Chevron (NYSE:CVX) Upgraded to “Buy” by HSBC

HSBC upgraded shares of Chevron (NYSE:CVX – Get Rating) from a hold rating to a buy rating in a research note released on Tuesday, The Fly reports. HSBC currently has $189.00 price objective on the oil and gas company’s stock.

A number of other brokerages have also weighed in on CVX. Mizuho cut their price objective on Chevron from $206.00 to $196.00 in a research report on Friday, May 19th. UBS Group began coverage on Chevron in a research report on Wednesday, April 19th. They issued a buy rating and a $212.00 price objective on the stock. Scotiabank upgraded Chevron from a sector perform rating to a sector outperform rating and raised their target price for the company from $195.00 to $200.00 in a research note on Thursday, April 13th. Wells Fargo & Company lowered their target price on Chevron from $204.00 to $199.00 and set an overweight rating for the company in a research note on Thursday, March 2nd. Finally, Piper Sandler lowered their target price on Chevron from $203.00 to $196.00 in a research note on Thursday, May 18th. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $194.12.

Chevron Price Performance

CVX opened at $154.56 on Tuesday. The stock’s 50 day simple moving average is $162.23 and its 200 day simple moving average is $169.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.16. Chevron has a 1 year low of $132.54 and a 1 year high of $189.68. The firm has a market cap of $292.84 billion, a price-to-earnings ratio of 8.35, a PEG ratio of 0.77 and a beta of 1.16.

Chevron (NYSE:CVX – Get Rating) last issued its quarterly earnings data on Friday, April 28th. The oil and gas company reported $3.55 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.14. The firm had revenue of $50.79 billion for the quarter, compared to analyst estimates of $49.49 billion. Chevron had a return on equity of 23.15% and a net margin of 14.74%. The business’s quarterly revenue was down 6.6% compared to the same quarter last year. During the same period last year, the company earned $3.36 EPS. As a group, analysts predict that Chevron will post 14.23 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Stockholders of record on Friday, May 19th will be paid a $1.51 dividend. This represents a $6.04 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Thursday, May 18th. Chevron’s dividend payout ratio is currently 32.61%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Morgan Stanley raised its stake in shares of Chevron by 12.7% in the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after purchasing an additional 3,711,923 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Chevron by 104,997.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock worth $4,395,858,000 after purchasing an additional 24,467,521 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Chevron by 76.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 23,667,484 shares of the oil and gas company’s stock worth $3,839,241,000 after purchasing an additional 10,257,980 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron in the fourth quarter worth $3,058,235,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Chevron by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,844,054 shares of the oil and gas company’s stock worth $2,421,958,000 after acquiring an additional 948,045 shares during the period. Hedge funds and other institutional investors own 69.37% of the company’s stock.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.