Mizuho Increases Chevron (NYSE:CVX) Price Target to $217.00
by Sarita Garza · The Markets DailyChevron (NYSE:CVX – Get Free Report) had its target price upped by investment analysts at Mizuho from $206.00 to $217.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Mizuho’s target price indicates a potential upside of 9.10% from the company’s previous close.
Other analysts have also issued reports about the company. Piper Sandler lifted their price target on Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Jefferies Financial Group raised their price objective on Chevron from $174.00 to $189.00 and gave the company a “buy” rating in a report on Wednesday, January 14th. Bank of America upped their target price on shares of Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Wells Fargo & Company raised their price target on shares of Chevron from $196.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Finally, Zacks Research raised shares of Chevron from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 23rd. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Hold” and an average price target of $183.18.
Read Our Latest Analysis on Chevron
Chevron Price Performance
Shares of CVX stock traded up $2.05 on Tuesday, reaching $198.89. 6,981,701 shares of the company were exchanged, compared to its average volume of 12,403,618. Chevron has a 1 year low of $132.04 and a 1 year high of $200.58. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.86 and a current ratio of 1.15. The business has a 50-day moving average price of $177.99 and a 200 day moving average price of $162.33. The company has a market cap of $396.87 billion, a price-to-earnings ratio of 29.85, a P/E/G ratio of 1.82 and a beta of 0.67.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, January 30th. The oil and gas company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 7.89%. The firm had revenue of $45.79 billion for the quarter, compared to analyst estimates of $48.18 billion. During the same period last year, the company posted $2.06 EPS. Chevron’s quarterly revenue was down 10.2% compared to the same quarter last year. Equities research analysts forecast that Chevron will post 10.79 earnings per share for the current fiscal year.
Insider Transactions at Chevron
In other news, insider R. Hewitt Pate sold 47,200 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $192.12, for a total transaction of $9,068,064.00. Following the completion of the sale, the insider owned 8,558 shares in the company, valued at $1,644,162.96. This trade represents a 84.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the sale, the insider directly owned 11,337 shares in the company, valued at approximately $2,130,449.04. The trade was a 92.49% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,099,397 shares of company stock valued at $196,196,468 in the last three months. 0.20% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Chevron
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Core Wealth Advisors LLC purchased a new position in Chevron during the fourth quarter worth about $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron in the 4th quarter worth approximately $26,000. Basso Capital Management L.P. purchased a new position in shares of Chevron during the 4th quarter worth approximately $27,000. Karpus Management Inc. acquired a new stake in Chevron in the 4th quarter valued at approximately $27,000. Finally, Quattro Advisors LLC purchased a new stake in Chevron in the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.
About Chevron
Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.
Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.