Chevron Corporation (CVX) Downgraded by BMO Capital Markets to Market Perform

BMO Capital Markets lowered shares of Chevron Corporation (NYSE:CVX) from an outperform rating to a market perform rating in a research note released on Wednesday morning. They currently have $120.00 price target on the oil and gas company’s stock. The analysts noted that the move was a valuation call.

Other equities analysts have also issued research reports about the company. BidaskClub lowered Chevron Corporation from a sell rating to a strong sell rating in a research note on Friday, June 23rd. Barclays PLC increased their target price on Chevron Corporation from $120.00 to $130.00 and gave the company an overweight rating in a research note on Tuesday, October 10th. Piper Jaffray Companies set a $119.00 target price on Chevron Corporation and gave the company a buy rating in a research note on Friday, August 25th. Wells Fargo & Company lowered Chevron Corporation to an outperform rating and cut their target price for the company from $124.00 to $102.00 in a research note on Monday, July 17th. Finally, Jefferies Group LLC set a $130.00 price target on Chevron Corporation and gave the stock a buy rating in a research report on Tuesday, August 29th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $119.66.

Shares of Chevron Corporation (NYSE CVX) traded up 0.04% during trading on Wednesday, hitting $118.20. 4,576,637 shares of the stock traded hands. The company has a market cap of $223.99 billion, a price-to-earnings ratio of 38.33 and a beta of 1.24. Chevron Corporation has a 52 week low of $99.87 and a 52 week high of $120.00. The firm’s 50-day moving average price is $115.63 and its 200-day moving average price is $108.58.

Chevron Corporation (NYSE:CVX) last announced its earnings results on Friday, July 28th. The oil and gas company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.89 by $0.02. The company had revenue of $34.48 billion for the quarter, compared to analysts’ expectations of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The business’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.78) earnings per share. On average, equities research analysts anticipate that Chevron Corporation will post $4.08 earnings per share for the current year.

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In other news, CFO Patricia E. Yarrington sold 39,000 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $111.00, for a total value of $4,329,000.00. Following the transaction, the chief financial officer now directly owns 43,838 shares of the company’s stock, valued at approximately $4,866,018. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP R. Hewitt Pate sold 25,500 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $120.00, for a total value of $3,060,000.00. Following the completion of the transaction, the vice president now directly owns 25,500 shares in the company, valued at $3,060,000. The disclosure for this sale can be found here. Insiders sold a total of 97,812 shares of company stock worth $11,068,343 over the last three months. 0.38% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the company. Pathstone Family Office LLC lifted its stake in shares of Chevron Corporation by 2.5% in the 2nd quarter. Pathstone Family Office LLC now owns 813 shares of the oil and gas company’s stock valued at $2,170,000 after purchasing an additional 20 shares during the period. Shine Investment Advisory Services Inc. acquired a new position in shares of Chevron Corporation in the 2nd quarter valued at about $106,000. Thompson Davis & CO. Inc. lifted its stake in shares of Chevron Corporation by 20.0% in the 1st quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 191 shares during the period. Winfield Associates Inc. lifted its stake in shares of Chevron Corporation by 5.1% in the 2nd quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after purchasing an additional 63 shares during the period. Finally, Daiwa SB Investments Ltd. lifted its stake in shares of Chevron Corporation by 438.5% in the 2nd quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 1,140 shares during the period. 62.72% of the stock is currently owned by institutional investors.

About Chevron Corporation

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 integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

Analyst Recommendations for Chevron Corporation (NYSE:CVX)

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