Chevron Corporation (NYSE:CVX) Rating Lowered to Market Perform at Wolfe Research

Chevron Corporation (NYSE:CVX) was downgraded by stock analysts at Wolfe Research from an “outperform” rating to a “market perform” rating in a research note issued on Monday, July 17th, The Fly reports.

Several other brokerages have also issued reports on CVX. Vetr raised Chevron Corporation from a “buy” rating to a “strong-buy” rating and set a $120.46 target price on the stock in a research report on Friday, April 14th. BidaskClub lowered Chevron Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Scotiabank set a $114.00 price objective on Chevron Corporation and gave the company a “buy” rating in a report on Monday, May 1st. Exane BNP Paribas lowered Chevron Corporation from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $105.00 to $100.00 in a report on Friday, May 26th. Finally, Royal Bank Of Canada lowered Chevron Corporation from a “sector perform” rating to an “underperform” rating and dropped their target price for the stock from $112.00 to $100.00 in a report on Thursday, July 6th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $116.18.

Shares of Chevron Corporation (CVX) traded down 0.80% during trading on Monday, hitting $109.23. 3,382,960 shares of the stock traded hands. The stock has a market cap of $206.99 billion, a price-to-earnings ratio of 35.42 and a beta of 1.23. The stock has a 50 day moving average price of $105.87 and a 200-day moving average price of $107.79. Chevron Corporation has a 1-year low of $97.53 and a 1-year high of $119.00.

Chevron Corporation (NYSE:CVX) last issued its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. The firm had revenue of $34.48 billion during the quarter, compared to analysts’ expectations of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The firm’s quarterly revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.78) EPS. Equities analysts forecast that Chevron Corporation will post $3.80 EPS for the current year.

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In related news, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $111.00, for a total value of $4,329,000.00. Following the completion of the transaction, the chief financial officer now directly owns 43,838 shares in the company, valued at $4,866,018. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James William Johnson sold 31,000 shares of Chevron Corporation stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total value of $3,431,080.00. Following the sale, the insider now directly owns 11,000 shares of the company’s stock, valued at $1,217,480. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Chevron Corporation by 2.9% in the second quarter. Vanguard Group Inc. now owns 139,626,287 shares of the oil and gas company’s stock worth $14,567,210,000 after buying an additional 3,920,240 shares during the period. BlackRock Inc. increased its stake in Chevron Corporation by 1.6% in the second quarter. BlackRock Inc. now owns 124,678,992 shares of the oil and gas company’s stock valued at $13,007,759,000 after buying an additional 1,975,865 shares during the last quarter. State Street Corp increased its stake in Chevron Corporation by 1.1% in the first quarter. State Street Corp now owns 118,769,549 shares of the oil and gas company’s stock valued at $12,752,287,000 after buying an additional 1,261,078 shares during the last quarter. Northern Trust Corp increased its stake in Chevron Corporation by 0.6% in the second quarter. Northern Trust Corp now owns 26,153,161 shares of the oil and gas company’s stock valued at $2,728,558,000 after buying an additional 157,021 shares during the last quarter. Finally, Norges Bank purchased a new stake in Chevron Corporation during the fourth quarter valued at $2,183,692,000. 62.58% of the stock is owned by institutional investors.

About Chevron Corporation

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.

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