Chevron (NYSE:CVX) Raised to Buy at Citigroup

Chevron (NYSE:CVX) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat.com reports. The firm presently 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 price target would indicate a potential upside of 14.12% from the stock’s current price.

A number of other research analysts have also weighed in on the company. Bank of America began coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective for the company. Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Barclays increased their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Finally, Truist Financial increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.56.

Chevron Stock Down 0.3 %

NYSE CVX opened at $162.11 on Tuesday. Chevron has a 12 month low of $135.37 and a 12 month high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The stock has a market cap of $291.33 billion, a PE ratio of 17.81, a P/E/G ratio of 3.54 and a beta of 1.09. The stock’s 50 day moving average is $152.69 and its 200 day moving average is $152.56.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. Chevron’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.05 earnings per share. Research analysts predict that Chevron will post 10.53 EPS for the current fiscal year.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chevron

Institutional investors have recently modified their holdings of the stock. Rational Advisors LLC bought a new stake in shares of Chevron in the third quarter valued at about $29,000. Legacy Investment Solutions LLC bought a new stake in shares of Chevron in the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC purchased a new stake in shares of Chevron in the 3rd quarter worth approximately $30,000. RPg Family Wealth Advisory LLC bought a new position in shares of Chevron during the third quarter valued at approximately $31,000. Finally, Anfield Capital Management LLC increased its holdings in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 118 shares during the period. 72.42% of the stock is owned by hedge funds and other institutional investors.

About Chevron

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.