Chevron (NYSE:CVX) Stock Price Expected to Rise, Piper Sandler Analyst Says

Chevron (NYSE:CVX) had its target price increased by equities researchers at Piper Sandler from $162.00 to $164.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s target price would indicate a potential upside of 10.64% from the stock’s current price.

CVX has been the subject of several other reports. Mizuho dropped their price objective on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. UBS Group lowered their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Finally, HSBC downgraded shares of Chevron from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $176.00 to $158.00 in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $160.41.

Chevron Stock Up 0.2%

CVX opened at $148.23 on Wednesday. The company has a market capitalization of $258.86 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 2.52 and a beta of 0.83. The firm has a 50-day simple moving average of $140.97 and a two-hundred day simple moving average of $148.07. The company has a quick ratio of 0.82, a current ratio of 1.08 and a debt-to-equity ratio of 0.17. Chevron has a 52 week low of $132.04 and a 52 week high of $168.96.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same period in the prior year, the company earned $2.93 earnings per share. The firm’s revenue was down 2.3% on a year-over-year basis. Analysts forecast that Chevron will post 10.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Chevron

A number of hedge funds and other institutional investors have recently made changes to their positions in CVX. IMG Wealth Management Inc. purchased a new position in Chevron during the 4th quarter valued at about $25,000. Life Planning Partners Inc bought a new position in shares of Chevron during the fourth quarter valued at approximately $25,000. Harvest Fund Management Co. Ltd boosted its stake in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 122 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Chevron during the fourth quarter valued at approximately $29,000. Finally, 10Elms LLP bought a new position in Chevron in the fourth quarter worth approximately $29,000. Institutional investors own 72.42% of the company’s stock.

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.