Chevron (NYSE:CVX) Price Target Raised to $155.00

Chevron (NYSE:CVX) had its target price raised by Truist Financial from $150.00 to $155.00 in a report published on Monday morning, Benzinga reports. Truist Financial currently has a hold rating on the oil and gas company’s stock.

Several other brokerages also recently commented on CVX. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Mizuho dropped their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 price objective on shares of Chevron in a report on Tuesday, October 8th. Barclays upped their target price on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $174.93.

Chevron Stock Performance

Shares of Chevron stock opened at $157.65 on Monday. Chevron has a 1 year low of $135.37 and a 1 year high of $167.11. The firm’s 50-day moving average is $147.43 and its 200 day moving average is $152.90. The stock has a market cap of $288.33 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 3.43 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The business’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.05 earnings per share. Sell-side analysts anticipate that Chevron will post 10.65 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is 71.65%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CVX. China Universal Asset Management Co. Ltd. bought a new position in shares of Chevron during the 1st quarter valued at about $566,000. Main Street Research LLC lifted its position in shares of Chevron by 7.0% in the first quarter. Main Street Research LLC now owns 10,897 shares of the oil and gas company’s stock worth $1,719,000 after buying an additional 712 shares in the last quarter. Moloney Securities Asset Management LLC boosted its stake in Chevron by 3.4% during the first quarter. Moloney Securities Asset Management LLC now owns 26,194 shares of the oil and gas company’s stock valued at $4,132,000 after buying an additional 873 shares during the last quarter. Lewis Asset Management LLC grew its holdings in Chevron by 5.3% during the 1st quarter. Lewis Asset Management LLC now owns 2,155 shares of the oil and gas company’s stock valued at $340,000 after buying an additional 109 shares in the last quarter. Finally, Crown Wealth Group LLC raised its holdings in shares of Chevron by 52.2% during the 1st quarter. Crown Wealth Group LLC now owns 2,845 shares of the oil and gas company’s stock worth $449,000 after acquiring an additional 976 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

About Chevron

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.