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

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

Several other brokerages also recently issued reports on CVX. Raymond James cut their price objective on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research report on Monday. Bank of America started coverage on Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price target for the company. DZ Bank upgraded Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a report on Tuesday, November 5th. UBS Group boosted their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $145.00 to $185.00 in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $174.67.

Chevron Price Performance

Shares of CVX stock traded up $0.48 during midday trading on Monday, reaching $149.67. 2,016,745 shares of the company traded hands, compared to its average volume of 7,742,871. The firm’s 50 day simple moving average is $153.19 and its two-hundred day simple moving average is $151.02. Chevron has a 1-year low of $135.37 and a 1-year 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 firm has a market cap of $268.98 billion, a PE ratio of 15.41, a price-to-earnings-growth ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last issued its quarterly earnings data 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 period last year, the company earned $3.45 EPS. On average, equities research analysts expect that Chevron will post 11.45 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

Several institutional investors and hedge funds have recently bought and sold shares of CVX. Czech National Bank raised its stake in Chevron by 6.1% during the third quarter. Czech National Bank now owns 346,490 shares of the oil and gas company’s stock worth $51,028,000 after acquiring an additional 19,878 shares during the period. Azzad Asset Management Inc. ADV increased its stake in shares of Chevron by 3.2% in the third quarter. Azzad Asset Management Inc. ADV now owns 30,489 shares of the oil and gas company’s stock valued at $4,490,000 after purchasing an additional 942 shares during the period. Smith Anglin Financial LLC increased its stake in shares of Chevron by 4.5% in the third quarter. Smith Anglin Financial LLC now owns 6,384 shares of the oil and gas company’s stock valued at $940,000 after purchasing an additional 275 shares during the period. Chemistry Wealth Management LLC increased its stake in shares of Chevron by 17.7% in the third quarter. Chemistry Wealth Management LLC now owns 4,144 shares of the oil and gas company’s stock valued at $610,000 after purchasing an additional 622 shares during the period. Finally, Miracle Mile Advisors LLC increased its stake in shares of Chevron by 1.4% in the third quarter. Miracle Mile Advisors LLC now owns 26,703 shares of the oil and gas company’s stock valued at $3,933,000 after purchasing an additional 372 shares during the period. Institutional investors and hedge funds 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.