Chevron (NYSE:CVX) Given New $175.00 Price Target at Royal Bank of Canada

Chevron (NYSE:CVX) had its target price lifted by equities researchers at Royal Bank of Canada from $170.00 to $175.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank of Canada’s price target points to a potential upside of 14.07% from the stock’s current price.

Several other equities analysts have also issued reports on the stock. Scotiabank lowered their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Wolfe Research began coverage on shares of Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. UBS Group boosted their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday. Barclays boosted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Mizuho decreased their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Chevron has an average rating of “Moderate Buy” and an average price target of $174.93.

Chevron Price Performance

CVX stock opened at $153.42 on Monday. The firm has a 50 day moving average price of $147.20 and a 200-day moving average price of $152.86. Chevron has a 52-week low of $135.37 and a 52-week high of $167.11. The firm has a market capitalization of $280.59 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 3.39 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

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, beating the consensus estimate of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The firm had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same period last year, the business earned $3.05 earnings per share. The business’s revenue was down 6.3% on a year-over-year basis. Equities research analysts forecast that Chevron will post 10.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Chevron

A number of hedge funds have recently modified their holdings of the business. Schrum Private Wealth Management LLC grew its position in shares of Chevron by 80.8% during the 3rd quarter. Schrum Private Wealth Management LLC now owns 13,334 shares of the oil and gas company’s stock valued at $1,964,000 after acquiring an additional 5,958 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Chevron by 10.4% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 697,848 shares of the oil and gas company’s stock valued at $102,772,000 after acquiring an additional 65,670 shares during the period. Angeles Investment Advisors LLC grew its position in shares of Chevron by 1.2% during the 3rd quarter. Angeles Investment Advisors LLC now owns 6,851 shares of the oil and gas company’s stock valued at $1,009,000 after acquiring an additional 82 shares during the period. OLD Second National Bank of Aurora grew its position in shares of Chevron by 79.0% during the 3rd quarter. OLD Second National Bank of Aurora now owns 18,292 shares of the oil and gas company’s stock valued at $2,694,000 after acquiring an additional 8,074 shares during the period. Finally, Pinnacle Financial Partners Inc grew its position in shares of Chevron by 0.5% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 205,331 shares of the oil and gas company’s stock valued at $30,239,000 after acquiring an additional 1,057 shares during the period. Institutional investors own 72.42% of the company’s stock.

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.