Chevron (NYSE:CVX) Coverage Initiated at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company began coverage on shares of Chevron (NYSE:CVX) in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage set an “overweight” rating and a $190.00 price target on the oil and gas company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 24.09% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Evercore ISI restated an “outperform” rating and set a $180.00 price target on shares of Chevron in a research report on Thursday, July 31st. Piper Sandler increased their price target on Chevron from $164.00 to $168.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Weiss Ratings restated a “hold (c)” rating on shares of Chevron in a research report on Wednesday, October 8th. Melius initiated coverage on Chevron in a research report on Wednesday, August 20th. They set a “hold” rating and a $155.00 price target on the stock. Finally, Bank of America increased their price objective on Chevron from $170.00 to $185.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Eleven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $165.25.

Chevron Trading Up 0.9%

Chevron stock opened at $153.12 on Friday. The business has a 50 day moving average price of $156.03 and a two-hundred day moving average price of $148.02. The company has a quick ratio of 0.74, a current ratio of 1.00 and a debt-to-equity ratio of 0.16. The stock has a market cap of $264.58 billion, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84. Chevron has a 12 month low of $132.04 and a 12 month high of $168.96.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.19. Chevron had a return on equity of 9.90% and a net margin of 7.02%.The company had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. During the same period in the prior year, the company posted $2.55 EPS. The company’s revenue was down 12.4% compared to the same quarter last year. As a group, equities analysts forecast that Chevron will post 10.79 EPS for the current year.

Insider Activity

In other Chevron news, Director John B. Hess sold 375,000 shares of Chevron stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $158.30, for a total value of $59,362,500.00. Following the sale, the director owned 1,403,045 shares of the company’s stock, valued at $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Alana K. Knowles sold 3,978 shares of Chevron stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $160.00, for a total value of $636,480.00. Following the completion of the sale, the vice president directly owned 1,181 shares in the company, valued at $188,960. This represents a 77.11% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.21% of the company’s stock.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Oak Harvest Investment Services grew its holdings in Chevron by 2.1% during the third quarter. Oak Harvest Investment Services now owns 67,997 shares of the oil and gas company’s stock worth $10,559,000 after purchasing an additional 1,370 shares during the period. Farmers & Merchants Investments Inc. grew its holdings in Chevron by 1.6% during the third quarter. Farmers & Merchants Investments Inc. now owns 121,778 shares of the oil and gas company’s stock worth $18,911,000 after purchasing an additional 1,922 shares during the period. Old North State Wealth Management LLC grew its holdings in Chevron by 25.9% during the third quarter. Old North State Wealth Management LLC now owns 5,042 shares of the oil and gas company’s stock worth $784,000 after purchasing an additional 1,036 shares during the period. Annex Advisory Services LLC grew its holdings in Chevron by 4.4% during the third quarter. Annex Advisory Services LLC now owns 205,705 shares of the oil and gas company’s stock worth $31,944,000 after purchasing an additional 8,589 shares during the period. Finally, Lakeshore Capital Group Inc. grew its holdings in Chevron by 2.0% during the third quarter. Lakeshore Capital Group Inc. now owns 5,242 shares of the oil and gas company’s stock worth $814,000 after purchasing an additional 102 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.