Chevron (NYSE:CVX) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Chevron (NYSE:CVX) had its price target hoisted by research analysts at Morgan Stanley from $174.00 to $177.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price target would indicate a potential upside of 13.99% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Piper Sandler upped their target price on shares of Chevron from $164.00 to $168.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Raymond James Financial reiterated an “outperform” rating and set a $160.00 target price (down from $170.00) on shares of Chevron in a research note on Friday, October 17th. Wells Fargo & Company initiated coverage on Chevron in a research note on Friday, October 17th. They issued an “overweight” rating and a $190.00 price target on the stock. Mizuho decreased their price objective on shares of Chevron from $192.00 to $191.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, TD Cowen lifted their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $165.40.

Chevron Stock Down 1.5%

CVX traded down $2.44 during trading on Monday, hitting $155.28. The company had a trading volume of 3,362,243 shares, compared to its average volume of 8,829,214. Chevron has a one year low of $132.04 and a one year high of $168.96. The firm’s 50-day moving average price is $156.07 and its 200 day moving average price is $149.20. The company has a market capitalization of $268.33 billion, a PE ratio of 19.99, a PEG ratio of 4.40 and a beta of 0.84. 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 (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, topping the consensus estimate of $1.71 by $0.14. The firm had revenue of $49.73 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%.The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.48 EPS. As a group, equities analysts expect that Chevron will post 10.79 earnings per share for the current year.

Insider Buying and Selling

In other Chevron news, VP Alana K. Knowles sold 3,978 shares of the 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 transaction, the vice president directly owned 1,181 shares of the company’s stock, valued at approximately $188,960. This represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the completion of the sale, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. The trade was a 21.09% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Institutional investors have recently added to or reduced their stakes in the business. Harvest Fund Management Co. Ltd grew its stake in Chevron by 420.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 122 shares in the last quarter. Elequin Capital LP bought a new position in shares of Chevron in the first quarter worth $31,000. Quaker Wealth Management LLC grew its position in shares of Chevron by 197.7% in the second 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 in the last quarter. Decker Retirement Planning Inc. bought a new stake in shares of Chevron during the 3rd quarter valued at $34,000. Finally, Vermillion & White Wealth Management Group LLC lifted its holdings in Chevron by 86.1% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 118 shares in the last quarter. 72.42% of the stock is owned by hedge funds and other 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.