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

Chevron (NYSE:CVX) had its price objective decreased by equities researchers at Scotiabank from $180.00 to $163.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “sector outperform” rating on the oil and gas company’s stock. Scotiabank’s price objective would indicate a potential upside of 8.03% from the stock’s current price.

A number of other brokerages have also issued reports on CVX. Barclays cut their target price on Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Royal Bank of Canada restated an “outperform” rating and set a $170.00 target price on shares of Chevron in a research report on Tuesday. Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Mizuho lowered their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Finally, Truist Financial reduced their price target on Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a research note on Monday, September 30th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.59.

Chevron Price Performance

Shares of CVX traded up $1.24 during mid-day trading on Thursday, hitting $150.89. 1,912,940 shares of the stock were exchanged, compared to its average volume of 7,766,319. Chevron has a 52-week low of $135.37 and a 52-week high of $170.17. The company has a market cap of $275.97 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09. The firm has a 50-day moving average of $145.45 and a two-hundred day moving average of $154.02. 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 (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.08 earnings per share. On average, equities analysts predict that Chevron will post 11.09 earnings per share for the current year.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Fiduciary Financial Group LLC raised its stake in Chevron by 70.9% in the 3rd quarter. Fiduciary Financial Group LLC now owns 4,656 shares of the oil and gas company’s stock valued at $693,000 after acquiring an additional 1,931 shares during the period. MADDEN SECURITIES Corp increased its position in shares of Chevron by 4.3% in the third quarter. MADDEN SECURITIES Corp now owns 33,067 shares of the oil and gas company’s stock valued at $4,870,000 after acquiring an additional 1,352 shares during the period. Juncture Wealth Strategies LLC raised its position in Chevron by 42.8% during the 3rd quarter. Juncture Wealth Strategies LLC now owns 2,503 shares of the oil and gas company’s stock valued at $369,000 after purchasing an additional 750 shares during the last quarter. Walker Financial Services Inc. lifted its holdings in Chevron by 11.6% in the third quarter. Walker Financial Services Inc. now owns 2,053 shares of the oil and gas company’s stock worth $302,000 after buying an additional 213 shares during the period. Finally, Ferguson Shapiro LLC grew its stake in Chevron by 9.9% in the third quarter. Ferguson Shapiro LLC now owns 2,972 shares of the oil and gas company’s stock worth $438,000 after purchasing an additional 268 shares during the period. 72.42% of the stock is 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.