Chevron (NYSE:CVX) Price Target Raised to $214.00 at Morgan Stanley

Chevron (NYSE:CVX) had its price objective hoisted by analysts at Morgan Stanley from $212.00 to $214.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price target points to a potential upside of 12.10% from the company’s current price.

A number of other analysts have also weighed in on the stock. BMO Capital Markets restated an “outperform” rating and issued a $190.00 target price on shares of Chevron in a research report on Monday, February 2nd. Argus set a $203.00 price objective on Chevron in a research note on Tuesday, February 3rd. Citigroup upped their target price on Chevron from $210.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. Bank of America lifted their price target on shares of Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Finally, BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective on the stock in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $204.22.

Chevron Stock Down 0.1%

NYSE:CVX opened at $190.90 on Friday. Chevron has a 1 year low of $134.06 and a 1 year high of $214.71. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a 50-day moving average price of $193.55 and a two-hundred day moving average price of $174.48. The stock has a market cap of $380.19 billion, a price-to-earnings ratio of 33.15, a PEG ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter last year, the company posted $2.18 earnings per share. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts expect that Chevron will post 15.43 earnings per share for the current year.

Insider Activity at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider directly owned 8,638 shares of the company’s stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the completion of the sale, the insider directly owned 11,337 shares of the company’s stock, valued at approximately $2,130,449.04. This trade represents a 92.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 799,699 shares of company stock valued at $151,259,517 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Chevron

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Midwest Capital Advisors LLC bought a new position in shares of Chevron during the first quarter valued at approximately $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter worth approximately $26,000. Phillip James Consulting Co. purchased a new stake in Chevron during the fourth quarter worth $26,000. Basso Capital Management L.P. purchased a new position in shares of Chevron in the 4th quarter valued at $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron in the 4th quarter valued at about $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Key Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s planned sale of several Asia Pacific refining and retail assets to Eneos could bring in about $2.17 billion, supporting its ongoing portfolio simplification and potentially boosting capital flexibility. Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale
• Positive Sentiment: Chevron introduced next-generation Techron in its U.S. Chevron and Texaco gasolines, a product update that could help reinforce its brand and fuel-quality positioning. Chevron Introduces Next-gen Techron in U.S. Chevron and Texaco Gasolines
• Neutral Sentiment: Chevron said CEO Mike Wirth will participate in a fireside chat at Bernstein’s Strategic Decisions Conference on May 28, giving investors another chance to hear management’s view on strategy and operations. Advisory: Chevron to Participate in Fireside Q&A at Bernstein 42nd Annual Strategic Decisions Conference
• Negative Sentiment: California Governor Gavin Newsom publicly urged consumers to “avoid Chevron,” saying big oil is profiting from the Iran war, which could add to reputational and political pressure on the company. Gavin Newsom Warns Californians To ‘Avoid Chevron,’ Says Big Oil Is ‘Making Billions Off Trump’s Iran War’
• Negative Sentiment: Chevron is also facing fresh ESG and governance scrutiny ahead of its annual meeting, with activists pushing shareholders to reject a proposal focused on its Israel operations. Chevron Israel Activism Puts ESG Risks And Valuation In Focus

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.