Macquarie upgraded shares of Chevron Corporation (NYSE:CVX) from a neutral rating to an outperform rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. Macquarie currently has $135.00 target price on the oil and gas company’s stock.
A number of other equities research analysts also recently issued reports on the stock. UBS AG set a $105.00 price target on shares of Chevron Corporation and gave the stock a neutral rating in a report on Wednesday, September 6th. Zacks Investment Research downgraded shares of Chevron Corporation from a hold rating to a sell rating in a report on Monday, July 17th. Credit Suisse Group set a $123.00 price target on shares of Chevron Corporation and gave the stock a buy rating in a report on Friday, August 25th. Jefferies Group LLC set a $130.00 price target on shares of Chevron Corporation and gave the stock a buy rating in a report on Tuesday, August 29th. Finally, BidaskClub downgraded shares of Chevron Corporation from a sell rating to a strong sell rating in a report on Friday, June 23rd. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $119.66.
Chevron Corporation (CVX) traded up 0.27% during trading on Tuesday, reaching $118.52. 1,338,274 shares of the company’s stock traded hands. Chevron Corporation has a 52-week low of $99.87 and a 52-week high of $120.00. The company’s 50 day moving average is $115.93 and its 200-day moving average is $108.64. The stock has a market cap of $224.60 billion, a price-to-earnings ratio of 38.43 and a beta of 1.24.
Chevron Corporation (NYSE:CVX) last announced its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The firm had revenue of $34.48 billion for the quarter, compared to the consensus estimate of $32.77 billion. During the same period in the prior year, the firm posted ($0.78) earnings per share. The company’s revenue for the quarter was up 17.8% on a year-over-year basis. On average, analysts anticipate that Chevron Corporation will post $4.08 earnings per share for the current fiscal year.
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In other news, CFO Patricia E. Yarrington sold 39,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were 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 owns 43,838 shares in the company, valued at $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 firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now owns 25,500 shares in the company, valued at approximately $3,060,000. The disclosure for this sale can be found here. Insiders have sold 97,812 shares of company stock worth $11,068,343 over the last quarter. Company insiders own 0.38% of the company’s stock.
Several institutional investors have recently modified their holdings of CVX. Harbour Capital Advisors LLC grew its holdings in shares of Chevron Corporation by 10,213.3% in the second quarter. Harbour Capital Advisors LLC now owns 5,709,042 shares of the oil and gas company’s stock worth $54,721,000 after purchasing an additional 5,653,686 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Chevron Corporation by 2.9% in the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after purchasing an additional 3,920,240 shares during the last quarter. Capital World Investors grew its holdings in shares of Chevron Corporation by 9.8% in the second quarter. Capital World Investors now owns 35,546,848 shares of the oil and gas company’s stock worth $3,708,603,000 after purchasing an additional 3,182,250 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Chevron Corporation by 669.9% in the second quarter. Janus Henderson Group PLC now owns 3,230,554 shares of the oil and gas company’s stock worth $337,050,000 after purchasing an additional 2,810,928 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Chevron Corporation by 1.6% in the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock worth $13,007,759,000 after purchasing an additional 1,975,865 shares during the last quarter. Hedge funds and other institutional investors own 62.72% of the company’s stock.
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.
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