Chevron (NYSE:CVX) Downgraded to Sector Perform Rating by Scotiabank

Scotiabank lowered shares of Chevron (NYSE:CVX) from a sector outperform rating to a sector perform rating in a research note published on Friday, Marketbeat Ratings reports. They currently have $143.00 price objective on the oil and gas company’s stock, down from their previous price objective of $160.00.

A number of other brokerages have also recently issued reports on CVX. Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a report on Monday, February 3rd. Wells Fargo & Company dropped their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. UBS Group cut their price target on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, Barclays decreased their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating for the company in a report on Wednesday, February 5th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $172.20.

Chevron Stock Up 0.4 %

CVX stock opened at $135.49 on Friday. The business’s 50 day simple moving average is $155.34 and its 200 day simple moving average is $153.81. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $238.54 billion, a PE ratio of 13.94, a PEG ratio of 1.46 and a beta of 0.93. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the prior year, the firm posted $3.45 EPS. As a group, research analysts anticipate that Chevron will post 10.79 EPS for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 5.05%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s dividend payout ratio is presently 70.37%.

Insider Transactions at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.20% of the company’s stock.

Institutional Trading of Chevron

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Chevron by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock valued at $5,247,142,000 after purchasing an additional 392,916 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock valued at $4,613,960,000 after buying an additional 746,806 shares in the last quarter. Norges Bank acquired a new stake in Chevron in the 4th quarter valued at $3,017,750,000. Northern Trust Corp lifted its holdings 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 valued at $2,965,135,000 after purchasing an additional 1,394,091 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Chevron by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock worth $2,881,280,000 after purchasing an additional 410,460 shares in the last quarter. 72.42% of the stock is currently owned by 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.