Chevron (CVX) Upgraded to “Buy” at Bank of America
Bank of America upgraded shares of Chevron (NYSE:CVX) from a neutral rating to a buy rating in a report published on Wednesday morning, MarketBeat.com reports. They currently have $138.00 target price on the oil and gas company’s stock, up from their previous target price of $113.61. The analysts noted that the move was a valuation call.
A number of other equities research analysts have also commented on the company. Vetr lowered Chevron from a strong-buy rating to a buy rating and set a $122.05 price target on the stock. in a research report on Monday, February 26th. BNP Paribas upgraded Chevron from an underperform rating to a neutral rating in a research report on Friday, February 23rd. Royal Bank of Canada upgraded Chevron from an underperform rating to a sector perform rating and set a $125.00 price target on the stock in a research report on Friday, February 9th. Barclays upgraded Chevron from an equal weight rating to an overweight rating and upped their price target for the company from $130.00 to $135.00 in a research report on Tuesday, February 6th. Finally, Wells Fargo & Co reduced their price target on Chevron from $125.00 to $125.00 and set an outperform rating on the stock in a research report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company. Chevron currently has an average rating of Buy and a consensus target price of $130.28.
Shares of Chevron (CVX) opened at $111.64 on Wednesday. Chevron has a 52-week low of $102.55 and a 52-week high of $133.88. The company has a market capitalization of $213,260.66, a PE ratio of 27.36, a price-to-earnings-growth ratio of 2.23 and a beta of 1.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.03 and a quick ratio of 0.83.
The company also recently declared a quarterly dividend, which will be paid on Monday, March 12th. Investors of record on Friday, February 16th will be paid a dividend of $1.12 per share. This is an increase from Chevron’s previous quarterly dividend of $1.08. This represents a $4.48 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date is Thursday, February 15th. Chevron’s dividend payout ratio is 92.37%.
A number of hedge funds have recently bought and sold shares of the stock. Green Square Capital LLC raised its stake in Chevron by 16.5% during the 4th quarter. Green Square Capital LLC now owns 16,808 shares of the oil and gas company’s stock worth $2,104,000 after buying an additional 2,380 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Chevron by 2.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 240,960 shares of the oil and gas company’s stock worth $30,166,000 after buying an additional 6,537 shares during the period. Certified Advisory Corp purchased a new stake in shares of Chevron in the fourth quarter worth approximately $624,000. Ackerman Capital Advisors LLC purchased a new stake in shares of Chevron in the fourth quarter worth approximately $1,289,000. Finally, Fairfield Bush & CO. raised its stake in shares of Chevron by 2.6% in the fourth quarter. Fairfield Bush & CO. now owns 54,650 shares of the oil and gas company’s stock worth $6,842,000 after purchasing an additional 1,408 shares during the last quarter. 64.10% of the stock is currently owned by institutional investors and hedge funds.
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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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