Chevron (CVX) Lifted to Outperform at BMO Capital Markets

Chevron (NYSE:CVX) was upgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “outperform” rating in a report released on Thursday.

Several other research firms have also recently issued reports on CVX. Jefferies Group reiterated a “buy” rating and issued a $137.00 price objective (up from $113.54) on shares of Chevron in a report on Monday, October 30th. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $131.00 price objective for the company in a report on Friday, November 10th. Citigroup increased their price objective on shares of Chevron from $118.00 to $128.00 and gave the company a “buy” rating in a report on Monday, October 30th. Goldman Sachs Group reiterated a “buy” rating and issued a $123.00 price objective (up from $118.00) on shares of Chevron in a report on Tuesday, September 19th. Finally, Wolfe Research upgraded shares of Chevron from a “market perform” rating to an “outperform” rating in a report on Monday, October 16th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $125.15.

Shares of Chevron (NYSE CVX) opened at $128.66 on Thursday. Chevron has a 12 month low of $102.55 and a 12 month high of $128.94. The company has a market cap of $244,370.00, a P/E ratio of 37.51, a price-to-earnings-growth ratio of 2.97 and a beta of 1.21. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.23.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.04. The business had revenue of $36.21 billion during the quarter, compared to analysts’ expectations of $34.06 billion. Chevron had a net margin of 4.79% and a return on equity of 4.59%. The business’s revenue was up 20.1% on a year-over-year basis. During the same period last year, the firm posted $0.68 earnings per share. equities research analysts forecast that Chevron will post 4.35 EPS for the current fiscal year.

In related news, insider Pierre R. Breber sold 23,250 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $119.00, for a total value of $2,766,750.00. Following the completion of the transaction, the insider now owns 42,182 shares of the company’s stock, valued at approximately $5,019,658. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP R. Hewitt Pate sold 25,500 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now directly owns 25,500 shares of the company’s stock, valued at approximately $3,060,000. The disclosure for this sale can be found here. Insiders sold a total of 314,000 shares of company stock valued at $36,540,822 in the last ninety days. Company insiders own 0.38% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Valley National Advisers Inc. lifted its position in Chevron by 0.4% in the 2nd quarter. Valley National Advisers Inc. now owns 2,612 shares of the oil and gas company’s stock worth $273,000 after buying an additional 11 shares in the last quarter. Deschutes Portfolio Strategy LLC raised its holdings in shares of Chevron by 0.5% during the 2nd quarter. Deschutes Portfolio Strategy LLC now owns 2,889 shares of the oil and gas company’s stock valued at $301,000 after purchasing an additional 13 shares in the last quarter. Regis Management CO LLC raised its holdings in shares of Chevron by 0.4% during the 2nd quarter. Regis Management CO LLC now owns 3,269 shares of the oil and gas company’s stock valued at $341,000 after purchasing an additional 14 shares in the last quarter. Keel Point LLC raised its holdings in shares of Chevron by 0.5% during the 2nd quarter. Keel Point LLC now owns 2,759 shares of the oil and gas company’s stock valued at $288,000 after purchasing an additional 14 shares in the last quarter. Finally, FCG Advisors LLC raised its holdings in shares of Chevron by 0.4% during the 2nd quarter. FCG Advisors LLC now owns 3,907 shares of the oil and gas company’s stock valued at $408,000 after purchasing an additional 15 shares in the last quarter. Institutional investors own 63.80% of the company’s stock.

WARNING: This piece was originally reported by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece on another domain, it was illegally copied and reposted in violation of U.S. and international copyright & trademark law. The correct version of this piece can be viewed at https://www.dispatchtribunal.com/2018/01/11/chevron-cvx-lifted-to-outperform-at-bmo-capital-markets.html.

About Chevron

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 (NYSE:CVX)

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply