Scotiabank Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Chevron (NYSE:CVX) had its target price boosted by research analysts at Scotiabank from $160.00 to $165.00 in a research report issued on Thursday, MarketBeat.com reports. The brokerage presently has a “sector perform” rating on the oil and gas company’s stock. Scotiabank’s price objective suggests a potential upside of 10.66% from the stock’s previous close.

Several other brokerages also recently issued reports on CVX. Barclays reduced their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Bank of America increased their price objective on shares of Chevron from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Melius Research started coverage on shares of Chevron in a report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Finally, Evercore ISI reissued an “outperform” rating and set a $180.00 price objective on shares of Chevron in a report on Thursday, July 31st. Eleven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $165.40.

Chevron Stock Down 1.7%

Shares of NYSE:CVX opened at $149.11 on Thursday. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company’s fifty day moving average is $156.10 and its 200-day moving average is $148.67. The company has a market capitalization of $257.66 billion, a PE ratio of 19.19, a P/E/G ratio of 1.95 and a beta of 0.84.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company had revenue of $44.82 billion for the quarter, compared to the consensus estimate of $44.59 billion. During the same quarter in the previous year, the company earned $2.55 EPS. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. Equities research analysts predict that Chevron will post 10.79 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Alana K. Knowles sold 3,978 shares of the firm’s stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company’s stock, valued at approximately $188,960. This trade represents a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the completion of the transaction, the director directly owned 1,403,045 shares in the company, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by company insiders.

Institutional Trading of Chevron

A number of hedge funds have recently modified their holdings of CVX. GAMMA Investing LLC raised its position in shares of Chevron by 27.3% in the 1st quarter. GAMMA Investing LLC now owns 32,329 shares of the oil and gas company’s stock valued at $5,408,000 after acquiring an additional 6,928 shares during the period. Zhang Financial LLC raised its position in shares of Chevron by 58.4% in the 1st quarter. Zhang Financial LLC now owns 5,507 shares of the oil and gas company’s stock valued at $921,000 after acquiring an additional 2,030 shares during the period. Simon Quick Advisors LLC raised its position in shares of Chevron by 45.2% in the 1st quarter. Simon Quick Advisors LLC now owns 11,184 shares of the oil and gas company’s stock valued at $1,871,000 after acquiring an additional 3,481 shares during the period. Greenwood Capital Associates LLC raised its position in shares of Chevron by 6.6% in the 1st quarter. Greenwood Capital Associates LLC now owns 15,471 shares of the oil and gas company’s stock valued at $2,588,000 after acquiring an additional 959 shares during the period. Finally, apricus wealth LLC raised its position in shares of Chevron by 2.8% in the 1st quarter. apricus wealth LLC now owns 32,500 shares of the oil and gas company’s stock valued at $5,437,000 after acquiring an additional 875 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Company Profile

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