Mizuho Cuts Chevron (NYSE:CVX) Price Target to $186.00

Chevron (NYSE:CVX) had its price target reduced by Mizuho from $188.00 to $186.00 in a research note released on Tuesday,Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

A number of other analysts have also recently weighed in on CVX. Raymond James cut their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. BNP Paribas cut shares of Chevron to a “cautious” rating in a report on Tuesday, April 15th. Scotiabank cut shares of Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $160.00 to $143.00 in a report on Friday, April 11th. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Finally, HSBC cut shares of Chevron from a “buy” rating to a “hold” rating and cut their price objective for the stock from $176.00 to $158.00 in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of “Hold” and a consensus target price of $160.24.

Chevron Stock Up 0.3%

Shares of Chevron stock opened at $142.14 on Tuesday. 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 of $146.89 and a 200 day moving average of $151.81. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $248.23 billion, a P/E ratio of 14.62, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same quarter in the previous year, the firm earned $2.93 earnings per share. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. As a group, research analysts forecast that Chevron will post 10.79 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be issued a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.81%. Chevron’s payout ratio is 78.17%.

Hedge Funds Weigh In On Chevron

A number of institutional investors have recently modified their holdings of CVX. Life Planning Partners Inc purchased a new position in Chevron in the 4th quarter valued at $25,000. IMG Wealth Management Inc. purchased a new position in Chevron in the 4th quarter valued at $25,000. Harvest Fund Management Co. Ltd grew its position 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 during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Chevron in the 4th quarter valued at $29,000. Finally, 10Elms LLP purchased a new position in Chevron in the 4th quarter valued at $29,000. 72.42% of the stock is owned by institutional investors and hedge funds.

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.