Chevron (NYSE:CVX) Upgraded by Royal Bank of Canada to “Outperform”

Royal Bank of Canada upgraded shares of Chevron (NYSE:CVX) from a sector perform rating to an outperform rating in a research report released on Wednesday morning, Price Targets.com reports. Royal Bank of Canada currently has $145.00 price objective on the oil and gas company’s stock, up from their prior price objective of $130.00.

CVX has been the subject of a number of other reports. Zacks Investment Research lowered Chevron from a buy rating to a hold rating and set a $100.00 price target for the company. in a research note on Tuesday, September 21st. TheStreet raised Chevron from a c rating to a b- rating in a research note on Friday, July 30th. UBS Group raised Chevron from a neutral rating to a buy rating and set a $125.00 price target for the company in a research note on Monday, November 15th. JPMorgan Chase & Co. lowered Chevron from an overweight rating to a neutral rating and decreased their price target for the stock from $128.00 to $111.00 in a research note on Wednesday, September 15th. Finally, Societe Generale started coverage on Chevron in a research note on Friday, October 22nd. They set a buy rating and a $130.00 price target for the company. Ten analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, Chevron has an average rating of Buy and a consensus price target of $121.23.

NYSE:CVX opened at $117.19 on Wednesday. The firm has a market capitalization of $225.91 billion, a price-to-earnings ratio of 22.62, a PEG ratio of 2.42 and a beta of 1.30. Chevron has a 1 year low of $83.53 and a 1 year high of $118.08. The business has a 50 day simple moving average of $109.21 and a 200-day simple moving average of $104.90. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.28 and a quick ratio of 1.03.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Thursday, October 28th. The oil and gas company reported $2.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.75. The business had revenue of $44.71 billion during the quarter, compared to analyst estimates of $40.89 billion. Chevron had a return on equity of 7.95% and a net margin of 7.10%. The company’s revenue for the quarter was up 82.9% on a year-over-year basis. During the same period last year, the company earned $0.11 EPS. As a group, analysts expect that Chevron will post 8.35 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 10th. Investors of record on Thursday, November 18th will be paid a dividend of $1.34 per share. The ex-dividend date is Wednesday, November 17th. This represents a $5.36 annualized dividend and a yield of 4.57%. Chevron’s dividend payout ratio (DPR) is 103.47%.

In other news, CEO Michael K. Wirth sold 52,500 shares of the business’s stock in a transaction dated Thursday, November 4th. The stock was sold at an average price of $113.79, for a total value of $5,973,975.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David A. Inchausti sold 5,600 shares of the business’s stock in a transaction dated Wednesday, October 20th. The shares were sold at an average price of $112.01, for a total value of $627,256.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,651 shares of company stock worth $37,293,688. 0.29% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. Sofos Investments Inc. increased its stake in Chevron by 10,500.0% during the 2nd quarter. Sofos Investments Inc. now owns 106 shares of the oil and gas company’s stock worth $116,000 after buying an additional 105 shares in the last quarter. Bellwether Advisors LLC purchased a new stake in Chevron during the 3rd quarter worth approximately $25,000. Cranbrook Wealth Management LLC increased its stake in Chevron by 63.5% during the 3rd quarter. Cranbrook Wealth Management LLC now owns 260 shares of the oil and gas company’s stock worth $26,000 after buying an additional 101 shares in the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Chevron during the 2nd quarter worth approximately $30,000. Finally, Horan Securities Inc. increased its stake in Chevron by 196.0% during the 2nd quarter. Horan Securities Inc. now owns 296 shares of the oil and gas company’s stock worth $31,000 after buying an additional 196 shares in the last quarter. Institutional investors own 65.55% of the company’s stock.

Chevron Company Profile

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant.

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Analyst Recommendations for Chevron (NYSE:CVX)

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