Wells Fargo & Company Increases Chevron (NYSE:CVX) Price Target to $196.00

Chevron (NYSE:CVX) had its price objective increased by equities research analysts at Wells Fargo & Company from $190.00 to $196.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 24.36% from the company’s previous close.

A number of other research analysts have also weighed in on CVX. Wall Street Zen raised Chevron from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. UBS Group raised their target price on shares of Chevron from $186.00 to $197.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Evercore ISI restated an “outperform” rating and set a $180.00 target price on shares of Chevron in a research report on Thursday, July 31st. Raymond James Financial reaffirmed an “outperform” rating and set a $160.00 price target (down from $170.00) on shares of Chevron in a research report on Friday, October 17th. Finally, Piper Sandler decreased their price objective on Chevron from $171.00 to $169.00 and set an “overweight” rating for the company in a report on Monday, November 10th. Eleven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Hold” and a consensus target price of $166.55.

Chevron Trading Up 1.3%

Shares of Chevron stock opened at $157.61 on Friday. Chevron has a 12-month low of $132.04 and a 12-month high of $168.96. The firm’s 50 day simple moving average is $155.26 and its two-hundred day simple moving average is $150.30. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $317.35 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 4.40 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 7.02% and a return on equity of 9.90%. The business’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.48 earnings per share. Analysts predict that Chevron will post 10.79 EPS for the current year.

Insider Activity

In related news, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the transaction, the vice president owned 1,181 shares in the company, valued at $188,960. The trade was a 77.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John B. Hess sold 375,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at $222,102,023.50. This represents a 21.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is owned by insiders.

Institutional Investors Weigh In On Chevron

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd raised its position in shares of Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 122 shares during the last quarter. Elequin Capital LP acquired a new stake in Chevron in the 1st quarter worth about $31,000. Quaker Wealth Management LLC increased its stake in Chevron by 197.7% during the 2nd quarter. Quaker Wealth Management LLC now owns 217 shares of the oil and gas company’s stock worth $31,000 after buying an additional 439 shares in the last quarter. Decker Retirement Planning Inc. acquired a new position in shares of Chevron during the third quarter valued at approximately $34,000. Finally, Vermillion & White Wealth Management Group LLC raised its holdings in shares of Chevron by 86.1% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 255 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 118 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

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.