Chevron (NYSE:CVX) Given New $198.00 Price Target at Morgan Stanley

Chevron (NYSE:CVX – Get Rating) had its price objective raised by Morgan Stanley from $192.00 to $198.00 in a research note issued to investors on Tuesday morning, The Fly reports.

CVX has been the topic of a number of other research reports. Scotiabank raised Chevron from a sector perform rating to a sector outperform rating and boosted their target price for the company from $195.00 to $200.00 in a research report on Thursday, April 13th. Cowen lowered their target price on shares of Chevron from $185.00 to $170.00 and set an outperform rating for the company in a research note on Friday, February 24th. Mizuho decreased their price objective on shares of Chevron from $206.00 to $196.00 in a research note on Friday, May 19th. Truist Financial decreased their price objective on shares of Chevron from $193.00 to $190.00 in a research note on Monday, May 1st. Finally, Wells Fargo & Company decreased their target price on shares of Chevron from $204.00 to $199.00 and set an overweight rating for the company in a research note on Thursday, March 2nd. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Chevron presently has an average rating of Moderate Buy and an average target price of $194.12.

Chevron Trading Up 2.9 %

Shares of Chevron stock opened at $156.85 on Tuesday. Chevron has a 1-year low of $132.54 and a 1-year high of $189.68. The stock has a market cap of $297.17 billion, a P/E ratio of 8.47, a P/E/G ratio of 0.77 and a beta of 1.16. The stock’s 50 day simple moving average is $162.15 and its 200-day simple moving average is $169.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.16.

Chevron (NYSE:CVX – Get Rating) last released its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.14. The firm had revenue of $50.79 billion for the quarter, compared to analysts’ expectations of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The firm’s quarterly revenue was down 6.6% on a year-over-year basis. During the same period in the prior year, the firm posted $3.36 earnings per share. Analysts predict that Chevron will post 14.16 EPS for the current fiscal year.

Chevron declared that its Board of Directors has authorized a share buyback program on Wednesday, January 25th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 21.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Friday, May 19th will be paid a dividend of $1.51 per share. The ex-dividend date is Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.85%. Chevron’s dividend payout ratio (DPR) is 32.61%.

Institutional Trading of Chevron

A number of hedge funds have recently bought and sold shares of the company. Old North State Trust LLC boosted its holdings in shares of Chevron by 27.2% in the 1st quarter. Old North State Trust LLC now owns 7,540 shares of the oil and gas company’s stock valued at $480,000 after purchasing an additional 1,612 shares during the last quarter. Toroso Investments LLC increased its stake in Chevron by 9.1% during the 1st quarter. Toroso Investments LLC now owns 142,040 shares of the oil and gas company’s stock worth $23,175,000 after buying an additional 11,899 shares during the period. 3Chopt Investment Partners LLC purchased a new stake in Chevron during the 1st quarter worth $1,446,000. Raleigh Capital Management Inc. increased its position in shares of Chevron by 9.1% in the 1st quarter. Raleigh Capital Management Inc. now owns 7,671 shares of the oil and gas company’s stock worth $1,252,000 after purchasing an additional 640 shares during the last quarter. Finally, Whelan Financial increased its position in shares of Chevron by 6.0% in the 1st quarter. Whelan Financial now owns 1,757 shares of the oil and gas company’s stock worth $287,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 69.37% of the company’s stock.

Chevron Company Profile

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.