Chevron Corporation (CVX) Given “Market Perform” Rating at Wells Fargo & Company
Wells Fargo & Company reiterated their market perform rating on shares of Chevron Corporation (NYSE:CVX) in a research note published on Tuesday morning. Wells Fargo & Company currently has a $108.00 target price on the oil and gas company’s stock, up from their prior target price of $100.00.
Several other equities research analysts have also recently weighed in on the company. Barclays PLC reissued an overweight rating and set a $125.00 price objective (up from $116.00) on shares of Chevron Corporation in a research note on Wednesday, July 12th. Jefferies Group LLC set a $135.00 price objective on Chevron Corporation and gave the company a buy rating in a research note on Saturday, June 24th. BidaskClub lowered Chevron Corporation from a sell rating to a strong sell rating in a research note on Monday, July 24th. J P Morgan Chase & Co reiterated an overweight rating on shares of Chevron Corporation in a report on Saturday, September 16th. Finally, Macquarie cut Chevron Corporation from an outperform rating to a neutral rating and set a $105.00 target price for the company. in a report on Wednesday, June 21st. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Chevron Corporation has an average rating of Buy and a consensus target price of $116.68.
Chevron Corporation (NYSE CVX) traded down 0.286% on Tuesday, hitting $117.483. The stock had a trading volume of 1,884,676 shares. The firm has a market cap of $222.63 billion, a price-to-earnings ratio of 38.094 and a beta of 1.24. Chevron Corporation has a 52-week low of $99.61 and a 52-week high of $119.00. The company’s 50 day moving average price is $111.97 and its 200 day moving average price is $107.70. Chevron Corporation also was the target of unusually large options trading activity on Monday. Stock investors bought 9,406 call options on the company. This is an increase of 100% compared to the typical volume of 4,703 call options.
Chevron Corporation (NYSE:CVX) last posted its earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The firm had revenue of $34.48 billion for the quarter, compared to the consensus estimate of $32.77 billion. During the same period in the previous year, the firm posted ($0.78) EPS. The business’s quarterly revenue was up 17.8% on a year-over-year basis. Analysts expect that Chevron Corporation will post $3.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 11th. Shareholders of record on Friday, August 18th were issued a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend was Wednesday, August 16th. Chevron Corporation’s payout ratio is 140.26%.
In other news, insider James William Johnson sold 31,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the transaction, the insider now directly owns 11,000 shares in the company, valued at $1,217,480. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Patricia E. Yarrington sold 39,000 shares of the stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the transaction, the chief financial officer now owns 43,838 shares in the company, valued at $4,866,018. The disclosure for this sale can be found here. In the last 90 days, insiders sold 72,312 shares of company stock valued at $8,008,343. Company insiders own 0.38% of the company’s stock.
A number of hedge funds have recently modified their holdings of CVX. BKD Wealth Advisors LLC increased its holdings in shares of Chevron Corporation by 2.4% in the 1st quarter. BKD Wealth Advisors LLC now owns 27,206 shares of the oil and gas company’s stock valued at $2,921,000 after acquiring an additional 625 shares during the period. Atria Investments LLC raised its position in shares of Chevron Corporation by 31.4% in the 1st quarter. Atria Investments LLC now owns 42,344 shares of the oil and gas company’s stock worth $4,547,000 after acquiring an additional 10,120 shares in the last quarter. Integrated Wealth Management raised its position in shares of Chevron Corporation by 1.4% in the 1st quarter. Integrated Wealth Management now owns 46,350 shares of the oil and gas company’s stock worth $4,977,000 after acquiring an additional 648 shares in the last quarter. First National Bank & Trust Co. of Newtown raised its position in shares of Chevron Corporation by 1.5% in the 1st quarter. First National Bank & Trust Co. of Newtown now owns 38,547 shares of the oil and gas company’s stock worth $4,138,000 after acquiring an additional 563 shares in the last quarter. Finally, Capital City Trust Co. FL raised its position in shares of Chevron Corporation by 0.4% in the 1st quarter. Capital City Trust Co. FL now owns 32,533 shares of the oil and gas company’s stock worth $3,493,000 after acquiring an additional 129 shares in the last quarter. 62.74% of the stock is currently owned by institutional investors.
Chevron Corporation Company Profile
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.
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