Chevron (NYSE:CVX) Upgraded to “Buy” at Citigroup

Citigroup upgraded shares of Chevron (NYSE:CVX) from a neutral rating to a buy rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have $185.00 price target on the oil and gas company’s stock, up from their previous price target of $145.00.

A number of other research analysts also recently issued reports on the stock. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, November 5th. Barclays boosted their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Royal Bank of Canada raised their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Scotiabank lowered their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Truist Financial raised their target price on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $175.56.

Chevron Trading Down 0.1 %

CVX opened at $161.98 on Tuesday. The business has a fifty day simple moving average of $153.36 and a 200-day simple moving average of $152.61. Chevron has a 52 week low of $135.37 and a 52 week high of $167.11. The firm has a market cap of $291.09 billion, a P/E ratio of 17.80, a P/E/G ratio of 3.58 and a beta of 1.09. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $48.86 billion. During the same quarter last year, the firm posted $3.05 earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. On average, equities analysts expect that Chevron will post 10.53 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.03%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction 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 transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

A number of large investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. purchased a new position in shares of Chevron during the 1st quarter worth approximately $566,000. Montchanin Asset Management LLC purchased a new position in Chevron in the first quarter worth $2,035,000. Heartland Bank & Trust Co lifted its holdings in Chevron by 97.7% in the first quarter. Heartland Bank & Trust Co now owns 5,942 shares of the oil and gas company’s stock valued at $937,000 after acquiring an additional 2,936 shares during the period. Advisory Resource Group boosted its position in shares of Chevron by 12.5% during the 1st quarter. Advisory Resource Group now owns 4,476 shares of the oil and gas company’s stock worth $706,000 after purchasing an additional 496 shares in the last quarter. Finally, CCM Investment Advisers LLC grew its stake in shares of Chevron by 0.4% during the 1st quarter. CCM Investment Advisers LLC now owns 68,163 shares of the oil and gas company’s stock worth $10,752,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

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.