Raymond James Boosts Chevron (NYSE:CVX) Price Target to $180.00

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

Several other research analysts have also recently weighed in on CVX. Scotiabank decreased their price target on shares of Chevron from $180.00 to $163.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Wells Fargo & Company raised their price target on Chevron from $171.00 to $188.00 and gave the company an "overweight" rating in a report on Monday, December 9th. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Finally, Truist Financial upped their price objective on shares of Chevron from $160.00 to $164.00 and gave the stock a "hold" rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $175.27.

Chevron Price Performance

CVX stock traded up $2.16 during mid-day trading on Friday, reaching $161.54. 9,233,657 shares of the company traded hands, compared to its average volume of 7,876,197. The company has a fifty day moving average price of $153.84 and a 200-day moving average price of $151.06. Chevron has a 52-week low of $135.37 and a 52-week high of $167.11. The company has a market capitalization of $290.30 billion, a P/E ratio of 17.75, a P/E/G ratio of 2.62 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

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

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on 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 transaction, the chief executive officer now directly owns 4,280 shares of the company's stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently added to or reduced their stakes in CVX. International Assets Investment Management LLC boosted its holdings in shares of Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company's stock worth $7,218,280,000 after purchasing an additional 4,876,260 shares during the period. Pathway Financial Advisers LLC raised its position in Chevron by 15,750.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company's stock valued at $574,551,000 after purchasing an additional 3,876,731 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock worth $562,566,000 after buying an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Chevron by 11.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock valued at $4,581,137,000 after buying an additional 3,203,899 shares during the period. Finally, State Street Corp raised its holdings in shares of Chevron by 0.6% during the third quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock valued at $23,431,429,000 after acquiring an additional 874,962 shares in the last quarter. Hedge funds and other institutional investors 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.