Chevron (NYSE:CVX) Research Coverage Started at Bank of America

Bank of America began coverage on shares of Chevron (NYSE:CVX) in a research report released on Thursday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $168.00 target price on the oil and gas company’s stock.

A number of other equities analysts have also recently issued reports on the company. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Barclays decreased their price objective on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Truist Financial decreased their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a report on Monday, September 30th. Finally, UBS Group raised their price objective on Chevron from $189.00 to $192.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $173.07.

Chevron Stock Down 0.3 %

Shares of NYSE:CVX opened at $150.75 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. The stock has a market cap of $277.83 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 2.74 and a beta of 1.09. The company has a 50 day moving average of $146.07 and a 200-day moving average of $153.66. Chevron has a one year low of $135.37 and a one year high of $170.17.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same period in the prior year, the firm posted $3.08 EPS. Chevron’s revenue was up 4.7% on a year-over-year basis. On average, sell-side analysts forecast that Chevron will post 11.06 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio is presently 59.98%.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. Massachusetts Financial Services Co. MA grew its holdings in Chevron by 55.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the period. Wulff Hansen & CO. raised its stake in Chevron by 15,542.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after acquiring an additional 1,168,137 shares during the period. Global Assets Advisory LLC acquired a new stake in Chevron during the 1st quarter valued at $156,482,000. Capital International Investors boosted its position in Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock worth $2,116,600,000 after purchasing an additional 743,042 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of Chevron by 38.6% in the second quarter. Federated Hermes Inc. now owns 2,445,005 shares of the oil and gas company’s stock valued at $382,448,000 after purchasing an additional 681,394 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.