Piper Sandler Cuts Chevron (NYSE:CVX) Price Target to $173.00

Chevron (NYSE:CVX) had its price objective reduced by research analysts at Piper Sandler from $184.00 to $173.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s price target suggests a potential upside of 21.85% from the stock’s current price.

CVX has been the topic of a number of other research reports. Royal Bank of Canada increased their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. UBS Group raised their price target on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Citigroup raised Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Truist Financial raised their target price on Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company upped their price target on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.19.

Chevron Stock Down 1.5 %

Shares of CVX traded down $2.10 on Thursday, hitting $141.98. 6,330,873 shares of the stock traded hands, compared to its average volume of 7,711,396. The company has a market capitalization of $255.15 billion, a PE ratio of 15.60, a P/E/G ratio of 2.93 and a beta of 1.10. Chevron has a one year low of $135.37 and a one year high of $167.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The business has a 50 day simple moving average of $155.19 and a 200 day simple moving average of $152.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the prior year, the company posted $3.05 earnings per share. The company’s quarterly revenue was down 6.3% on a year-over-year basis. As a group, equities analysts forecast that Chevron will post 10.5 earnings per share for the current fiscal year.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chevron

Hedge funds have recently modified their holdings of the company. Rational Advisors LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $29,000. Legacy Investment Solutions LLC acquired a new stake in Chevron during the third quarter worth $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron in the third quarter valued at $30,000. RPg Family Wealth Advisory LLC purchased a new stake in Chevron in the third quarter valued at $31,000. Finally, Anfield Capital Management LLC lifted its position 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 valued at $34,000 after buying an additional 118 shares during the last quarter. 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.