Chevron (NYSE:CVX) Stock Rating Upgraded by Scotiabank

Scotiabank upgraded shares of Chevron (NYSE:CVX) from a sector perform rating to a sector outperform rating in a research report report published on Thursday, BenzingaRatingsTable reports. They currently have $137.00 price objective on the oil and gas company’s stock.

A number of other research firms also recently commented on CVX. Citigroup downgraded shares of Chevron from a buy rating to a neutral rating in a research report on Monday, December 9th. ValuEngine raised shares of Chevron from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Piper Jaffray Companies assumed coverage on shares of Chevron in a research report on Tuesday, November 26th. They issued a buy rating and a $143.00 target price for the company. Berenberg Bank reissued a hold rating and set a $128.00 price objective on shares of Chevron in a research report on Thursday, December 12th. Finally, Cowen cut their price objective on shares of Chevron from $140.00 to $134.00 and set an outperform rating for the company in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $138.87.

NYSE:CVX traded down $1.25 during trading hours on Thursday, reaching $111.85. The company had a trading volume of 6,918,679 shares, compared to its average volume of 7,136,186. The company has a current ratio of 1.12, a quick ratio of 0.93 and a debt-to-equity ratio of 0.16. Chevron has a 52 week low of $110.42 and a 52 week high of $127.34. The firm has a market cap of $213.48 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 4.65 and a beta of 1.02. The firm’s 50 day moving average price is $118.10 and its 200-day moving average price is $119.15.

Chevron (NYSE:CVX) last posted its earnings results on Friday, November 1st. The oil and gas company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.11). Chevron had a return on equity of 8.89% and a net margin of 8.70%. The company had revenue of $36.12 billion during the quarter, compared to the consensus estimate of $37.69 billion. During the same period last year, the firm posted $2.11 EPS. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. On average, analysts forecast that Chevron will post 6.36 earnings per share for the current fiscal year.

In other news, CEO Michael K. Wirth sold 67,500 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $121.07, for a total transaction of $8,172,225.00. Following the completion of the sale, the chief executive officer now owns 33,750 shares of the company’s stock, valued at approximately $4,086,112.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Rhonda J. Morris sold 7,800 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $119.68, for a total transaction of $933,504.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 90,300 shares of company stock valued at $10,904,079. Insiders own 0.31% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Horan Capital Advisors LLC. lifted its stake in Chevron by 2.6% in the 3rd quarter. Horan Capital Advisors LLC. now owns 3,311 shares of the oil and gas company’s stock worth $393,000 after purchasing an additional 85 shares in the last quarter. Halsey Associates Inc. CT lifted its stake in Chevron by 1.1% in the 3rd quarter. Halsey Associates Inc. CT now owns 7,813 shares of the oil and gas company’s stock worth $927,000 after purchasing an additional 85 shares in the last quarter. Empirical Finance LLC lifted its stake in Chevron by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 4,205 shares of the oil and gas company’s stock worth $499,000 after purchasing an additional 87 shares in the last quarter. Archford Capital Strategies LLC lifted its stake in Chevron by 0.5% in the 3rd quarter. Archford Capital Strategies LLC now owns 16,784 shares of the oil and gas company’s stock worth $1,991,000 after purchasing an additional 88 shares in the last quarter. Finally, Shulman DeMeo Asset Management LLC lifted its stake in Chevron by 0.8% in the 3rd quarter. Shulman DeMeo Asset Management LLC now owns 11,798 shares of the oil and gas company’s stock worth $1,399,000 after purchasing an additional 90 shares in the last quarter. 65.57% of the stock is owned by hedge funds and other institutional investors.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Analyst Recommendations for Chevron (NYSE:CVX)

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