Chevron (NYSE:CVX) Cut to “Hold” at HSBC

HSBC lowered shares of Chevron (NYSE:CVX) from a buy rating to a hold rating in a research note released on Tuesday, Marketbeat reports. HSBC currently has $158.00 price objective on the oil and gas company’s stock, down from their previous price objective of $176.00.

Several other equities research analysts have also issued reports on the company. DZ Bank lowered Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective for the company. in a research note on Tuesday, May 6th. Wells Fargo & Company lowered their price objective on Chevron from $173.00 to $164.00 and set an “overweight” rating for the company in a research note on Monday, May 5th. Truist Financial lowered their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Barclays lowered Chevron from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Finally, Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 price objective (down from $156.00) on shares of Chevron in a research note on Wednesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Performance

NYSE CVX opened at $142.14 on Tuesday. The stock has a market capitalization of $248.23 billion, a PE ratio of 14.62, a P/E/G ratio of 1.46 and a beta of 0.83. The business has a 50 day simple moving average of $146.89 and a two-hundred day simple moving average of $151.81. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.03. The business had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. During the same period last year, the company earned $2.93 EPS. On average, research analysts predict that Chevron will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CVX. Life Planning Partners Inc purchased a new position in Chevron during the 4th quarter worth $25,000. IMG Wealth Management Inc. purchased a new position in shares of Chevron in the 4th quarter valued at $25,000. Harvest Fund Management Co. Ltd increased its holdings in shares of Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 122 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in shares of Chevron in the 4th quarter valued at $29,000. Finally, 10Elms LLP purchased a new position in shares of Chevron in the 4th quarter valued at $29,000. 72.42% of the stock is currently 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.