Chevron Corporation (CVX) Upgraded by Macquarie to Outperform

Macquarie upgraded shares of Chevron Corporation (NYSE:CVX) from a neutral rating to an outperform rating in a report published on Tuesday, October 17th, Marketbeat Ratings reports. Macquarie currently has $135.00 target price on the oil and gas company’s stock.

Other research analysts have also recently issued reports about the company. Piper Jaffray Companies restated a buy rating on shares of Chevron Corporation in a report on Thursday, August 3rd. Jefferies Group LLC set a $135.00 target price on Chevron Corporation and gave the stock a buy rating in a report on Saturday, June 24th. Zacks Investment Research upgraded Chevron Corporation from a sell rating to a hold rating in a report on Thursday, August 3rd. BidaskClub upgraded Chevron Corporation from a sell rating to a hold rating in a report on Tuesday, August 1st. Finally, TheStreet cut Chevron Corporation from a b rating to a c+ rating in a report on Friday, July 28th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $119.66.

Shares of Chevron Corporation (NYSE CVX) traded down 4.14% during trading on Tuesday, hitting $113.54. The company had a trading volume of 14,534,096 shares. The firm’s 50 day moving average is $116.86 and its 200-day moving average is $108.94. The stock has a market capitalization of $215.16 billion, a P/E ratio of 36.82 and a beta of 1.24. Chevron Corporation has a 52 week low of $99.92 and a 52 week high of $120.89.

Chevron Corporation (NYSE:CVX) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.04. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The company had revenue of $36.21 billion during the quarter, compared to analyst estimates of $34.06 billion. During the same period in the previous year, the business earned $0.68 EPS. Chevron Corporation’s quarterly revenue was up 20.1% on a year-over-year basis. Equities research analysts anticipate that Chevron Corporation will post $4.08 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, November 17th will be issued a $1.08 dividend. This represents a $4.32 annualized dividend and a yield of 3.80%. The ex-dividend date is Thursday, November 16th. Chevron Corporation’s dividend payout ratio (DPR) is presently 140.26%.

In related news, VP R. Hewitt Pate sold 25,500 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $120.00, for a total value of $3,060,000.00. Following the transaction, the vice president now owns 25,500 shares of the company’s stock, valued at $3,060,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Linnet F. Deily sold 2,312 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $107.38, for a total value of $248,262.56. The disclosure for this sale can be found here. Insiders sold 97,812 shares of company stock worth $11,068,343 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of the stock. Conning Inc. increased its holdings in Chevron Corporation by 15.3% in the third quarter. Conning Inc. now owns 67,387 shares of the oil and gas company’s stock valued at $7,637,000 after buying an additional 8,930 shares during the last quarter. E&G Advisors LP boosted its stake in Chevron Corporation by 41.1% in the third quarter. E&G Advisors LP now owns 4,120 shares of the oil and gas company’s stock valued at $484,000 after acquiring an additional 1,200 shares in the last quarter. Gillespie Robinson & Grimm Inc. boosted its stake in Chevron Corporation by 3.1% in the third quarter. Gillespie Robinson & Grimm Inc. now owns 185,913 shares of the oil and gas company’s stock valued at $21,845,000 after acquiring an additional 5,640 shares in the last quarter. JFS Wealth Advisors LLC boosted its stake in Chevron Corporation by 9.4% in the third quarter. JFS Wealth Advisors LLC now owns 8,738 shares of the oil and gas company’s stock valued at $1,027,000 after acquiring an additional 750 shares in the last quarter. Finally, Wooster Corthell Wealth Management Inc. boosted its stake in Chevron Corporation by 14.9% in the third quarter. Wooster Corthell Wealth Management Inc. now owns 3,591 shares of the oil and gas company’s stock valued at $422,000 after acquiring an additional 466 shares in the last quarter. 62.79% of the stock is currently owned by hedge funds and other institutional investors.

About Chevron Corporation

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

Analyst Recommendations for Chevron Corporation (NYSE:CVX)

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