Chevron (NYSE:CVX) Lowered to “Hold” at Societe Generale

Chevron (NYSE:CVXGet Rating) was downgraded by research analysts at Societe Generale from a “buy” rating to a “hold” rating in a note issued to investors on Friday, MarketBeat.com reports.

Several other brokerages also recently weighed in on CVX. Barclays increased their price target on Chevron from $148.00 to $183.00 in a research report on Wednesday, March 9th. JPMorgan Chase & Co. cut Chevron from a “neutral” rating to an “underweight” rating and set a $169.00 target price on the stock. in a research report on Friday, March 11th. Royal Bank of Canada cut Chevron from an “outperform” rating to a “sector perform” rating and lifted their price objective for the stock from $160.00 to $165.00 in a report on Thursday, April 21st. Zacks Investment Research cut Chevron from a “buy” rating to a “hold” rating and set a $189.00 price objective on the stock. in a report on Friday, May 13th. Finally, StockNews.com assumed coverage on Chevron in a report on Thursday, March 31st. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Chevron has an average rating of “Buy” and a consensus price target of $166.62.

Shares of NYSE:CVX traded down $0.78 during mid-day trading on Friday, reaching $166.08. The stock had a trading volume of 215,046 shares, compared to its average volume of 11,426,835. The company has a current ratio of 1.43, a quick ratio of 1.22 and a debt-to-equity ratio of 0.20. The company has a market cap of $326.32 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 0.86 and a beta of 1.09. Chevron has a 1 year low of $92.86 and a 1 year high of $175.65. The business’s 50 day moving average price is $165.12 and its 200 day moving average price is $140.31.

Chevron (NYSE:CVXGet Rating) last released its earnings results on Friday, April 29th. The oil and gas company reported $3.36 EPS for the quarter, missing analysts’ consensus estimates of $3.44 by ($0.08). Chevron had a net margin of 11.10% and a return on equity of 14.66%. The business had revenue of $54.37 billion for the quarter, compared to the consensus estimate of $54.96 billion. During the same period in the prior year, the company posted $0.90 EPS. The company’s quarterly revenue was up 69.8% compared to the same quarter last year. Analysts predict that Chevron will post 16.98 earnings per share for the current fiscal year.

In other Chevron news, Director Enrique Hernandez, Jr. sold 39,773 shares of the stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $173.99, for a total transaction of $6,920,104.27. Following the transaction, the director now owns 22,978 shares of the company’s stock, valued at $3,997,942.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Colin E. Parfitt sold 15,500 shares of the stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $132.91, for a total transaction of $2,060,105.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 461,588 shares of company stock worth $74,297,290. 0.32% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Chevron by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company’s stock valued at $27,317,547,000 after purchasing an additional 4,367,157 shares in the last quarter. Geode Capital Management LLC grew its holdings in Chevron by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 32,250,237 shares of the oil and gas company’s stock valued at $3,776,323,000 after purchasing an additional 667,875 shares in the last quarter. Norges Bank acquired a new stake in Chevron during the 4th quarter valued at $3,111,594,000. Morgan Stanley grew its holdings in Chevron by 4.3% during the 3rd quarter. Morgan Stanley now owns 24,297,770 shares of the oil and gas company’s stock valued at $2,465,009,000 after purchasing an additional 995,353 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Chevron by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after purchasing an additional 189,762 shares in the last quarter. 65.89% of the stock is currently owned by institutional investors and hedge funds.

Chevron Company Profile (Get Rating)

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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 associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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