Barclays Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

by · The Cerbat Gem

Chevron (NYSE:CVX – Free Report) had its price target hoisted by Barclays from $168.00 to $174.00 in a research report sent to investors on Monday, Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

Several other equities research analysts also recently weighed in on CVX. Royal Bank of Canada reaffirmed an “outperform” rating and set a $170.00 price target on shares of Chevron in a research report on Tuesday, October 8th. Scotiabank dropped their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company decreased their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Wolfe Research started coverage on shares of Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Truist Financial decreased their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, September 30th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $174.93.

Read Our Latest Stock Analysis on CVX

Chevron Stock Up 0.2 %

Shares of NYSE CVX traded up $0.27 during trading hours on Monday, hitting $154.24. 724,876 shares of the stock were exchanged, compared to its average volume of 7,623,874. The company has a market cap of $282.09 billion, a PE ratio of 16.92, a PEG ratio of 3.39 and a beta of 1.09. Chevron has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $147.07 and a 200-day moving average price of $152.91.

Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The firm’s revenue was down 6.3% compared to the same quarter last year. During the same period last year, the business posted $3.05 earnings per share. On average, sell-side analysts expect that Chevron will post 10.7 EPS for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. Proactive Wealth Strategies LLC acquired a new stake in shares of Chevron during the 3rd quarter worth about $378,000. Platform Technology Partners increased its position in shares of Chevron by 22.5% during the third quarter. Platform Technology Partners now owns 22,942 shares of the oil and gas company’s stock valued at $3,379,000 after acquiring an additional 4,219 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $492,000. WealthPlan Investment Management LLC lifted its holdings in shares of Chevron by 12.6% in the 3rd quarter. WealthPlan Investment Management LLC now owns 78,423 shares of the oil and gas company’s stock worth $11,549,000 after acquiring an additional 8,795 shares during the last quarter. Finally, Entropy Technologies LP purchased a new position in shares of Chevron during the 3rd quarter worth approximately $380,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Company Profile

(Get Free Report)

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.

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