Wells Fargo & Company Has Lowered Expectations for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its price target dropped by investment analysts at Wells Fargo & Company from $188.00 to $184.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 20.15% from the stock’s previous close.

CVX has been the subject of a number of other research reports. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Barclays boosted their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. UBS Group upped their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada lifted their target price on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Finally, Truist Financial increased their price target on Chevron from $160.00 to $164.00 and gave the stock a “hold” rating in a report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $174.33.

Chevron Stock Up 2.5 %

NYSE:CVX opened at $153.14 on Monday. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron has a 12-month low of $135.37 and a 12-month high of $167.11. The stock’s fifty day simple moving average is $152.97 and its 200-day simple moving average is $150.93. The firm has a market capitalization of $275.20 billion, a P/E ratio of 15.75, a P/E/G ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period in the prior year, the firm posted $3.45 EPS. Equities research analysts expect that Chevron will post 11.45 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CVX. Lake Street Advisors Group LLC increased its holdings in Chevron by 67.2% during the fourth quarter. Lake Street Advisors Group LLC now owns 25,372 shares of the oil and gas company’s stock worth $3,675,000 after buying an additional 10,200 shares during the last quarter. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Chevron in the 4th quarter valued at about $46,000. Sprott Inc. acquired a new stake in Chevron in the 4th quarter valued at about $432,000. Pinnacle West Asset Management Inc. lifted its stake in Chevron by 3.9% in the 4th quarter. Pinnacle West Asset Management Inc. now owns 15,230 shares of the oil and gas company’s stock valued at $2,206,000 after purchasing an additional 575 shares during the last quarter. Finally, Longbow Finance SA grew its holdings in Chevron by 5.0% during the fourth quarter. Longbow Finance SA now owns 27,056 shares of the oil and gas company’s stock worth $3,919,000 after purchasing an additional 1,281 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.