Chevron (NYSE:CVX) Trading 0.5% Higher Following Analyst Upgrade

Chevron Co. (NYSE:CVX)’s stock price rose 0.5% on Monday after Truist Financial raised their price target on the stock from $150.00 to $155.00. Truist Financial currently has a hold rating on the stock. Chevron traded as high as $154.42 and last traded at $153.88. Approximately 1,523,656 shares were traded during trading, a decline of 80% from the average daily volume of 7,633,884 shares. The stock had previously closed at $153.07.

CVX has been the topic of a number of other reports. Barclays boosted their price objective on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Wolfe Research began coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Bank of America assumed coverage on shares of Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Finally, Scotiabank decreased their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average price target of $173.80.

Institutional Investors Weigh In On Chevron

Several hedge funds have recently bought and sold shares of the stock. Montz Harcus Wealth Management LLC lifted its position in Chevron by 2.2% during the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after purchasing an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC raised its position in Chevron by 0.7% in the 2nd quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after purchasing an additional 64 shares during the period. Cyndeo Wealth Partners LLC boosted its position in shares of Chevron by 0.3% during the third quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after buying an additional 67 shares during the period. S.A. Mason LLC grew its stake in shares of Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock valued at $1,330,000 after buying an additional 67 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC raised its holdings in shares of Chevron by 1.2% in the second quarter. Jaffetilchin Investment Partners LLC now owns 5,777 shares of the oil and gas company’s stock worth $904,000 after buying an additional 68 shares during the period. 72.42% of the stock is currently owned by institutional investors.

Chevron Price Performance

The stock has a market capitalization of $281.43 billion, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 3.29 and a beta of 1.09. The stock has a 50 day moving average of $146.96 and a 200-day moving average of $152.93. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same quarter in the previous year, the firm posted $3.08 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts anticipate that Chevron Co. will post 10.74 earnings per share for the current fiscal year.

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.