Piper Sandler Has Lowered Expectations for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its price objective decreased by equities researchers at Piper Sandler from $171.00 to $169.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s price target indicates a potential upside of 8.96% from the stock’s previous close.

A number of other brokerages also recently weighed in on CVX. Wells Fargo & Company initiated coverage on Chevron in a report on Friday, October 17th. They issued an “overweight” rating and a $190.00 target price on the stock. Melius Research started coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price objective on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Jefferies Financial Group reiterated a “buy” rating on shares of Chevron in a research report on Friday, July 18th. Finally, Barclays lowered their price target on shares of Chevron from $160.00 to $158.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $165.45.

Chevron Price Performance

CVX opened at $155.10 on Monday. The firm has a market capitalization of $268.01 billion, a P/E ratio of 19.96, a PEG ratio of 4.40 and a beta of 0.83. The stock has a fifty day moving average of $155.55 and a 200-day moving average of $149.80. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. Chevron has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.14. The firm had revenue of $48.17 billion for the quarter, compared to analyst estimates of $46.99 billion. Chevron had a return on equity of 9.90% and a net margin of 7.02%.Chevron’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.48 earnings per share. Equities analysts forecast that Chevron will post 10.79 EPS for the current fiscal year.

Insider Buying and Selling at Chevron

In other news, Director John B. Hess sold 375,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Alana K. Knowles sold 3,978 shares of the company’s stock in a transaction on Friday, August 29th. The stock was sold at an average price of $160.00, for a total transaction of $636,480.00. Following the completion of the sale, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. This represents a 77.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

Institutional Trading of Chevron

Several large investors have recently made changes to their positions in CVX. Coyle Financial Counsel LLC bought a new position in Chevron in the 3rd quarter worth approximately $230,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Chevron by 8.3% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 54,121 shares of the oil and gas company’s stock valued at $8,405,000 after acquiring an additional 4,166 shares during the period. Notis McConarty Edward grew its stake in shares of Chevron by 1.4% in the third quarter. Notis McConarty Edward now owns 12,612 shares of the oil and gas company’s stock worth $1,959,000 after acquiring an additional 170 shares during the last quarter. Lion Street Advisors LLC increased its position in Chevron by 51.0% during the third quarter. Lion Street Advisors LLC now owns 14,657 shares of the oil and gas company’s stock worth $2,276,000 after acquiring an additional 4,951 shares during the period. Finally, AMG National Trust Bank increased its position in Chevron by 19.8% during the third quarter. AMG National Trust Bank now owns 71,358 shares of the oil and gas company’s stock worth $11,081,000 after acquiring an additional 11,799 shares during the period. Institutional investors own 72.42% of the company’s stock.

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.