UBS Group Issues Positive Forecast for Chevron (NYSE:CVX) Stock Price

Chevron (NYSE:CVX) had its target price raised by UBS Group from $192.00 to $194.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

CVX has been the topic of several other reports. Royal Bank of Canada restated an “outperform” rating and set a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Mizuho cut their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Truist Financial increased their price objective on Chevron from $150.00 to $155.00 and gave the stock a “hold” rating in a report on Monday. Barclays boosted their target price on Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Sanford C. Bernstein cut shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Stock Down 0.6 %

NYSE:CVX opened at $156.73 on Monday. The stock’s fifty day moving average price is $147.43 and its two-hundred day moving average price is $152.90. The company has a market cap of $286.65 billion, a price-to-earnings ratio of 17.22, a P/E/G ratio of 3.43 and a beta of 1.09. Chevron has a 52-week low of $135.37 and a 52-week high of $167.11. 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 announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The business’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same period last year, the firm earned $3.05 earnings per share. On average, analysts anticipate that Chevron will post 10.65 EPS for the current year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Institutional Investors Weigh In On Chevron

Several hedge funds have recently added to or reduced their stakes in CVX. China Universal Asset Management Co. Ltd. bought a new stake in Chevron in the first quarter worth $566,000. Main Street Research LLC grew its position in Chevron by 7.0% during the 1st quarter. Main Street Research LLC now owns 10,897 shares of the oil and gas company’s stock worth $1,719,000 after acquiring an additional 712 shares during the last quarter. Moloney Securities Asset Management LLC increased its stake in Chevron by 3.4% in the 1st quarter. Moloney Securities Asset Management LLC now owns 26,194 shares of the oil and gas company’s stock worth $4,132,000 after purchasing an additional 873 shares during the period. Lewis Asset Management LLC lifted its position in Chevron by 5.3% in the first quarter. Lewis Asset Management LLC now owns 2,155 shares of the oil and gas company’s stock valued at $340,000 after purchasing an additional 109 shares during the last quarter. Finally, Crown Wealth Group LLC boosted its stake in shares of Chevron by 52.2% during the first quarter. Crown Wealth Group LLC now owns 2,845 shares of the oil and gas company’s stock valued at $449,000 after purchasing an additional 976 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.