4.28 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be paid a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend is Thursday, November 16th. Chevron Corporation’s dividend payout ratio (DPR) is presently 125.95%.
In other news, Vice Chairman Michael K. Wirth sold 1,229 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $118.00, for a total transaction of $145,022.00. Following the transaction, the insider now owns 1,229 shares of the company’s stock, valued at $145,022. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP R. Hewitt Pate sold 25,500 shares of the company’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $120.00, for a total value of $3,060,000.00. Following the transaction, the vice president now directly owns 25,500 shares in the company, valued at approximately $3,060,000. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 41,000 shares of company stock worth $5,420 and have sold 63,122 shares worth $7,433,361. Corporate insiders own 0.38% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Chevron Corporation by 2.9% during the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after acquiring an additional 3,920,240 shares during the period. BlackRock Inc. lifted its stake in Chevron Corporation by 1.6% in the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after buying an additional 1,975,865 shares during the period. State Street Corp lifted its stake in Chevron Corporation by 1.1% in the first quarter. State Street Corp now owns 118,769,549 shares of the oil and gas company’s stock valued at $12,752,287,000 after buying an additional 1,261,078 shares during the period. Capital World Investors lifted its stake in Chevron Corporation by 9.8% in the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after buying an additional 3,182,250 shares during the period. Finally, Northern Trust Corp lifted its stake in Chevron Corporation by 0.6% in the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after buying an additional 157,021 shares during the period. 63.03% of the stock is currently owned by institutional investors and hedge funds.
Chevron Corporation 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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