Zacks Investment Research downgraded shares of Chevron Corporation (NYSE:CVX) from a buy rating to a hold rating in a research note published on Monday morning.
According to Zacks, “The second-largest U.S. oil producer have been a beneficiary of the recovery in commodity prices and robust refining profits. More importantly, Chevron was able to cover its investment and payouts with cash from operations in the most recent quarter – something investors really want right now. With crude prices firming and Chevron being one of the most oilweighted majors, the company's profits got an expected boost. Stronger refining margins also helped increase earnings. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multi-year projects. However, we remain worried over signs of headwind in Chevron's U.S. production. Chevron's exposure to production in the vulnerable and violence-prone regions in Nigeria poses additional risk. Hence, we advise investors to wait for a better entry point before buying shares in the oil major.”
Other research analysts also recently issued research reports about the stock. TheStreet upgraded shares of Chevron Corporation from a c+ rating to a b rating in a report on Monday, October 23rd. BMO Capital Markets set a $120.00 price objective on shares of Chevron Corporation and gave the stock a buy rating in a report on Sunday, July 30th. Jefferies Group LLC set a $130.00 price objective on shares of Chevron Corporation and gave the stock a buy rating in a report on Tuesday, August 29th. Piper Jaffray Companies set a $119.00 price objective on shares of Chevron Corporation and gave the stock a buy rating in a report on Friday, August 25th. Finally, Credit Suisse Group set a $123.00 price objective on shares of Chevron Corporation and gave the stock a buy rating in a report on Friday, August 25th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $120.54.
Chevron Corporation (NYSE CVX) traded up $1.09 during trading hours on Monday, hitting $115.81. 755,047 shares of the stock traded hands, compared to its average volume of 5,658,951. Chevron Corporation has a one year low of $102.55 and a one year high of $120.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 1.04. The company has a market cap of $219,570.00, a P/E ratio of 32.13, a price-to-earnings-growth ratio of 3.83 and a beta of 1.22.
Chevron Corporation (NYSE:CVX) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.04. Chevron Corporation had a net margin of 4.79% and a return on equity of 4.59%. The company had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. The business’s revenue was up 20.1% compared to the same quarter last year. research analysts forecast that Chevron Corporation will post 4.28 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be given a dividend of $1.08 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.73%. Chevron Corporation’s payout ratio is 125.95%.
In other news, CFO Patricia E. Yarrington sold 13,143 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $115.01, for a total transaction of $1,511,576.43. Following the transaction, the chief financial officer now directly owns 17,981 shares in the company, valued at $2,067,994.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP R. Hewitt Pate sold 25,500 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the transaction, the vice president now owns 25,500 shares in the company, valued at $3,060,000. The disclosure for this sale can be found here. Insiders have sold 63,122 shares of company stock worth $7,433,361 over the last quarter. 0.38% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pathstone Family Office LLC lifted its holdings in Chevron Corporation by 2.5% in the second quarter. Pathstone Family Office LLC now owns 813 shares of the oil and gas company’s stock valued at $2,170,000 after buying an additional 20 shares during the period. Shine Investment Advisory Services Inc. acquired a new position in Chevron Corporation in the second quarter valued at approximately $106,000. Thompson Davis & CO. Inc. lifted its holdings in Chevron Corporation by 20.0% in the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after buying an additional 191 shares during the period. Winfield Associates Inc. lifted its holdings in Chevron Corporation by 5.1% in the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after buying an additional 63 shares during the period. Finally, Accurate Investment Solutions Inc. lifted its holdings in Chevron Corporation by 59.1% in the third quarter. Accurate Investment Solutions Inc. now owns 1,352 shares of the oil and gas company’s stock valued at $159,000 after buying an additional 502 shares during the period. Institutional investors and hedge funds own 63.15% of the company’s stock.
About Chevron Corporation
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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