Chevron (NYSE:CVX) Rating Increased to Sector Outperform at Scotiabank

Chevron (NYSE:CVX) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report issued on Thursday, MarketBeat Ratings reports. The firm presently has a $195.00 price target on the oil and gas company’s stock, up from their prior price target of $170.00. Scotiabank’s price objective indicates a potential upside of 22.67% from the stock’s previous close.

CVX has been the subject of a number of other reports. Mizuho boosted their price target on Chevron from $195.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Truist Financial decreased their price target on Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a report on Friday, April 5th. Royal Bank of Canada boosted their price target on Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a report on Monday, February 5th. DZ Bank downgraded Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price for the company. in a research note on Tuesday, February 6th. Finally, Piper Sandler reduced their target price on Chevron from $188.00 to $180.00 and set an “overweight” rating for the company in a research note on Thursday, March 14th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $183.60.

Chevron Price Performance

Shares of NYSE CVX opened at $158.96 on Thursday. Chevron has a 52 week low of $139.62 and a 52 week high of $172.88. The firm has a market cap of $295.23 billion, a P/E ratio of 13.99, a P/E/G ratio of 2.46 and a beta of 1.12. The business’s 50 day moving average price is $154.92 and its 200 day moving average price is $152.25. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $47.18 billion during the quarter, compared to the consensus estimate of $50.93 billion. During the same period in the previous year, the company posted $4.09 earnings per share. Chevron’s revenue for the quarter was down 16.5% on a year-over-year basis. On average, sell-side analysts expect that Chevron will post 13.24 earnings per share for the current year.

Insider Activity at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the sale, the vice president now directly owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.18% of the stock is owned by corporate insiders.

Institutional Trading of Chevron

Several large investors have recently added to or reduced their stakes in CVX. Pacifica Partners Inc. raised its holdings in Chevron by 1.8% during the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after buying an additional 63 shares in the last quarter. NCM Capital Management LLC raised its holdings in Chevron by 1.2% during the first quarter. NCM Capital Management LLC now owns 5,570 shares of the oil and gas company’s stock valued at $909,000 after buying an additional 65 shares in the last quarter. Sweet Financial Partners LLC raised its holdings in Chevron by 0.7% during the third quarter. Sweet Financial Partners LLC now owns 8,761 shares of the oil and gas company’s stock valued at $1,477,000 after buying an additional 65 shares in the last quarter. Strategic Investment Advisors MI raised its holdings in Chevron by 3.8% during the third quarter. Strategic Investment Advisors MI now owns 1,758 shares of the oil and gas company’s stock valued at $296,000 after buying an additional 65 shares in the last quarter. Finally, Ellenbecker Investment Group raised its holdings in Chevron by 1.5% during the first quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock valued at $686,000 after buying an additional 65 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

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.