Chevron (NYSE:CVX) Research Coverage Started at Barclays

Barclays initiated coverage on shares of Chevron (NYSE:CVX) in a research report released on Monday, BenzingaRatingsTable reports. The firm issued an overweight rating and a $145.00 target price on the oil and gas company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley decreased their price target on shares of Chevron from $146.00 to $144.00 and set an overweight rating for the company in a report on Friday, July 12th. Zacks Investment Research cut shares of Chevron from a buy rating to a hold rating in a report on Tuesday, May 7th. Finally, Citigroup began coverage on shares of Chevron in a report on Monday, May 13th. They set a buy rating and a $135.00 price target for the company. Five analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $136.78.

Shares of NYSE:CVX opened at $117.88 on Monday. The company has a current ratio of 1.15, a quick ratio of 0.91 and a debt-to-equity ratio of 0.16. Chevron has a 1 year low of $100.22 and a 1 year high of $127.60. The firm has a fifty day moving average price of $122.41 and a 200 day moving average price of $121.41. The stock has a market capitalization of $219.86 billion, a PE ratio of 14.29, a P/E/G ratio of 2.79 and a beta of 1.00.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The company had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. During the same period in the prior year, the company earned $1.78 earnings per share. The business’s quarterly revenue was down 8.0% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron will post 6.93 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Friday, August 16th. Chevron’s dividend payout ratio is currently 57.70%.

In other news, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the completion of the transaction, the chairman now owns 33,750 shares of the company’s stock, valued at $4,239,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph C. Geagea sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total transaction of $980,000.00. Following the transaction, the insider now directly owns 9,243 shares of the company’s stock, valued at approximately $1,132,267.50. The disclosure for this sale can be found here. Insiders have sold 51,750 shares of company stock valued at $6,448,700 in the last ninety days. 0.31% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. BKD Wealth Advisors LLC raised its position in Chevron by 2.5% in the fourth quarter. BKD Wealth Advisors LLC now owns 31,824 shares of the oil and gas company’s stock worth $3,462,000 after purchasing an additional 763 shares in the last quarter. Bank OZK raised its position in Chevron by 2.9% in the fourth quarter. Bank OZK now owns 29,324 shares of the oil and gas company’s stock worth $3,190,000 after purchasing an additional 834 shares in the last quarter. Callahan Advisors LLC raised its position in Chevron by 3.8% in the fourth quarter. Callahan Advisors LLC now owns 80,342 shares of the oil and gas company’s stock worth $8,740,000 after purchasing an additional 2,947 shares in the last quarter. Hemenway Trust Co LLC raised its position in Chevron by 8.1% in the fourth quarter. Hemenway Trust Co LLC now owns 70,631 shares of the oil and gas company’s stock worth $7,684,000 after purchasing an additional 5,313 shares in the last quarter. Finally, Trust Co. of Toledo NA OH raised its position in Chevron by 0.8% in the fourth quarter. Trust Co. of Toledo NA OH now owns 60,292 shares of the oil and gas company’s stock worth $6,559,000 after purchasing an additional 486 shares in the last quarter. 66.45% of the stock is owned by institutional investors and hedge funds.

About Chevron

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Read More: Neutral Rating

Analyst Recommendations for Chevron (NYSE:CVX)

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