Chevron’s (CVX) Sell Rating Reaffirmed at Redburn Atlantic

Redburn Atlantic reissued their sell rating on shares of Chevron (NYSE:CVX) in a research note released on Wednesday morning, MarketBeat reports. The brokerage currently has a $124.00 price objective on the oil and gas company’s stock, down from their previous price objective of $156.00.

CVX has been the topic of several other research reports. BNP Paribas lowered Chevron to a “cautious” rating in a report on Tuesday, April 15th. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $171.00 to $152.00 in a research report on Wednesday. Wells Fargo & Company dropped their target price on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Tuesday, April 15th. Truist Financial cut their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $175.00 price target on shares of Chevron in a report on Monday, February 3rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Hold” and an average target price of $165.71.

Chevron Stock Performance

CVX stock opened at $136.70 on Wednesday. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96. 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 50-day moving average price of $152.37 and a 200-day moving average price of $153.10. The firm has a market cap of $240.68 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period last year, the business earned $3.45 earnings per share. As a group, equities research analysts expect that Chevron will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. This is a boost from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Friday, February 14th. Chevron’s dividend payout ratio is presently 70.37%.

Insider Activity at Chevron

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the transaction, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

Institutional Trading of Chevron

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Chevron in the fourth quarter worth about $3,017,750,000. Raymond James Financial Inc. purchased a new stake in Chevron in the 4th quarter worth approximately $1,036,302,000. GAMMA Investing LLC boosted its holdings in Chevron by 21,191.5% in the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after purchasing an additional 5,382,847 shares during the period. Bank of New York Mellon Corp grew its position in shares of Chevron by 17.3% during the 4th quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Finally, Amundi increased its holdings in shares of Chevron by 27.7% in the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock worth $1,323,549,000 after purchasing an additional 1,910,262 shares during the period. 72.42% of the stock is currently owned by 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.