UBS Group Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its target price lifted by UBS Group from $186.00 to $197.00 in a research note published on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the oil and gas company’s stock.

A number of other brokerages have also recently issued reports on CVX. Evercore ISI reaffirmed an “outperform” rating and issued a $180.00 target price on shares of Chevron in a report on Thursday, July 31st. Melius Research initiated coverage on shares of Chevron in a report on Wednesday. They issued a “hold” rating and a $155.00 target price for the company. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Scotiabank reaffirmed a “sector perform” rating and issued a $160.00 target price (up from $143.00) on shares of Chevron in a report on Friday, July 11th. Finally, Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Chevron presently has an average rating of “Hold” and an average price target of $163.95.

Chevron Price Performance

Shares of NYSE:CVX opened at $152.8990 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The company has a market cap of $264.21 billion, a P/E ratio of 19.68, a PEG ratio of 2.25 and a beta of 0.87. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96. The company has a 50-day moving average price of $150.76 and a 200 day moving average price of $148.59.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.19. The firm had revenue of $44.82 billion during the quarter, compared to the consensus estimate of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm’s revenue was down 12.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.55 earnings per share. Research analysts predict that Chevron will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, August 19th. Chevron’s dividend payout ratio (DPR) is 88.03%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Berkshire Hathaway Inc boosted its position in Chevron by 2.9% during the second quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after acquiring an additional 3,454,258 shares during the last quarter. Kingstone Capital Partners Texas LLC boosted its position in Chevron by 652,139.5% during the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock worth $13,214,757,000 after acquiring an additional 83,702,101 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Chevron by 4.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after acquiring an additional 1,342,723 shares during the last quarter. Fisher Asset Management LLC boosted its position in Chevron by 1.9% during the second quarter. Fisher Asset Management LLC now owns 20,826,805 shares of the oil and gas company’s stock worth $2,982,190,000 after acquiring an additional 378,936 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after acquiring an additional 1,394,091 shares during the last quarter. 72.42% of the stock is 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.