Chevron Corp. (NYSE:CVX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage presently has a $114.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 12.47% from the company’s previous close.
According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Being one of the most oil-weighted majors, Chevron is poised to achieve significant share price appreciation following the recent OPEC deal and the subsequent advancement of crude oil. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. The company has been able to boost returns and remain competitive by embarking on aggressive cost reduction initiatives, exiting unprofitable markets and streamlining the organization. The approval of the $37 billion expansion of Kazakhstan's huge Tengiz oilfield also marks an important landmark for CVX, which considers the Central Asian nation a cornerstone of its business. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”
Other equities research analysts also recently issued reports about the stock. Jefferies Group reiterated a “buy” rating on shares of Chevron Corp. in a research report on Thursday, September 8th. Vetr upgraded shares of Chevron Corp. from a “hold” rating to a “buy” rating and set a $107.24 price target for the company in a research report on Tuesday, August 9th. HSBC reiterated a “buy” rating and issued a $120.00 price target on shares of Chevron Corp. in a research report on Sunday. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $125.00 price target on shares of Chevron Corp. in a research report on Thursday, July 28th. Twelve analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Chevron Corp. currently has a consensus rating of “Buy” and an average price target of $105.73.
Chevron Corp. (NYSE:CVX) opened at 101.36 on Tuesday. Chevron Corp. has a 12 month low of $75.33 and a 12 month high of $107.58. The company’s market capitalization is $191.22 billion. The firm has a 50-day moving average price of $101.00 and a 200-day moving average price of $101.40.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings data on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $1.10. The company had revenue of $29.28 billion for the quarter, compared to analyst estimates of $25.78 billion. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The company’s revenue was down 27.4% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. On average, equities analysts anticipate that Chevron Corp. will post $1.31 earnings per share for the current fiscal year.
In other Chevron Corp. news, Director Inge G. Thulin bought 487 shares of the stock in a transaction that occurred on Monday, August 15th. The shares were bought at an average price of $102.87 per share, for a total transaction of $50,097.69. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jeanette L. Ourada sold 7,000 shares of the company’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $101.70, for a total transaction of $711,900.00. Following the completion of the sale, the insider now owns 7,535 shares in the company, valued at approximately $766,309.50. The disclosure for this sale can be found here. Insiders own 0.40% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock worth $13,087,581,000 after buying an additional 2,824,724 shares in the last quarter. State Street Corp raised its stake in Chevron Corp. by 1.2% in the first quarter. State Street Corp now owns 110,199,640 shares of the company’s stock worth $10,513,045,000 after buying an additional 1,318,854 shares in the last quarter. FMR LLC raised its stake in Chevron Corp. by 0.5% in the second quarter. FMR LLC now owns 49,878,624 shares of the company’s stock worth $5,228,775,000 after buying an additional 250,410 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake 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 worth $4,736,072,000 after buying an additional 987,259 shares in the last quarter. Finally, Capital World Investors raised its stake in Chevron Corp. by 0.8% in the second quarter. Capital World Investors now owns 40,135,747 shares of the company’s stock worth $4,207,430,000 after buying an additional 321,100 shares in the last quarter. Institutional investors own 62.25% 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.
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