Raymond James Increases Chevron (NYSE:CVX) Price Target to $174.00

Chevron (NYSE:CVX) had its target price boosted by Raymond James from $170.00 to $174.00 in a research report released on Monday, Benzinga reports. Raymond James currently has an outperform rating on the oil and gas company’s stock.

CVX has been the subject of a number of other reports. The Goldman Sachs Group reiterated a buy rating on shares of Chevron in a research report on Monday, April 1st. Truist Financial dropped their price target on shares of Chevron from $168.00 to $156.00 and set a hold rating for the company in a research report on Friday, April 5th. Mizuho lifted their price target on shares of Chevron from $195.00 to $200.00 and gave the company a buy rating in a research report on Wednesday, March 20th. Scotiabank upgraded shares of Chevron from a sector perform rating to a sector outperform rating and lifted their price objective for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Piper Sandler dropped their price objective on shares of Chevron from $188.00 to $180.00 and set an overweight rating for the company in a report on Thursday, March 14th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $183.55.

Chevron Price Performance

Chevron stock opened at $157.59 on Monday. Chevron has a 12-month low of $139.62 and a 12-month high of $172.54. The stock has a market cap of $292.69 billion, a P/E ratio of 13.87, a PEG ratio of 2.40 and a beta of 1.12. The company has a 50-day moving average price of $155.03 and a 200 day moving average price of $151.92. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $3.45 earnings per share for the quarter, beating analysts’ consensus estimates of $3.19 by $0.26. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The business had revenue of $47.18 billion during the quarter, compared to analysts’ expectations of $50.93 billion. During the same period last year, the business earned $4.09 earnings per share. The business’s revenue for the quarter was down 16.5% on a year-over-year basis. Sell-side analysts anticipate that Chevron will post 13.24 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Shareholders of record on Friday, February 16th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.14%. The ex-dividend date was Thursday, February 15th. This is a boost from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is 57.39%.

Insiders Place Their Bets

In other news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Chevron by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 161,924,375 shares of the oil and gas company’s stock valued at $27,303,688,000 after buying an additional 458,080 shares in the last quarter. Berkshire Hathaway Inc boosted its holdings in shares of Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after buying an additional 15,845,037 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Chevron by 7.0% in the 3rd quarter. Morgan Stanley now owns 34,166,899 shares of the oil and gas company’s stock valued at $5,761,223,000 after buying an additional 2,244,995 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 8.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after buying an additional 1,999,332 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC boosted its holdings in shares of Chevron by 104,997.3% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after buying an additional 24,467,521 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.