Truist Financial lowers Chevron (NYSE:CVX) price target to $166.00


Chevron (NYSE:CVX – Get Note) had its price target reduced by Truist Financial from $170.00 to $166.00 in a research note published on Tuesday, reports The Fly. They currently have a holding rating on shares of the oil and gas company.

Other analysts have also recently published research reports on the company. Goldman Sachs Group cut its price target on Chevron from $181.00 to $162.00 and set a neutral rating on the stock in a Wednesday, June 22 research note. Credit Suisse Group raised its price target on Chevron from $190.00 to $202.00 and gave the company an outperform rating in a Thursday, June 9 research report. Morgan Stanley lowered its price target on Chevron shares from $188.00 to $185.00 and set an equal weight rating for the company in a Monday, June 6 report. StockNews.com took over Chevron stock coverage in a Thursday, March 31 research note. They set a holding rating for the company. Finally, Royal Bank of Canada downgraded Chevron shares from an outperform rating to an industry outperform rating and raised its price target for the company from $160.00 to $165.00 in a report from the Thursday April 21. One analyst gave the stock a sell rating, eight gave the company a hold rating and fourteen gave the company a buy rating. Based on data from MarketBeat.com, Chevron currently has a Moderate Buy consensus rating and an average price target of $169.60.

Chevron trades up 3.6%

Shares of CVX opened at $144.61 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.43 and a debt ratio of 0.20. The company has a 50-day moving average price of $159.27 and a two-hundred-day moving average price of $153.16. Chevron has a 12-month low of $92.86 and a 12-month high of $182.40. The company has a market capitalization of $284.13 billion, a P/E ratio of 13.59, a price-to-earnings growth ratio of 0.59 and a beta of 1.14.

Chevron (NYSE:CVX – Get Rating) last reported quarterly results on Friday, April 29. The oil and gas company reported earnings per share (EPS) of $3.36 for the quarter, missing consensus analyst estimates of $3.44 per ($0.08). Chevron had a net margin of 11.10% and a return on equity of 14.66%. The company posted revenue of $54.37 billion for the quarter, versus $54.96 billion expected by analysts. In the same quarter of the previous year, the company achieved EPS of $0.90. The company’s revenue for the quarter increased 69.8% year over year. Equity analysts expect Chevron to post EPS of 17.89 for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 10. Shareholders of record on Thursday, May 19 received a dividend of $1.42. The ex-dividend date was Wednesday, May 18. This represents an annualized dividend of $5.68 and a dividend yield of 3.93%. Chevron’s dividend payout ratio (DPR) is 53.38%.

Insider Trading at Chevron

In other news, Director Enrique Hernandez, Jr. sold 5,805 shares of the company in a trade that took place on Tuesday, May 3. The shares were sold at an average price of $160.00, for a total value of $928,800.00. As a result of the transaction, the administrator now directly owns 22,978 shares of the company, valued at approximately $3,676,480. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. In other Chevron news, Executive Vice Chairman James William Johnson sold 55,600 shares of the company in a trade on Wednesday, May 4. The shares were sold at an average price of $165.94, for a total transaction of $9,226,264.00. Following the transaction, the executive vice president now directly owns 1,243 shares of the company, valued at approximately $206,263.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, director Enrique Hernandez, Jr. sold 5,805 shares of the company in a trade on Tuesday, May 3. The stock was sold at an average price of $160.00, for a total transaction of $928,800.00. As a result of the transaction, the administrator now directly owns 22,978 shares of the company, valued at $3,676,480. The disclosure of this sale can be found here. In the past three months, insiders have sold 561,726 shares of the company worth $94,057,396. 0.32% of the shares are currently held by insiders.

Chevron Institutional Trading

Several hedge funds have recently changed their positions in CVX. Clarity Financial LLC increased its equity stake in Chevron by 2.2% in Q1. Clarity Financial LLC now owns 2,790 shares of the oil and gas company worth $454,000 after buying 61 additional shares in the last quarter. SYM FINANCIAL Corp increased its stake in Chevron shares by 3.4% in the 1st quarter. SYM FINANCIAL Corp now owns 1,895 shares of the oil and gas company worth $309,000 after buying 62 more shares in the last quarter. LCM Capital Management Inc increased its stake in Chevron shares by 0.9% in the 1st quarter. LCM Capital Management Inc now owns 7,306 shares of the oil and gas company worth $1,190,000 after buying 63 more shares last quarter. Matrix Private Capital Group LLC increased its stake in Chevron stock by 0.3% in Q1. Matrix Private Capital Group LLC now owns 20,229 shares of the oil and gas company worth $3,294,000 after buying 64 more shares in the last quarter. Finally, John G Ullman & Associates Inc. increased its stake in Chevron shares by 1.1% in the 1st quarter. John G Ullman & Associates Inc. now owns 6,002 shares of the oil and gas company worth $977,000 after buying 67 more shares last quarter. Institutional investors and hedge funds own 65.89% of the company’s shares.

Chevron Company Profile

(Get a rating)

Chevron Corporation, through its subsidiaries, has integrated energy and chemical businesses 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 by pipelines; and the transportation, storage and marketing of natural gas, as well as the operation of a gas-to-liquids plant.

Further reading

The Fly logo

Analyst Recommendations for Chevron (NYSE: CVX)



Get news and reviews for Chevron Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings for Chevron and related companies with MarketBeat.com’s free daily email newsletter.

Richard L. Militello