Raymond James Cuts Chevron (NYSE:CVX) Price Target to $175.00

Chevron (NYSE:CVX) had its price objective trimmed by Raymond James from $180.00 to $175.00 in a research report report published on Monday,Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

Other equities analysts also recently issued reports about the stock. Royal Bank of Canada lifted their price target on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, November 4th. Truist Financial lifted their target price on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Piper Sandler decreased their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. Finally, DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $174.13.

Chevron Trading Down 0.1 %

CVX stock opened at $153.01 on Monday. Chevron has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $152.79 and its 200-day moving average is $150.89. The firm has a market cap of $274.98 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same period in the prior year, the firm earned $3.45 earnings per share. Equities analysts anticipate that Chevron will post 11.45 earnings per share for the current fiscal year.

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be issued a $1.71 dividend. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, February 14th. Chevron’s dividend payout ratio is currently 67.08%.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVX. Czech National Bank increased its stake in Chevron by 6.1% in the third quarter. Czech National Bank now owns 346,490 shares of the oil and gas company’s stock valued at $51,028,000 after purchasing an additional 19,878 shares in the last quarter. Azzad Asset Management Inc. ADV increased its position in shares of Chevron by 3.2% in the 3rd quarter. Azzad Asset Management Inc. ADV now owns 30,489 shares of the oil and gas company’s stock valued at $4,490,000 after buying an additional 942 shares in the last quarter. Smith Anglin Financial LLC raised its stake in Chevron by 4.5% during the 3rd quarter. Smith Anglin Financial LLC now owns 6,384 shares of the oil and gas company’s stock worth $940,000 after buying an additional 275 shares during the period. Chemistry Wealth Management LLC lifted its holdings in Chevron by 17.7% during the third quarter. Chemistry Wealth Management LLC now owns 4,144 shares of the oil and gas company’s stock worth $610,000 after acquiring an additional 622 shares in the last quarter. Finally, Miracle Mile Advisors LLC grew its stake in Chevron by 1.4% in the third quarter. Miracle Mile Advisors LLC now owns 26,703 shares of the oil and gas company’s stock valued at $3,933,000 after acquiring an additional 372 shares during the period. 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.