Raymond James Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its price target hoisted by Raymond James from $175.00 to $180.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Raymond James’ price objective would suggest a potential upside of 11.74% from the stock’s previous close.

Several other brokerages have also weighed in on CVX. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Truist Financial raised their price target on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday. Royal Bank of Canada increased their price objective on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, November 4th. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research report on Tuesday, November 5th. Finally, UBS Group boosted their price target on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Chevron has a consensus rating of “Moderate Buy” and an average target price of $175.27.

Chevron Price Performance

Shares of NYSE:CVX traded up $1.70 on Friday, reaching $161.08. 4,390,525 shares of the company were exchanged, compared to its average volume of 7,406,286. The firm has a market cap of $289.48 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. 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 company has a 50-day moving average of $153.79 and a 200-day moving average of $151.00. Chevron has a 1-year low of $135.37 and a 1-year high of $167.11.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the firm posted $3.05 earnings per share. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. Equities analysts forecast that Chevron will post 10.39 earnings per share for the current fiscal year.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chevron

Several institutional investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new stake in shares of Chevron during the third quarter valued at approximately $29,000. Rational Advisors LLC acquired a new stake in shares of Chevron in the 3rd quarter valued at $29,000. Darwin Wealth Management LLC bought a new stake in shares of Chevron during the third quarter worth $30,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Chevron during the third quarter valued at $31,000. Finally, Cyrus J. Lawrence LLC raised its holdings in Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 100 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

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.