Chevron (NYSE:CVX) Stock Gets Price Target Trim from Sanford C. Bernstein

Chevron (NYSE:CVX) had its price objective reduced by Sanford C. Bernstein from $248.00 to $233.00 in a report issued on Thursday morning,Benzinga reports. They currently have a market perform rating on the oil and gas company’s stock.

Other equities research analysts have also issued research reports about the company. Bank of America boosted their price target on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. increased their price objective on shares of Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. UBS Group lifted their target price on shares of Chevron from $235.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 2nd. Piper Sandler boosted their target price on shares of Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Finally, Barclays upped their price target on shares of Chevron from $208.00 to $244.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $222.96.

Chevron Stock Up 1.5%

Shares of CVX stock traded up $3.21 during trading hours on Thursday, reaching $219.56. 7,573,015 shares of the company’s stock were exchanged, compared to its average volume of 8,354,031. Chevron has a fifty-two week low of $146.49 and a fifty-two week high of $236.48. The stock’s 50 day moving average is $215.49 and its 200-day moving average is $195.58. The company has a current ratio of 1.34, a quick ratio of 1.07 and a debt-to-equity ratio of 0.16. The company has a market cap of $431.52 billion, a price-to-earnings ratio of 16.06, a P/E/G ratio of 0.50 and a beta of 0.47.

Chevron (NYSE:CVX) last announced its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.49% and a net margin of 11.56%. The company had revenue of $65.24 billion for the quarter, compared to analyst estimates of $61.82 billion. During the same period in the prior year, the company posted $1.85 EPS. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. Analysts predict that Chevron will post 18.64 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, November 18th. Chevron’s payout ratio is currently 52.08%.

Insiders Place Their Bets

In other Chevron news, CTO Thomas Booth sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $212.14, for a total value of $1,272,840.00. Following the sale, the chief technology officer directly owned 6,000 shares of the company’s stock, valued at approximately $1,272,840. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $201.06, for a total transaction of $3,377,808.00. Following the transaction, the insider directly owned 14 shares in the company, valued at approximately $2,814.84. The trade was a 99.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 180,370 shares of company stock worth $38,497,149. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Chevron

Several large investors have recently added to or reduced their stakes in CVX. Main Street Group LTD acquired a new position in Chevron in the first quarter valued at approximately $28,000. Kilter Group LLC acquired a new stake in Chevron during the second quarter worth $28,000. Principia Wealth Advisory LLC increased its stake in Chevron by 49.6% during the second quarter. Principia Wealth Advisory LLC now owns 181 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 60 shares during the last quarter. Strategic Wealth Advisors LLC acquired a new stake in Chevron during the second quarter worth $33,000. Finally, Burk Holdings LLC purchased a new stake in Chevron in the second quarter valued at $42,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Key Chevron News

Here’s some of the latest news about CVX:

• Positive Sentiment: Chevron plans to restart its Ralston, Iowa, biodiesel facility, restoring nearly 42 million gallons of annual capacity. A feedstock agreement with Landus Cooperative supports the restart and the company’s renewable-fuels business. Article: What’s Going on with Chevron Shares on Friday?
• Positive Sentiment: Recent quarterly results showed the strength of Chevron’s integrated business: adjusted profit nearly tripled to $10.4 billion, with refining earnings rising 333% and refinery utilization at 98%. The strength came despite production declining 2.6%. Article: Chevron’s Production Fell. Its Profit Nearly Tripled.
• Neutral Sentiment: Barclays raised its price target from $244 to $248 but kept an “equal weight” rating, while Sanford C. Bernstein lowered its target from $248 to $233 and maintained “market perform.” The differing updates indicate mixed analyst sentiment.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives. The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.