UBS Group Cuts Chevron (NYSE:CVX) Price Target to $189.00

Chevron (NYSE:CVX) had its target price lowered by UBS Group from $192.00 to $189.00 in a research note issued to investors on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the oil and gas company’s stock.

Other equities research analysts have also recently issued research reports about the company. Scotiabank decreased their target price on Chevron from $195.00 to $180.00 and set a sector outperform rating for the company in a research note on Friday, July 12th. Royal Bank of Canada reduced their price objective on Chevron from $190.00 to $180.00 and set an outperform rating for the company in a research note on Monday, August 5th. Wolfe Research assumed coverage on Chevron in a research note on Thursday, July 18th. They issued a peer perform rating for the company. Truist Financial dropped their target price on Chevron from $156.00 to $154.00 and set a hold rating on the stock in a report on Monday, August 5th. Finally, Sanford C. Bernstein lowered Chevron from an outperform rating to a market perform rating and dropped their target price for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Chevron presently has a consensus rating of Moderate Buy and an average price target of $182.41.

Chevron Price Performance

Chevron stock opened at $145.68 on Wednesday. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $268.48 billion, a PE ratio of 13.40, a P/E/G ratio of 2.48 and a beta of 1.09. Chevron has a 12 month low of $135.37 and a 12 month high of $171.70. The stock has a 50-day moving average price of $148.06 and a two-hundred day moving average price of $154.48.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share 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 previous year, the company posted $3.08 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts expect that Chevron will post 11.48 EPS for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.48%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American Capital Advisory LLC lifted its stake in Chevron by 403.2% during the first quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 125 shares during the last quarter. Frank Rimerman Advisors LLC bought a new stake in shares of Chevron in the 4th quarter valued at about $30,000. Anfield Capital Management LLC lifted its stake in shares of Chevron by 118.0% in the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC lifted its stake in shares of Chevron by 66.7% in the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 100 shares during the last quarter. Finally, Cooksen Wealth LLC bought a new stake in shares of Chevron in the 4th quarter valued at about $40,000. 72.42% of the stock is currently owned by hedge funds and other 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.