Raymond James Forecasts Strong Price Appreciation for Chevron (NYSE:CVX) Stock

Chevron (NYSE:CVX - Get Free Report) had its target price raised by stock analysts at Raymond James from $175.00 to $180.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the oil and gas company's stock. Raymond James' target price points to a potential upside of 11.43% from the company's previous close.

Several other brokerages have also issued reports on CVX. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, November 4th. Barclays lifted their price target on shares of Chevron from $168.00 to $174.00 and gave the company an "overweight" rating in a research report on Monday, November 4th. Scotiabank dropped their price objective on shares of Chevron from $180.00 to $163.00 and set a "sector outperform" rating on the stock in a research note on Thursday, October 10th. Truist Financial boosted their target price on shares of Chevron from $160.00 to $164.00 and gave the stock a "hold" rating in a research report on Monday, January 13th. Finally, Wells Fargo & Company raised their price target on shares of Chevron from $171.00 to $188.00 and gave the company an "overweight" rating in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $175.27.

Chevron Price Performance

Shares of NYSE:CVX traded up $2.16 during trading on Friday, hitting $161.54. 9,233,657 shares of the company were exchanged, compared to its average volume of 7,835,055. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. Chevron has a 1-year low of $135.37 and a 1-year high of $167.11. The company has a market capitalization of $290.30 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The business's 50 day moving average is $153.93 and its 200-day moving average is $151.09.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business's quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned $3.05 EPS. Equities analysts forecast that Chevron will post 10.39 earnings per share for the current year.

Insider Activity at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company's stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently modified their holdings of the business. Seven Eight Capital LP bought a new position in shares of Chevron in the 2nd quarter worth approximately $1,335,000. Cowa LLC raised its position in Chevron by 8.5% in the second quarter. Cowa LLC now owns 3,811 shares of the oil and gas company's stock worth $596,000 after acquiring an additional 300 shares during the period. Brighton Jones LLC boosted its stake in shares of Chevron by 6.8% during the 2nd quarter. Brighton Jones LLC now owns 24,672 shares of the oil and gas company's stock worth $3,859,000 after acquiring an additional 1,581 shares during the last quarter. Ieq Capital LLC grew its position in shares of Chevron by 9.0% during the 2nd quarter. Ieq Capital LLC now owns 102,975 shares of the oil and gas company's stock valued at $16,107,000 after acquiring an additional 8,518 shares during the period. Finally, GM Advisory Group LLC raised its holdings in Chevron by 0.5% in the 2nd quarter. GM Advisory Group LLC now owns 20,961 shares of the oil and gas company's stock worth $3,279,000 after purchasing an additional 104 shares during the period. 72.42% of the stock is 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.