Chevron (NYSE:CVX) Price Target Cut to $184.00 by Analysts at Wells Fargo & Company

Chevron (NYSE:CVX) had its price objective cut by research analysts at Wells Fargo & Company from $188.00 to $184.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 22.93% from the stock’s current price.

CVX has been the subject of a number of other research reports. Bank of America assumed coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 target price for the company. Raymond James reduced their price objective on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday. Piper Sandler reduced their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Royal Bank of Canada lifted their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Finally, Scotiabank reduced their price objective on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $174.67.

Chevron Price Performance

Shares of Chevron stock traded up $0.48 on Monday, hitting $149.67. The company had a trading volume of 2,016,745 shares, compared to its average volume of 7,742,871. The company has a market cap of $268.98 billion, a PE ratio of 15.41, a PEG ratio of 1.29 and a beta of 1.11. 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 current ratio of 1.07 and a quick ratio of 0.80. The business has a 50-day simple moving average of $153.19 and a 200-day simple moving average of $151.02.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter last year, the business posted $3.45 earnings per share. Research analysts expect that Chevron will post 11.45 EPS for the current fiscal year.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Chevron

Several large investors have recently bought and sold shares of CVX. International Assets Investment Management LLC lifted its holdings in Chevron by 19,404.1% in the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after buying an additional 4,876,260 shares during the period. Pathway Financial Advisers LLC increased its stake in Chevron by 15,750.1% in the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock valued at $574,551,000 after purchasing an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. increased its stake in Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock valued at $562,566,000 after purchasing an additional 3,456,008 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Chevron by 11.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after purchasing an additional 3,203,899 shares in the last quarter. Finally, State Street Corp increased its stake in Chevron by 0.6% in the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after purchasing an additional 874,962 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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.