Chevron (NYSE:CVX) Given New $162.00 Price Target at Piper Sandler

Chevron (NYSE:CVX) had its price target trimmed by Piper Sandler from $173.00 to $162.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

A number of other research firms also recently commented on CVX. Wells Fargo & Company dropped their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a report on Monday, May 5th. Mizuho dropped their target price on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a report on Tuesday. Truist Financial dropped their target price on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Trading Up 0.5%

Shares of NYSE:CVX opened at $142.31 on Tuesday. The company has a 50 day moving average of $147.51 and a 200-day moving average of $151.94. The firm has a market cap of $250.55 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.46 and a beta of 0.83. Chevron has a twelve month low of $132.04 and a twelve month high of $168.96. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the previous year, the firm earned $2.93 EPS. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. As a group, analysts anticipate that Chevron will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 4.81%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio is currently 78.17%.

Institutional Trading of Chevron

Large investors have recently modified their holdings of the company. Norges Bank bought a new stake in Chevron in the 4th quarter valued at $3,017,750,000. GQG Partners LLC bought a new stake in Chevron in the 1st quarter valued at $1,466,751,000. Nuveen LLC bought a new stake in Chevron in the 1st quarter valued at $1,362,232,000. Raymond James Financial Inc. bought a new stake in Chevron in the 4th quarter valued at $1,036,302,000. Finally, GAMMA Investing LLC boosted its holdings in Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after purchasing an additional 5,382,847 shares during the period. 72.42% of the stock is owned by 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.