Citigroup Upgrades Chevron (NYSE:CVX) to Buy

Chevron (NYSE:CVX) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $185.00 price objective on the oil and gas company’s stock, up from their prior price objective of $145.00. Citigroup’s target price indicates a potential upside of 14.12% from the company’s previous close.

A number of other research analysts also recently weighed in on CVX. Barclays upped their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Royal Bank of Canada raised their price objective on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Mizuho reduced their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Truist Financial lifted their price target on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday, November 4th. Finally, UBS Group upped their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $175.56.

Chevron Price Performance

Shares of NYSE:CVX opened at $162.11 on Tuesday. The company has a market cap of $291.33 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 3.54 and a beta of 1.09. Chevron has a twelve month low of $135.37 and a twelve month high of $167.11. The company’s 50 day moving average is $152.69 and its 200 day moving average is $152.56. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period last year, the business earned $3.05 earnings per share. On average, sell-side analysts forecast that Chevron will post 10.53 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several institutional investors and hedge funds have recently bought and sold shares of CVX. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Chevron during the first quarter valued at about $566,000. Montchanin Asset Management LLC acquired a new stake in Chevron in the 1st quarter valued at approximately $2,035,000. Heartland Bank & Trust Co raised its position in Chevron by 97.7% in the first quarter. Heartland Bank & Trust Co now owns 5,942 shares of the oil and gas company’s stock valued at $937,000 after purchasing an additional 2,936 shares during the period. Advisory Resource Group lifted its stake in Chevron by 12.5% during the first quarter. Advisory Resource Group now owns 4,476 shares of the oil and gas company’s stock worth $706,000 after purchasing an additional 496 shares in the last quarter. Finally, CCM Investment Advisers LLC boosted its position in shares of Chevron by 0.4% during the first quarter. CCM Investment Advisers LLC now owns 68,163 shares of the oil and gas company’s stock worth $10,752,000 after buying an additional 300 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Company Profile

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.