Truist Financial Lowers Chevron (NYSE:CVX) Price Target to $150.00

Chevron (NYSE:CVX) had its price target decreased by equities researchers at Truist Financial from $154.00 to $150.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “hold” rating on the oil and gas company’s stock. Truist Financial’s price target points to a potential upside of 3.66% from the stock’s current price.

Several other brokerages also recently issued reports on CVX. UBS Group cut their price objective on Chevron from $192.00 to $189.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Mizuho decreased their price objective on Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Barclays cut their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $183.00 to $167.00 in a research note on Wednesday, July 17th. Finally, Wells Fargo & Company reduced their price objective on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a research report on Friday. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and an average price target of $180.00.

Chevron Price Performance

CVX traded down $0.78 during midday trading on Monday, reaching $144.71. 454,035 shares of the company’s stock were exchanged, compared to its average volume of 7,789,576. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $146.63 and a two-hundred day simple moving average of $154.31. The firm has a market capitalization of $266.70 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 2.68 and a beta of 1.09. Chevron has a one year low of $135.37 and a one year high of $170.17.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. During the same period in the prior year, the firm earned $3.08 EPS. Chevron’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts predict that Chevron will post 11.02 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Berkshire Hathaway Inc boosted its holdings in Chevron by 14.4% in the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after purchasing an additional 15,845,037 shares during the period. Capital World Investors boosted its stake in shares of Chevron by 43.5% in the fourth quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock valued at $2,314,070,000 after buying an additional 4,700,289 shares during the period. Massachusetts Financial Services Co. MA grew its position in Chevron by 55.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after buying an additional 3,048,819 shares in the last quarter. Public Employees Retirement Association of Colorado increased its stake in Chevron by 68,604.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 1,207,817 shares of the oil and gas company’s stock worth $180,158,000 after acquiring an additional 1,206,059 shares during the period. Finally, Wulff Hansen & CO. lifted its position in shares of Chevron by 15,542.0% during the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock valued at $183,896,000 after acquiring an additional 1,168,137 shares during the period. 72.42% of the stock is owned by institutional investors.

About Chevron

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.