Chevron (NYSE:CVX) Cut to Hold at Hsbc Global Res

Hsbc Global Res lowered shares of Chevron (NYSE:CVX) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts have also issued reports on the stock. Barclays lowered shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Raymond James reduced their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. TD Cowen cut their price target on shares of Chevron from $155.00 to $150.00 and set a “hold” rating for the company in a report on Monday, May 5th. UBS Group cut their price objective on Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Finally, HSBC downgraded Chevron from a “buy” rating to a “hold” rating and dropped their target price for the company from $176.00 to $158.00 in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $160.24.

Chevron Stock Performance

Shares of NYSE CVX opened at $142.14 on Tuesday. The company has a market cap of $248.23 billion, a PE ratio of 14.62, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. Chevron has a 12 month low of $132.04 and a 12 month high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a 50-day simple moving average of $146.89 and a 200-day simple moving average of $151.81.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. Chevron’s revenue was down 2.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.93 earnings per share. On average, equities analysts anticipate that Chevron will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a yield of 4.81%. Chevron’s dividend payout ratio (DPR) is currently 78.17%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CVX. Allianz SE bought a new position in Chevron in the fourth quarter valued at about $9,369,000. Nicholas Company Inc. increased its position in shares of Chevron by 4.3% during the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock worth $11,591,000 after purchasing an additional 3,280 shares during the last quarter. Applied Finance Capital Management LLC increased its position in shares of Chevron by 1.6% during the 4th quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock worth $26,044,000 after purchasing an additional 2,755 shares during the last quarter. Cerity Partners LLC raised its stake in Chevron by 4.5% in the 4th quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock valued at $174,817,000 after acquiring an additional 52,307 shares during the period. Finally, Wedbush Securities Inc. raised its stake in Chevron by 6.8% in the 4th quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock valued at $17,101,000 after acquiring an additional 7,557 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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.