Chevron Corporation (CVX) Receives “Overweight” Rating from J P Morgan Chase & Co

J P Morgan Chase & Co restated their overweight rating on shares of Chevron Corporation (NYSE:CVX) in a research note released on Saturday.

Other equities analysts have also recently issued research reports about the stock. Scotiabank reissued a buy rating and issued a $113.00 target price on shares of Chevron Corporation in a report on Friday, June 30th. Jefferies Group LLC set a $135.00 price objective on shares of Chevron Corporation and gave the company a buy rating in a research note on Saturday, June 24th. BMO Capital Markets set a $130.00 price objective on shares of Chevron Corporation and gave the company a buy rating in a research note on Thursday, June 22nd. HSBC Holdings plc upgraded shares of Chevron Corporation from a hold rating to a buy rating and lowered their price objective for the company from $124.00 to $119.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. Finally, Citigroup Inc. decreased their price target on shares of Chevron Corporation from $129.00 to $118.00 and set a buy rating on the stock in a research report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $116.40.

Shares of Chevron Corporation (NYSE CVX) traded up 0.16% during mid-day trading on Friday, reaching $114.63. The company’s stock had a trading volume of 8,387,623 shares. The firm has a 50-day moving average of $109.46 and a 200-day moving average of $107.20. The firm has a market capitalization of $217.22 billion, a PE ratio of 37.17 and a beta of 1.23. Chevron Corporation has a 52 week low of $97.68 and a 52 week high of $119.00.

Chevron Corporation (NYSE:CVX) last issued its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.89 by $0.02. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The business had revenue of $34.48 billion for the quarter, compared to analysts’ expectations of $32.77 billion. During the same quarter last year, the company posted ($0.78) earnings per share. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. Equities research analysts forecast that Chevron Corporation will post $3.86 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, August 18th were given a dividend of $1.08 per share. This represents a $4.32 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend was Wednesday, August 16th. Chevron Corporation’s dividend payout ratio is 140.26%.

In other Chevron Corporation news, Director Linnet F. Deily sold 2,312 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $107.38, for a total value of $248,262.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider James William Johnson sold 31,000 shares of the stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the completion of the sale, the insider now owns 11,000 shares of the company’s stock, valued at approximately $1,217,480. The disclosure for this sale can be found here. Insiders have sold 72,312 shares of company stock valued at $8,008,343 in the last three months. 0.38% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. HPM Partners LLC lifted its stake in shares of Chevron Corporation by 197.0% during the 1st quarter. HPM Partners LLC now owns 38,735 shares of the oil and gas company’s stock worth $4,159,000 after buying an additional 25,691 shares during the last quarter. Lincoln National Corp increased its position in Chevron Corporation by 33.3% during the first quarter. Lincoln National Corp now owns 82,502 shares of the oil and gas company’s stock worth $8,859,000 after acquiring an additional 20,615 shares during the period. Strategic Financial Group LLC increased its position in Chevron Corporation by 6.0% during the first quarter. Strategic Financial Group LLC now owns 8,979 shares of the oil and gas company’s stock worth $964,000 after acquiring an additional 510 shares during the period. Rothschild Investment Corp IL increased its position in Chevron Corporation by 2.3% during the first quarter. Rothschild Investment Corp IL now owns 41,232 shares of the oil and gas company’s stock worth $4,427,000 after acquiring an additional 919 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in Chevron Corporation by 7.7% during the first quarter. Janney Montgomery Scott LLC now owns 504,112 shares of the oil and gas company’s stock worth $54,127,000 after acquiring an additional 36,257 shares during the period. Hedge funds and other institutional investors own 62.84% of the company’s stock.

Chevron Corporation Company Profile

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

Analyst Recommendations for Chevron Corporation (NYSE:CVX)

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