Traders Buy Shares of Chevron (CVX) on Weakness

Investors bought shares of Chevron Co. (NYSE:CVX) on weakness during trading on Wednesday. $318.82 million flowed into the stock on the tick-up and $108.93 million flowed out of the stock on the tick-down, for a money net flow of $209.89 million into the stock. Of all companies tracked, Chevron had the 2nd highest net in-flow for the day. Chevron traded down ($0.22) for the day and closed at $117.29

CVX has been the topic of a number of recent analyst reports. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating in a report on Tuesday, September 11th. Goldman Sachs Group reissued a “buy” rating and issued a $141.00 price target on shares of Chevron in a report on Tuesday, July 31st. Zacks Investment Research raised shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 price target on the stock in a report on Monday, October 1st. Royal Bank of Canada set a $150.00 price target on shares of Chevron and gave the stock a “hold” rating in a report on Thursday, September 20th. Finally, Berenberg Bank began coverage on shares of Chevron in a report on Tuesday, September 11th. They issued a “hold” rating and a $135.00 price target on the stock. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $137.17.

The company has a current ratio of 1.08, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $224.74 billion, a P/E ratio of 21.56, a PEG ratio of 2.04 and a beta of 1.07.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing the consensus estimate of $2.09 by ($0.31). Chevron had a return on equity of 6.89% and a net margin of 7.87%. The business had revenue of $42.24 billion for the quarter, compared to the consensus estimate of $46.62 billion. During the same period in the previous year, the firm earned $0.77 EPS. The company’s revenue was up 22.5% on a year-over-year basis. Equities analysts anticipate that Chevron Co. will post 8.23 earnings per share for the current fiscal year.

In related news, insider James William Johnson sold 4,750 shares of the business’s stock in a transaction dated Thursday, October 11th. The shares were sold at an average price of $119.97, for a total transaction of $569,857.50. Following the sale, the insider now owns 4,750 shares of the company’s stock, valued at $569,857.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

A number of large investors have recently bought and sold shares of CVX. Charles Schwab Investment Advisory Inc. bought a new stake in Chevron during the second quarter worth about $413,622,000. Standard Life Aberdeen plc boosted its stake in Chevron by 78.9% during the second quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after acquiring an additional 2,994,612 shares in the last quarter. Cornerstone Wealth Management LLC boosted its stake in Chevron by 12,404.4% during the second quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock worth $15,598,000 after acquiring an additional 1,922,552 shares in the last quarter. Millennium Management LLC boosted its stake in Chevron by 478.5% during the second quarter. Millennium Management LLC now owns 2,015,778 shares of the oil and gas company’s stock worth $254,855,000 after acquiring an additional 1,667,339 shares in the last quarter. Finally, PointState Capital LP bought a new stake in Chevron during the second quarter worth about $208,402,000. 64.60% of the stock is currently owned by institutional investors and hedge funds.

About Chevron (NYSE:CVX)

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.

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