Barclays Cuts Chevron (NYSE:CVX) Price Target to $171.00

Chevron (NYSE:CVX) had its price objective reduced by Barclays from $174.00 to $171.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the oil and gas company’s stock.

CVX has been the subject of several other research reports. UBS Group cut their price objective on Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a report on Monday, February 3rd. Truist Financial cut their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Wells Fargo & Company cut their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Finally, Bank of America started coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Chevron Stock Up 0.4 %

Chevron stock opened at $152.54 on Wednesday. The firm has a market cap of $274.13 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 1.29 and a beta of 1.11. The stock has a fifty day simple moving average of $152.40 and a two-hundred day simple moving average of $150.91. Chevron has a 12 month low of $135.37 and a 12 month 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.

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

Chevron Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Stockholders of record on Friday, February 14th will be given a $1.71 dividend. This represents a $6.84 annualized dividend and a dividend yield of 4.48%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. Chevron’s payout ratio is presently 67.08%.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated 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 directly owns 4,280 shares in the company, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of Chevron in the fourth quarter worth about $1,036,302,000. International Assets Investment Management LLC lifted its position in shares of Chevron by 19,404.1% in the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock worth $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% in 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 buying an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock worth $562,566,000 after buying an additional 3,456,008 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock worth $4,581,137,000 after buying an additional 3,203,899 shares in the last quarter. 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.