Chevron (NYSE: CVX)‘s stock had its “overweight” rating restated by analysts at Morgan Stanley in a research report issued to clients and investors on Wednesday. They currently have a $130.00 price target on the stock, up from their previous price target of $120.00.
The analysts wrote, “CVX will likely increase midstream divestitures availing strong MLP buyer markets. We believe a significant portion of US midstream assets will prove to be non-strategic and monetized in newly formed midstream business segment. As capital spending peaks in 2013-2014, we expect the current cash balances ($10Bn) will be reduced to normal levels; however, we expect CVX will raise its dividend in line with historical averages, outpacing XOM in 2013.”
CVX has been the subject of a number of other recent research reports. Analysts at Credit Suisse reiterated an “outperform” rating on shares of Chevron in a research note to investors on Wednesday. They now have a $130.00 price target on the stock. Separately, analysts at UBS AG raised their price target on shares of Chevron to $120.00 in a research note to investors on Wednesday. Finally, analysts at Bank of America reiterated a “neutral” rating on shares of Chevron in a research note to investors on Wednesday. They now have a $130.00 price target on the stock, up previously from $125.00.
Thirteen equities research analysts have rated the stock with a buy rating, four have given an overweight rating, and eight have given a hold rating to the company’s stock. The stock presently has a consensus rating of “overweight” and a consensus target price of $126.65.
Shares of Chevron traded up 0.09% during mid-day trading on Wednesday, hitting $118.36. Chevron has a one year low of $95.73 and a one year high of $119.30. The stock’s 50-day moving average is currently $116.2. The company has a market cap of $229.9 billion and a P/E ratio of 8.88.
Chevron last posted its quarterly earnings results on Friday, February 1st. The company reported $3.70 earnings per share for the quarter, beating the analysts’ consensus estimate of $3.00 by $0.70. The company had revenue of $60.55 billion for the quarter, compared to the consensus estimate of $66.81 billion. During the same quarter in the previous year, the company posted $2.58 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts predict that Chevron will post $12.33 earnings per share for the current fiscal year.
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 petroleum operations, chemicals operations, mining operations, power generation and energy services.
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