Chevron (NYSE:CVX) Price Target Cut to $163.00 by Analysts at Scotiabank

Chevron (NYSE:CVX) had its price target reduced by Scotiabank from $180.00 to $163.00 in a research report report published on Thursday morning, Benzinga reports. They currently have a sector outperform rating on the oil and gas company’s stock.

A number of other equities research analysts have also recently issued reports on the company. Sanford C. Bernstein cut Chevron from an outperform rating to a market perform rating and lowered their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Royal Bank of Canada restated an outperform rating and issued a $170.00 price objective on shares of Chevron in a research note on Tuesday. UBS Group lifted their target price on Chevron from $189.00 to $192.00 and gave the company a buy rating in a report on Tuesday. Barclays reduced their target price on Chevron from $185.00 to $168.00 and set an overweight rating for the company in a report on Thursday, October 3rd. Finally, Mizuho reduced their target price on Chevron from $205.00 to $189.00 and set an outperform rating for the company in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $177.59.

Chevron Stock Performance

Shares of NYSE CVX traded up $1.17 during mid-day trading on Thursday, reaching $151.79. 1,102,493 shares of the company’s stock were exchanged, compared to its average volume of 7,745,223. The firm has a market capitalization of $277.61 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. Chevron has a 52 week low of $135.37 and a 52 week high of $170.17. 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 firm has a 50-day moving average price of $145.41 and a two-hundred day moving average price of $153.99.

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 the consensus estimate of $48.68 billion. During the same quarter in the previous year, the firm earned $3.08 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts predict that Chevron will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.30%. Chevron’s dividend payout ratio is presently 64.55%.

Hedge Funds Weigh In On Chevron

Hedge funds and other institutional investors have recently made changes to their positions in the business. American Capital Advisory LLC raised its holdings in shares of Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 125 shares in the last quarter. Anfield Capital Management LLC grew its stake in Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 118 shares during the period. Cyrus J. Lawrence LLC grew its stake in Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the period. Cooksen Wealth LLC purchased a new stake in Chevron in the fourth quarter worth $40,000. Finally, Vima LLC purchased a new stake in Chevron in the fourth quarter worth $44,000. 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.