Scotiabank Lowers Chevron (NYSE:CVX) Price Target to $163.00

Chevron (NYSE:CVX) had its price objective lowered by research analysts at Scotiabank from $180.00 to $163.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the oil and gas company’s stock. Scotiabank’s target price points to a potential upside of 7.65% from the stock’s current price.

Several other analysts also recently weighed in on CVX. Mizuho reduced their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Barclays reduced their price objective on Chevron from $185.00 to $168.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Wells Fargo & Company dropped their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday, September 27th. UBS Group boosted their target price on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Truist Financial lowered their price target on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a report on Monday, September 30th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $177.59.

Chevron Stock Up 0.5 %

Shares of CVX opened at $151.42 on Thursday. Chevron has a 52-week low of $135.37 and a 52-week high of $170.17. The company has a market capitalization of $276.94 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 2.70 and a beta of 1.09. The stock has a fifty day simple moving average of $145.46 and a two-hundred day simple moving average of $153.96. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $3.08 EPS. As a group, equities analysts forecast that Chevron will post 11.09 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CVX. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 14.4% in the fourth quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after buying an additional 15,845,037 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Chevron by 55.5% in the 2nd 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 buying an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. lifted its stake in shares of Chevron by 15,542.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after purchasing an additional 1,168,137 shares during the period. Global Assets Advisory LLC bought a new position in Chevron during the 1st quarter worth approximately $156,482,000. Finally, Confluence Investment Management LLC bought a new stake in shares of Chevron in the first quarter worth about $123,681,000. Hedge funds and other institutional investors 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.