Royal Bank of Canada Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Chevron (NYSE:CVX) had its price target upped by Royal Bank of Canada from $170.00 to $175.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 14.07% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Bank of America began coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price objective on the stock. UBS Group raised their price objective on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial raised their price objective on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research note on Monday. Finally, Mizuho reduced their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $174.93.

Chevron Stock Down 0.4 %

CVX opened at $153.42 on Monday. The stock has a market cap of $280.59 billion, a PE ratio of 16.86, a P/E/G ratio of 3.39 and a beta of 1.09. 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 has a 52 week low of $135.37 and a 52 week high of $167.11. The business’s fifty day simple moving average is $147.20 and its 200 day simple moving average is $152.86.

Chevron (NYSE:CVX) last released its 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. The business had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a return on equity of 13.07% and a net margin of 8.44%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.05 earnings per share. As a group, research analysts expect that Chevron will post 10.7 earnings per share for the current fiscal year.

Institutional Trading of Chevron

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Schrum Private Wealth Management LLC lifted its holdings in Chevron by 80.8% in the third quarter. Schrum Private Wealth Management LLC now owns 13,334 shares of the oil and gas company’s stock worth $1,964,000 after buying an additional 5,958 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in Chevron by 10.4% in the third quarter. Oppenheimer Asset Management Inc. now owns 697,848 shares of the oil and gas company’s stock worth $102,772,000 after buying an additional 65,670 shares during the period. Angeles Investment Advisors LLC lifted its holdings in Chevron by 1.2% in the third quarter. Angeles Investment Advisors LLC now owns 6,851 shares of the oil and gas company’s stock worth $1,009,000 after buying an additional 82 shares during the period. OLD Second National Bank of Aurora lifted its holdings in Chevron by 79.0% in the third quarter. OLD Second National Bank of Aurora now owns 18,292 shares of the oil and gas company’s stock worth $2,694,000 after buying an additional 8,074 shares during the period. Finally, Pinnacle Financial Partners Inc lifted its holdings in Chevron by 0.5% in the third quarter. Pinnacle Financial Partners Inc now owns 205,331 shares of the oil and gas company’s stock worth $30,239,000 after buying an additional 1,057 shares during the period. 72.42% of the stock is currently owned by hedge funds and other 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.