Bank of America Increases Chevron (NYSE:CVX) Price Target to $180.00

Chevron (NYSE:CVXGet Rating) had its price target boosted by equities research analysts at Bank of America from $178.00 to $180.00 in a research note issued to investors on Monday, The Fly reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Bank of America‘s target price would suggest a potential upside of 13.11% from the stock’s previous close.

CVX has been the topic of a number of other research reports. Citigroup reduced their target price on Chevron from $170.00 to $150.00 and set a “neutral” rating on the stock in a report on Wednesday, July 13th. Royal Bank of Canada downgraded Chevron from an “outperform” rating to a “sector perform” rating and increased their target price for the stock from $160.00 to $165.00 in a report on Thursday, April 21st. Credit Suisse Group raised their price target on Chevron from $190.00 to $202.00 and gave the stock an “outperform” rating in a report on Thursday, June 9th. Societe Generale downgraded Chevron from a “buy” rating to a “hold” rating and set a $175.00 price target on the stock. in a report on Friday, May 20th. Finally, The Goldman Sachs Group cut their price target on Chevron from $181.00 to $162.00 and set a “neutral” rating on the stock in a report on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $172.50.

Chevron Price Performance

Shares of NYSE CVX opened at $159.14 on Monday. Chevron has a fifty-two week low of $92.86 and a fifty-two week high of $182.40. The business has a 50 day moving average price of $155.77 and a two-hundred day moving average price of $155.03. The company has a quick ratio of 1.22, a current ratio of 1.43 and a debt-to-equity ratio of 0.20. The firm has a market cap of $312.68 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 0.68 and a beta of 1.15.

Chevron (NYSE:CVXGet Rating) last issued its quarterly earnings data on Friday, July 29th. The oil and gas company reported $5.82 earnings per share for the quarter, beating analysts’ consensus estimates of $4.66 by $1.16. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The firm had revenue of $68.76 billion during the quarter, compared to analyst estimates of $57.69 billion. During the same quarter last year, the firm earned $1.71 EPS. Chevron’s quarterly revenue was up 82.9% on a year-over-year basis. Sell-side analysts expect that Chevron will post 18.07 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Joseph C. Geagea sold 30,000 shares of Chevron stock in a transaction on Friday, May 6th. The stock was sold at an average price of $168.63, for a total value of $5,058,900.00. Following the transaction, the executive vice president now directly owns 1,243 shares in the company, valued at approximately $209,607.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider David A. Inchausti sold 9,500 shares of Chevron stock in a transaction on Friday, May 6th. The stock was sold at an average price of $170.00, for a total value of $1,615,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Joseph C. Geagea sold 30,000 shares of Chevron stock in a transaction on Friday, May 6th. The stock was sold at an average price of $168.63, for a total value of $5,058,900.00. Following the completion of the transaction, the executive vice president now owns 1,243 shares in the company, valued at $209,607.09. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 439,021 shares of company stock worth $73,765,625. 0.32% of the stock is owned by company insiders.

Institutional Trading of Chevron

Several hedge funds and other institutional investors have recently modified their holdings of CVX. NewEdge Wealth LLC boosted its position in shares of Chevron by 10.7% in the fourth quarter. NewEdge Wealth LLC now owns 3,538 shares of the oil and gas company’s stock worth $415,000 after buying an additional 341 shares during the period. Teamwork Financial Advisors LLC boosted its position in shares of Chevron by 26.5% in the fourth quarter. Teamwork Financial Advisors LLC now owns 5,901 shares of the oil and gas company’s stock worth $692,000 after buying an additional 1,238 shares during the period. Riverwater Partners LLC acquired a new stake in Chevron during the fourth quarter valued at $310,000. Acorn Financial Advisory Services Inc. ADV acquired a new stake in Chevron during the fourth quarter valued at $255,000. Finally, CWM LLC acquired a new stake in Chevron during the fourth quarter valued at $18,681,000. Institutional investors and hedge funds own 65.89% of the company’s stock.

About Chevron

(Get Rating)

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 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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