Piper Sandler Has Lowered Expectations for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its target price dropped by analysts at Piper Sandler from $184.00 to $173.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s price objective points to a potential upside of 21.11% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Mizuho lowered their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Bank of America initiated coverage on shares of Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target on the stock. Barclays increased their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Wells Fargo & Company boosted their target price on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a report on Monday, December 9th. Finally, UBS Group increased their price target on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and an average price target of $175.19.

Chevron Trading Up 1.2 %

CVX opened at $142.85 on Thursday. The company’s 50 day moving average price is $154.83 and its two-hundred day moving average price is $151.95. The firm has a market capitalization of $256.71 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 2.93 and a beta of 1.10. Chevron has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the business posted $3.05 earnings per share. As a group, research analysts predict that Chevron will post 10.5 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s 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 directly owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is owned by company insiders.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. International Assets Investment Management LLC boosted its position in shares of Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after buying an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC grew its stake in shares of Chevron by 15,750.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after acquiring an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after acquiring an additional 3,456,008 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Chevron by 55.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after purchasing an additional 3,048,819 shares in 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.