Chevron (CVX) Upgraded to “Buy” by ValuEngine

ValuEngine upgraded shares of Chevron (NYSE:CVX) from a hold rating to a buy rating in a research note released on Wednesday.

A number of other equities research analysts have also issued reports on the company. Royal Bank of Canada reissued a hold rating and issued a $130.00 target price on shares of Chevron in a research report on Friday, April 13th. Wells Fargo lifted their target price on Chevron from $138.00 to $153.00 and gave the company an outperform rating in a research report on Thursday, April 12th. They noted that the move was a valuation call. Vetr raised Chevron from a hold rating to a buy rating and set a $117.38 target price on the stock in a research report on Tuesday, April 3rd. Credit Suisse Group dropped their target price on Chevron from $129.00 to $123.00 and set a neutral rating on the stock in a research report on Wednesday, March 7th. Finally, DZ Bank raised Chevron from a hold rating to a buy rating in a research report on Wednesday, March 7th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Chevron presently has a consensus rating of Buy and a consensus price target of $131.64.

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NYSE CVX opened at $122.31 on Wednesday. The stock has a market cap of $233,643.05, a PE ratio of 29.98, a price-to-earnings-growth ratio of 2.38 and a beta of 1.16. The company has a current ratio of 1.03, a quick ratio of 0.83 and a debt-to-equity ratio of 0.22. Chevron has a one year low of $102.55 and a one year high of $133.88.

Chevron (NYSE:CVX) last announced its earnings results on Friday, February 2nd. The oil and gas company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.27 by ($0.54). Chevron had a net margin of 6.49% and a return on equity of 5.22%. The firm had revenue of $37.62 billion during the quarter, compared to analyst estimates of $38.43 billion. During the same period in the prior year, the business posted $0.22 EPS. The firm’s quarterly revenue was up 19.4% compared to the same quarter last year. research analysts anticipate that Chevron will post 6.43 earnings per share for the current fiscal year.

In other Chevron news, VP R. Hewitt Pate sold 25,500 shares of the business’s stock in a transaction that occurred on Tuesday, April 17th. The stock was sold at an average price of $121.97, for a total transaction of $3,110,235.00. Following the transaction, the vice president now owns 25,500 shares of the company’s stock, valued at approximately $3,110,235. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.38% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Chevron by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock valued at $14,567,210,000 after purchasing an additional 3,920,240 shares during the period. Alleghany Corp DE bought a new stake in Chevron in the 4th quarter valued at $430,653,000. Capital World Investors boosted its stake in Chevron by 9.8% in the 2nd quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock valued at $3,708,603,000 after purchasing an additional 3,182,250 shares during the period. Janus Henderson Group PLC boosted its stake in Chevron by 669.9% in the 2nd quarter. Janus Henderson Group PLC now owns 3,230,554 shares of the oil and gas company’s stock valued at $337,050,000 after purchasing an additional 2,810,928 shares during the period. Finally, First Eagle Investment Management LLC boosted its stake in Chevron by 305,886.4% in the 3rd quarter. First Eagle Investment Management LLC now owns 2,613,124 shares of the oil and gas company’s stock valued at $307,042,000 after purchasing an additional 2,612,270 shares during the period. Institutional investors own 64.97% of the company’s stock.

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Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Chevron (NYSE:CVX)

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