Chevron Corporation’s (CVX) Buy Rating Reaffirmed at Bank of America Corporation
Bank of America Corporation restated their buy rating on shares of Chevron Corporation (NYSE:CVX) in a report released on Tuesday morning. Bank of America Corporation currently has a $125.00 target price on the oil and gas company’s stock, up from their prior target price of $120.00.
CVX has been the subject of several other research reports. Barclays PLC reiterated an overweight rating and issued a $125.00 price target (up previously from $116.00) on shares of Chevron Corporation in a report on Wednesday, July 12th. Jefferies Group LLC set a $135.00 price objective on shares of Chevron Corporation and gave the stock a buy rating in a report on Saturday, June 24th. BidaskClub lowered shares of Chevron Corporation from a sell rating to a strong sell rating in a report on Monday, July 24th. J P Morgan Chase & Co reaffirmed an overweight rating on shares of Chevron Corporation in a research report on Saturday, September 16th. Finally, Wells Fargo & Company reaffirmed a market perform rating and issued a $108.00 price objective (up from $100.00) on shares of Chevron Corporation in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Chevron Corporation has a consensus rating of Buy and an average price target of $116.68.
Chevron Corporation (NYSE:CVX) traded down 0.40% during trading on Tuesday, reaching $117.35. The company’s stock had a trading volume of 2,198,795 shares. The firm has a market cap of $222.38 billion, a P/E ratio of 38.05 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 stock’s 50 day moving average is $111.97 and its 200-day moving average is $107.70. Chevron Corporation also was the target of some unusual options trading on Monday. Stock traders acquired 9,406 call options on the stock. This represents an increase of approximately 100% compared to the average volume of 4,703 call options.
Chevron Corporation (NYSE:CVX) last issued its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.02. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The business had revenue of $34.48 billion during the quarter, compared to analyst estimates of $32.77 billion. During the same period in the previous year, the firm earned ($0.78) EPS. Chevron Corporation’s quarterly revenue was up 17.8% compared to the same quarter last year. On average, equities research analysts forecast that Chevron Corporation will post $3.93 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Monday, September 11th. Investors of record on Friday, August 18th were issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date was Wednesday, August 16th. Chevron Corporation’s payout ratio is presently 140.26%.
In other Chevron Corporation news, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction 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 completion of the transaction, the insider now directly owns 11,000 shares of the company’s stock, valued at $1,217,480. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Patricia E. Yarrington sold 39,000 shares of the company’s stock in a transaction 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 completion of 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 worth $8,008,343. 0.38% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Shine Investment Advisory Services Inc. bought a new stake in shares of Chevron Corporation during the 2nd quarter worth about $106,000. Thompson Davis & CO. Inc. grew its stake in Chevron Corporation by 20.0% in the 1st quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 191 shares during the last quarter. Winfield Associates Inc. grew its stake in Chevron Corporation by 5.1% in the 2nd quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after buying an additional 63 shares during the last quarter. Americafirst Capital Management LLC acquired a new position in Chevron Corporation in the 1st quarter valued at about $140,000. Finally, Daiwa SB Investments Ltd. grew its stake in Chevron Corporation by 438.5% in the 2nd quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after buying an additional 1,140 shares during 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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