Chevron (NYSE:CVX) Downgraded to Hold Rating by Hsbc Global Res

Chevron (NYSE:CVX) was downgraded by Hsbc Global Res from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other brokerages also recently issued reports on CVX. UBS Group dropped their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Raymond James dropped their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday, February 3rd. Wells Fargo & Company dropped their price objective on Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research note on Monday, May 5th. HSBC downgraded Chevron from a “buy” rating to a “hold” rating and dropped their price objective for the company from $176.00 to $158.00 in a research note on Tuesday. Finally, Redburn Atlantic reissued 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 equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $160.24.

Chevron Stock Down 0.8%

Shares of CVX opened at $141.22 on Tuesday. The company has a market capitalization of $246.63 billion, a PE ratio of 14.53, a PEG ratio of 1.46 and a beta of 0.83. Chevron has a 12 month low of $132.04 and a 12 month high of $168.96. The stock’s 50-day moving average price is $147.20 and its two-hundred day moving average price is $151.87. 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 announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping the consensus estimate of $2.15 by $0.03. The firm had revenue of $47.61 billion for the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a return on equity of 11.44% and a net margin of 8.71%. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.93 EPS. On average, analysts anticipate that Chevron will post 10.79 EPS for the current year.

Institutional Trading of Chevron

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allianz SE bought a new stake in Chevron during the 4th quarter worth approximately $9,369,000. Nicholas Company Inc. grew its holdings in shares of Chevron by 4.3% in the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after acquiring an additional 3,280 shares in the last quarter. Applied Finance Capital Management LLC grew its holdings in shares of Chevron by 1.6% in the fourth quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock valued at $26,044,000 after acquiring an additional 2,755 shares in the last quarter. Cerity Partners LLC grew its holdings in shares of Chevron by 4.5% in the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock valued at $174,817,000 after acquiring an additional 52,307 shares in the last quarter. Finally, Wedbush Securities Inc. grew its holdings in shares of Chevron by 6.8% in the fourth quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock valued at $17,101,000 after acquiring an additional 7,557 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Chevron Company Profile

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.