HSBC Downgrades Chevron (CVX) to Hold

Share on StockTwits

Chevron (NYSE:CVX) was downgraded by stock analysts at HSBC from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, The Fly reports.

Several other brokerages have also commented on CVX. Credit Suisse Group set a $138.00 price objective on shares of Chevron and gave the stock a “buy” rating in a report on Saturday, December 8th. Wells Fargo & Co decreased their price objective on shares of Chevron from $160.00 to $158.00 and set an “outperform” rating for the company in a report on Monday, November 5th. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $137.00 price objective for the company in a report on Monday, October 1st. Redburn Partners lowered shares of Chevron from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $130.00 to $115.00 in a report on Wednesday, October 3rd. Finally, Piper Jaffray Companies restated an “overweight” rating on shares of Chevron in a report on Tuesday, October 23rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $135.59.

Shares of CVX opened at $112.54 on Monday. The firm has a market cap of $216.43 billion, a price-to-earnings ratio of 30.42, a PEG ratio of 2.11 and a beta of 1.09. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.22 and a quick ratio of 1.01. Chevron has a twelve month low of $100.22 and a twelve month high of $133.88.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05. Chevron had a net margin of 8.79% and a return on equity of 8.19%. The business had revenue of $43.99 billion during the quarter, compared to analysts’ expectations of $47.17 billion. During the same quarter in the prior year, the company posted $1.03 EPS. The firm’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, equities research analysts forecast that Chevron will post 7.75 EPS for the current fiscal year.

In related news, insider James William Johnson sold 9,500 shares of the stock in a transaction dated Thursday, November 29th. The shares were sold at an average price of $118.59, for a total value of $1,126,605.00. Following the completion of the transaction, the insider now directly owns 9,500 shares in the company, valued at approximately $1,126,605. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.46% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Independent Investors Inc. boosted its holdings in shares of Chevron by 35.2% during the 4th quarter. Independent Investors Inc. now owns 7,300 shares of the oil and gas company’s stock valued at $794,000 after acquiring an additional 1,900 shares during the last quarter. Edge Wealth Management LLC boosted its holdings in shares of Chevron by 194.7% during the 4th quarter. Edge Wealth Management LLC now owns 35,133 shares of the oil and gas company’s stock valued at $3,822,000 after acquiring an additional 23,213 shares during the last quarter. Pure Financial Advisors Inc. purchased a new stake in shares of Chevron during the 4th quarter valued at about $223,000. Abner Herrman & Brock LLC boosted its holdings in shares of Chevron by 6.5% during the 4th quarter. Abner Herrman & Brock LLC now owns 42,521 shares of the oil and gas company’s stock valued at $4,626,000 after acquiring an additional 2,608 shares during the last quarter. Finally, First Hawaiian Bank boosted its holdings in shares of Chevron by 3.2% during the 4th quarter. First Hawaiian Bank now owns 78,395 shares of the oil and gas company’s stock valued at $8,528,000 after acquiring an additional 2,415 shares during the last quarter. Institutional investors and hedge funds own 64.59% of the company’s stock.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

Further Reading: How to Use the New Google Finance Tool

The Fly

Analyst Recommendations for Chevron (NYSE:CVX)

Receive News & Ratings for Chevron Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply