Chevron (NYSE:CVX) Price Target Raised to $178.00

Chevron (NYSE:CVX) had its price objective boosted by equities researchers at HSBC from $175.00 to $178.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. HSBC’s target price suggests a potential upside of 11.56% from the company’s previous close.

Several other research firms have also recently issued reports on CVX. Truist Financial cut their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a research report on Friday, April 5th. Mizuho raised their price target on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Barclays started coverage on Chevron in a report on Wednesday, April 10th. They issued an “overweight” rating and a $203.00 price objective on the stock. Piper Sandler raised their target price on Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Chevron in a research note on Monday, April 1st. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $185.35.

Chevron Price Performance

CVX stock opened at $159.56 on Tuesday. Chevron has a 1 year low of $139.62 and a 1 year high of $171.70. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01. The firm has a market capitalization of $296.35 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 2.43 and a beta of 1.12. The business has a 50 day simple moving average of $157.04 and a 200-day simple moving average of $151.74.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.84 by $0.09. Chevron had a return on equity of 14.38% and a net margin of 10.21%. The company had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same period in the prior year, the business earned $3.55 EPS. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. Equities research analysts anticipate that Chevron will post 13.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the sale, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Chevron

Institutional investors and hedge funds have recently made changes to their positions in the stock. Palisade Asset Management LLC lifted its stake in Chevron by 0.3% in the first quarter. Palisade Asset Management LLC now owns 92,386 shares of the oil and gas company’s stock worth $14,573,000 after acquiring an additional 275 shares during the last quarter. Schulhoff & Co. Inc. raised its holdings in shares of Chevron by 1.3% in the 1st quarter. Schulhoff & Co. Inc. now owns 37,319 shares of the oil and gas company’s stock valued at $5,887,000 after purchasing an additional 491 shares in the last quarter. PDS Planning Inc lifted its position in shares of Chevron by 9.0% during the 1st quarter. PDS Planning Inc now owns 8,662 shares of the oil and gas company’s stock worth $1,366,000 after purchasing an additional 715 shares during the last quarter. Argent Advisors Inc. grew its stake in shares of Chevron by 7.1% during the first quarter. Argent Advisors Inc. now owns 8,653 shares of the oil and gas company’s stock worth $1,365,000 after purchasing an additional 571 shares in the last quarter. Finally, REDW Wealth LLC increased its holdings in Chevron by 6.8% in the first quarter. REDW Wealth LLC now owns 1,668 shares of the oil and gas company’s stock valued at $263,000 after buying an additional 106 shares during the last quarter. 72.42% of the stock is 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.