Chevron (NYSE:CVX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Chevron (NYSE:CVX) had its target price upped by equities researchers at Wells Fargo & Company from $190.00 to $196.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 25.21% from the stock’s current price.

A number of other analysts have also commented on the company. Piper Sandler dropped their price target on Chevron from $171.00 to $169.00 and set an “overweight” rating on the stock in a report on Monday. TD Cowen lifted their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday, August 4th. Melius started coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a “hold” rating and a $155.00 price target for the company. Morgan Stanley boosted their price target on shares of Chevron from $177.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Scotiabank boosted their price objective on shares of Chevron from $160.00 to $165.00 and gave the stock a “sector perform” rating in a report on Thursday, October 9th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, Chevron currently has a consensus rating of “Hold” and an average target price of $166.55.

Chevron Trading Up 0.6%

CVX traded up $0.96 during trading on Friday, hitting $156.54. The company’s stock had a trading volume of 1,942,550 shares, compared to its average volume of 8,789,151. The firm has a market capitalization of $315.20 billion, a P/E ratio of 20.15, a PEG ratio of 4.40 and a beta of 0.83. The stock’s fifty day moving average price is $155.19 and its 200-day moving average price is $150.10. 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 has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX) last issued its quarterly earnings data on Friday, October 31st. The oil and gas company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.14. The firm had revenue of $48.17 billion during the quarter, compared to analysts’ expectations of $46.99 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The business’s revenue was down 1.9% on a year-over-year basis. During the same period last year, the company earned $2.48 earnings per share. Analysts anticipate that Chevron will post 10.79 EPS for the current year.

Insider Buying and Selling

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

Institutional Trading of Chevron

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Chevron by 17.9% during the third quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after buying an additional 27,961,463 shares in the last quarter. Berkshire Hathaway Inc grew its stake in shares of Chevron by 2.9% during the 2nd quarter. Berkshire Hathaway Inc now owns 122,064,792 shares of the oil and gas company’s stock worth $17,478,458,000 after acquiring an additional 3,454,258 shares in the last quarter. Kingstone Capital Partners Texas LLC raised its holdings in shares of Chevron by 652,139.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 83,714,936 shares of the oil and gas company’s stock valued at $13,214,757,000 after purchasing an additional 83,702,101 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Chevron by 4.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 34,772,753 shares of the oil and gas company’s stock worth $4,979,255,000 after purchasing an additional 1,342,723 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Chevron by 1.6% in the third quarter. Fisher Asset Management LLC now owns 21,152,060 shares of the oil and gas company’s stock worth $3,284,704,000 after purchasing an additional 325,255 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.