Sanford C. Bernstein Issues Pessimistic Forecast for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its price objective cut by analysts at Sanford C. Bernstein from $248.00 to $233.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “market perform” rating on the oil and gas company’s stock. Sanford C. Bernstein‘s price objective points to a potential upside of 9.28% from the company’s current price.

Several other brokerages have also commented on CVX. Weiss Ratings lowered shares of Chevron from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, November 2nd. TD Cowen lifted their price objective on shares of Chevron from $215.00 to $225.00 and gave the company a “hold” rating in a research note on Monday, October 12th. JPMorgan Chase & Co. upped their price objective on shares of Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a report on Monday, August 3rd. Morgan Stanley increased their target price on shares of Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Finally, Barclays raised their target price on Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a report on Monday, November 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $222.81.

Chevron Stock Up 0.9%

Shares of Chevron stock opened at $213.21 on Thursday. The firm has a market cap of $419.05 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 0.49 and a beta of 0.47. The stock has a 50-day simple moving average of $215.23 and a 200-day simple moving average of $195.08. Chevron has a 52-week low of $146.49 and a 52-week high of $236.48. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.07.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, beating the consensus estimate of $4.87 by $0.41. The firm had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. Chevron had a net margin of 11.56% and a return on equity of 14.49%. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.85 earnings per share. On average, equities research analysts expect that Chevron will post 18.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Andrew Walz sold 16,800 shares of the company’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the completion of the sale, the insider directly owned 14 shares of the company’s stock, valued at approximately $2,814.84. This represents a 99.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Wirth sold 317,100 shares of the firm’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the completion of the transaction, the chief executive officer owned 26,308 shares in the company, valued at $5,273,701.68. The trade was a 92.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 379,470 shares of company stock valued at $77,216,415. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp increased its position in shares of Chevron by 4.0% during the third quarter. State Street Corp now owns 154,437,187 shares of the oil and gas company’s stock valued at $31,537,618,000 after purchasing an additional 5,989,553 shares during the period. Intesa Sanpaolo Wealth Management grew its stake in shares of Chevron by 7.2% in the 3rd quarter. Intesa Sanpaolo Wealth Management now owns 12,425 shares of the oil and gas company’s stock valued at $2,537,000 after purchasing an additional 837 shares during the period. Cornerstone Select Advisors LLC raised its holdings in shares of Chevron by 2.7% in the 3rd quarter. Cornerstone Select Advisors LLC now owns 24,942 shares of the oil and gas company’s stock worth $5,093,000 after buying an additional 656 shares in the last quarter. Resona Asset Management Co. Ltd. raised its holdings in shares of Chevron by 1.7% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 572,603 shares of the oil and gas company’s stock worth $116,953,000 after buying an additional 9,469 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Chevron by 50.8% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 1,093 shares of the oil and gas company’s stock worth $223,000 after buying an additional 368 shares during the period. Institutional investors own 72.42% of the company’s stock.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.