Wells Fargo & Company Raises Chevron (NYSE:CVX) Price Target to $188.00

Chevron (NYSE:CVX) had its price target lifted by Wells Fargo & Company from $171.00 to $188.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 19.29% from the company’s previous close.

A number of other research analysts have also commented on CVX. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research note on Tuesday, November 5th. Royal Bank of Canada raised their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and raised their price target for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Scotiabank dropped their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, UBS Group lifted their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average target price of $177.13.

Chevron Stock Performance

Shares of NYSE:CVX traded up $2.36 during trading hours on Monday, hitting $157.60. The stock had a trading volume of 876,991 shares, compared to its average volume of 7,613,339. The stock’s fifty day simple moving average is $154.77 and its 200 day simple moving average is $152.42. Chevron has a 1-year low of $135.37 and a 1-year high of $167.11. The firm has a market capitalization of $283.22 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 3.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the business earned $3.05 earnings per share. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. Sell-side analysts anticipate that Chevron will post 10.53 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Inspire Trust Co. N.A. boosted its holdings in Chevron by 19.9% during the third quarter. Inspire Trust Co. N.A. now owns 50,868 shares of the oil and gas company’s stock worth $7,491,000 after purchasing an additional 8,445 shares during the last quarter. Old North State Trust LLC lifted its stake in Chevron by 17.6% in the third quarter. Old North State Trust LLC now owns 2,549 shares of the oil and gas company’s stock valued at $375,000 after acquiring an additional 381 shares during the last quarter. Franklin Resources Inc. lifted its stake in Chevron by 3.4% in the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock valued at $2,610,645,000 after acquiring an additional 573,218 shares during the last quarter. Tri Ri Asset Management Corp acquired a new stake in Chevron in the third quarter valued at $3,031,000. Finally, Castellan Group lifted its stake in Chevron by 112.0% in the third quarter. Castellan Group now owns 18,570 shares of the oil and gas company’s stock valued at $2,735,000 after acquiring an additional 9,810 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.