Chevron (NYSE:CVX) Rating Increased to Buy at DZ Bank

DZ Bank upgraded shares of Chevron (NYSE:CVX) from a hold rating to a buy rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They currently have $170.00 price objective on the oil and gas company’s stock.

A number of other equities analysts also recently issued reports on the company. Wolfe Research initiated coverage on Chevron in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Wells Fargo & Company cut their target price on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Scotiabank decreased their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. Finally, Truist Financial upped their target price on shares of Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a research note on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $174.93.

Chevron Trading Up 0.1 %

Shares of Chevron stock opened at $156.95 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16. Chevron has a 52 week low of $135.37 and a 52 week high of $167.11. The stock has a 50 day moving average price of $147.80 and a two-hundred day moving average price of $152.89. The stock has a market capitalization of $287.05 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 3.53 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the previous year, the business posted $3.05 EPS. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. As a group, equities analysts anticipate that Chevron will post 10.59 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be paid a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.15%. Chevron’s payout ratio is 71.65%.

Institutional Investors Weigh In On Chevron

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. International Assets Investment Management LLC lifted its stake in shares of Chevron by 19,404.1% during the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after buying an additional 4,876,260 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of Chevron by 15,750.1% during the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after acquiring an additional 3,876,731 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Chevron by 55.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after acquiring an additional 3,048,819 shares during the period. Wulff Hansen & CO. grew its position in shares of Chevron by 15,542.0% in the second 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 in the last quarter. Finally, Capital International Investors raised its stake in shares of Chevron by 5.9% during the 1st quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after purchasing an additional 743,042 shares during the period. 72.42% of the stock is currently owned by institutional investors.

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.