Truist Financial Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Chevron (NYSE:CVX) had its target price boosted by Truist Financial from $150.00 to $155.00 in a report released on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the oil and gas company’s stock.

Several other analysts have also weighed in on CVX. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Scotiabank reduced their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Wolfe Research started coverage on Chevron in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Mizuho dropped their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus target price of $174.93.

Chevron Stock Performance

CVX opened at $156.73 on Monday. The firm has a market cap of $286.65 billion, a P/E ratio of 17.22, a price-to-earnings-growth 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. The business’s fifty day moving average is $147.43 and its 200-day moving average is $152.90.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The company had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. Chevron had a return on equity of 13.07% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.05 EPS. Sell-side analysts expect that Chevron will post 10.65 EPS for the current fiscal 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. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.16%. Chevron’s dividend payout ratio (DPR) is 71.65%.

Hedge Funds Weigh In On Chevron

A number of hedge funds have recently made changes to their positions in the stock. Beddow Capital Management Inc. raised its position in shares of Chevron by 7.4% during the third quarter. Beddow Capital Management Inc. now owns 2,175 shares of the oil and gas company’s stock worth $320,000 after acquiring an additional 150 shares during the last quarter. Guardian Wealth Advisors LLC raised its position in shares of Chevron by 3.4% during the third quarter. Guardian Wealth Advisors LLC now owns 5,999 shares of the oil and gas company’s stock worth $884,000 after acquiring an additional 200 shares during the last quarter. W.G. Shaheen & Associates DBA Whitney & Co raised its position in shares of Chevron by 5.4% during the third quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 29,591 shares of the oil and gas company’s stock worth $4,358,000 after acquiring an additional 1,503 shares during the last quarter. First City Capital Management Inc. raised its position in shares of Chevron by 21.3% during the third quarter. First City Capital Management Inc. now owns 18,549 shares of the oil and gas company’s stock worth $2,732,000 after acquiring an additional 3,251 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its holdings in Chevron by 12.5% in the third quarter. Fifth Third Wealth Advisors LLC now owns 36,999 shares of the oil and gas company’s stock worth $5,449,000 after purchasing an additional 4,113 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

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.