Chevron (CVX) Lifted to Buy at Zacks Investment Research

Chevron (NYSE:CVX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday, November 17th. The firm currently has a $129.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 7.94% from the stock’s current price.

According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Importantly, during the most recent quarter, Chevron was able to cover its investment and payouts with cash from operations – something investors really want right now. With crude prices firming and Chevron being one of the most oil-weighted majors, the company's profits got an expected boost. Stronger refining margins also helped increase earnings. As it is, its current oil and gas development project pipeline is among the best in the industry, boasting large, multiyear projects. Consequently, we think Chevron offers substantial upside potential from the current price levels and view it as a preferred energy play to own now.”

CVX has been the topic of a number of other reports. Morgan Stanley raised their target price on Chevron from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, October 18th. Barclays raised their price target on shares of Chevron from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Tuesday, October 10th. Piper Jaffray Companies set a $119.00 price target on shares of Chevron and gave the company a “buy” rating in a research note on Friday, August 25th. Jefferies Group set a $130.00 price target on shares of Chevron and gave the company a “buy” rating in a research note on Tuesday, August 29th. Finally, Scotiabank reaffirmed a “buy” rating on shares of Chevron in a research note on Friday, September 15th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the stock. Chevron presently has a consensus rating of “Hold” and an average target price of $120.54.

Shares of Chevron (CVX) opened at $119.51 on Friday. The firm has a market capitalization of $226,994.17, a PE ratio of 33.48, a price-to-earnings-growth ratio of 3.89 and a beta of 1.21. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.84 and a current ratio of 1.04. Chevron has a 12-month low of $102.55 and a 12-month high of $120.89.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.04. The company had revenue of $36.21 billion for the quarter, compared to the consensus estimate of $34.06 billion. Chevron had a return on equity of 4.59% and a net margin of 4.79%. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the firm earned $0.68 EPS. equities analysts anticipate that Chevron will post 4.39 earnings per share for the current fiscal year.

In other Chevron news, VP R. Hewitt Pate sold 25,500 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the transaction, the vice president now directly owns 25,500 shares in the company, valued at $3,060,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael K. Wirth sold 110,771 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $116.17, for a total transaction of $12,868,267.07. Following the transaction, the executive vice president now owns 110,771 shares in the company, valued at $12,868,267.07. The disclosure for this sale can be found here. Insiders sold 290,750 shares of company stock valued at $33,774,072 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the business. North Point Portfolio Managers Corp OH raised its stake in Chevron by 3.5% during the first quarter. North Point Portfolio Managers Corp OH now owns 2,975 shares of the oil and gas company’s stock worth $319,000 after purchasing an additional 100 shares during the period. Crossvault Capital Management LLC increased its position in shares of Chevron by 1.0% in the first quarter. Crossvault Capital Management LLC now owns 19,691 shares of the oil and gas company’s stock worth $2,114,000 after acquiring an additional 200 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Chevron by 7.7% in the first quarter. Janney Montgomery Scott LLC now owns 504,112 shares of the oil and gas company’s stock worth $54,127,000 after acquiring an additional 36,257 shares in the last quarter. Polaris Greystone Financial Group LLC increased its position in shares of Chevron by 3.3% in the first quarter. Polaris Greystone Financial Group LLC now owns 9,448 shares of the oil and gas company’s stock worth $1,014,000 after acquiring an additional 300 shares in the last quarter. Finally, 1ST Source Bank increased its position in shares of Chevron by 1.2% in the first quarter. 1ST Source Bank now owns 72,009 shares of the oil and gas company’s stock worth $7,732,000 after acquiring an additional 840 shares in the last quarter. 63.93% of the stock is currently owned by institutional investors.

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About Chevron

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

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