Chevron (NYSE:CVX) Lifted to Buy at Bank of America

Chevron (NYSE:CVX) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Friday, April 12th, Marketbeat.com reports. The firm presently has a $140.00 price target on the oil and gas company’s stock. Bank of America‘s target price would suggest a potential upside of 19.38% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research raised Chevron from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 29th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $130.00 price target on shares of Chevron in a research note on Monday, January 7th. Societe Generale reduced their price target on Chevron from $150.00 to $128.00 and set a “buy” rating on the stock in a research note on Wednesday, December 19th. Raymond James set a $135.00 price target on Chevron and gave the stock a “buy” rating in a research note on Thursday, December 20th. Finally, Morgan Stanley began coverage on Chevron in a research note on Monday, April 1st. They issued an “overweight” rating and a $146.00 price target on the stock. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $135.84.

NYSE:CVX opened at $117.27 on Friday. The company has a market capitalization of $223.37 billion, a P/E ratio of 14.21, a PEG ratio of 2.79 and a beta of 1.00. Chevron has a 1-year low of $100.22 and a 1-year high of $131.08. The company has a quick ratio of 1.04, a current ratio of 1.25 and a debt-to-equity ratio of 0.18.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.13. Chevron had a return on equity of 9.09% and a net margin of 8.45%. The firm had revenue of $35.20 billion during the quarter, compared to the consensus estimate of $38.42 billion. During the same quarter in the previous year, the company posted $1.90 earnings per share. The business’s revenue was down 6.8% on a year-over-year basis. On average, equities analysts forecast that Chevron will post 7.18 EPS for the current fiscal year.

In other Chevron news, insider James William Johnson sold 4,750 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $125.60, for a total value of $596,600.00. Following the transaction, the insider now owns 4,750 shares of the company’s stock, valued at $596,600. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeanette L. Ourada sold 7,200 shares of the stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $116.50, for a total value of $838,800.00. Following the completion of the transaction, the insider now directly owns 7,200 shares in the company, valued at approximately $838,800. The disclosure for this sale can be found here. In the last three months, insiders sold 16,700 shares of company stock worth $2,028,390. 0.46% of the stock is owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Royal London Asset Management Ltd. purchased a new position in Chevron during the 2nd quarter valued at approximately $99,739,000. Rehmann Capital Advisory Group lifted its stake in shares of Chevron by 19.6% in the 2nd quarter. Rehmann Capital Advisory Group now owns 23,209 shares of the oil and gas company’s stock valued at $2,934,000 after purchasing an additional 3,798 shares during the last quarter. Summit X LLC lifted its stake in shares of Chevron by 16.3% in the 2nd quarter. Summit X LLC now owns 4,090 shares of the oil and gas company’s stock valued at $520,000 after purchasing an additional 573 shares during the last quarter. Old Port Advisors bought a new stake in shares of Chevron in the 2nd quarter valued at approximately $446,000. Finally, National Investment Services Inc. WI bought a new stake in shares of Chevron in the 3rd quarter valued at approximately $1,622,000. Hedge funds and other institutional investors own 66.00% of the company’s stock.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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