Wells Fargo & Company Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Chevron (NYSE:CVX) had its target price boosted by Wells Fargo & Company from $190.00 to $196.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 25.21% from the company’s previous close.

Several other research analysts have also issued reports on the stock. Mizuho raised their price target on shares of Chevron from $191.00 to $204.00 and gave the stock an “outperform” rating in a report on Thursday. UBS Group boosted their target price on shares of Chevron from $186.00 to $197.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Melius assumed coverage on shares of Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Wall Street Zen upgraded Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Chevron in a research note on Wednesday, October 8th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $166.55.

Chevron Price Performance

Shares of CVX stock traded up $0.96 on Friday, hitting $156.54. 1,942,550 shares of the company’s stock were exchanged, compared to its average volume of 8,789,151. The company has a 50 day moving average of $155.19 and a 200 day moving average of $150.10. The stock has a market cap of $315.20 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 4.40 and a beta of 0.83. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.00 and a quick ratio of 0.74. Chevron has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.14. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. During the same period in the prior year, the company earned $2.48 EPS. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, equities research analysts predict that Chevron will post 10.79 EPS for the current year.

Insider Buying and Selling

In related news, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This represents a 21.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the transaction, the vice president owned 1,181 shares of the company’s stock, valued at $188,960. The trade was a 77.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd boosted its holdings in Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in Chevron in the 1st quarter worth about $31,000. Quaker Wealth Management LLC boosted its holdings in shares of Chevron by 197.7% in the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 439 shares during the last quarter. Decker Retirement Planning Inc. acquired a new stake in shares of Chevron in the third quarter valued at about $34,000. Finally, Investment Management Corp VA ADV lifted its stake in shares of Chevron by 171.3% in the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 149 shares in the last quarter. Hedge funds and other 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.