Chevron (NYSE:CVX) Price Target Cut to $169.00 by Analysts at Wells Fargo & Company

Chevron (NYSE:CVX) had its target price trimmed by Wells Fargo & Company from $196.00 to $169.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

Several other brokerages also recently commented on CVX. Truist Financial dropped their price objective on shares of Chevron from $156.00 to $154.00 and set a hold rating for the company in a research note on Monday, August 5th. Royal Bank of Canada dropped their price target on Chevron from $190.00 to $180.00 and set an outperform rating for the company in a research note on Monday, August 5th. Wolfe Research assumed coverage on Chevron in a research report on Thursday, July 18th. They set a peer perform rating on the stock. Barclays dropped their target price on Chevron from $203.00 to $185.00 and set an overweight rating for the company in a research report on Tuesday, August 6th. Finally, Scotiabank reduced their price target on Chevron from $195.00 to $180.00 and set a sector outperform rating on the stock in a report on Friday, July 12th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $180.00.

Chevron Trading Up 1.2 %

Shares of CVX opened at $147.27 on Friday. 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 $170.17. The firm has a market cap of $271.41 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 2.68 and a beta of 1.09. The business’s fifty day moving average is $146.43 and its 200-day moving average is $154.25.

Chevron (NYSE:CVX) last issued its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a return on equity of 13.70% and a net margin of 9.31%. The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. During the same period in the previous year, the firm posted $3.08 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. Equities analysts anticipate that Chevron will post 11.02 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.43%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Berkshire Hathaway Inc lifted its stake in shares of Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after purchasing an additional 15,845,037 shares during the period. Capital World Investors lifted its stake in Chevron by 43.5% in the fourth quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock valued at $2,314,070,000 after buying an additional 4,700,289 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Chevron by 55.5% during the 2nd 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 buying an additional 3,048,819 shares in the last quarter. Public Employees Retirement Association of Colorado grew its position in shares of Chevron by 68,604.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,207,817 shares of the oil and gas company’s stock worth $180,158,000 after buying an additional 1,206,059 shares during the period. Finally, Wulff Hansen & CO. increased its stake in shares of Chevron by 15,542.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after acquiring an additional 1,168,137 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

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.