Morgan Stanley Raises Chevron (NYSE:CVX) Price Target to $198.00

Chevron (NYSE:CVX – Get Rating) had its price target increased by Morgan Stanley from $192.00 to $198.00 in a research note published on Tuesday, The Fly reports.

Several other brokerages have also recently issued reports on CVX. UBS Group started coverage on Chevron in a research report on Wednesday, April 19th. They set a buy rating and a $212.00 target price on the stock. HSBC raised Chevron from a hold rating to a buy rating and set a $189.00 target price on the stock in a research report on Tuesday. Truist Financial dropped their target price on Chevron from $193.00 to $190.00 in a research report on Monday, May 1st. Scotiabank raised Chevron from a sector perform rating to a sector outperform rating and increased their target price for the company from $195.00 to $200.00 in a research report on Thursday, April 13th. Finally, StockNews.com started coverage on Chevron in a research report on Thursday, May 18th. They set a hold rating on the stock. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $194.12.

Chevron Stock Down 1.7 %

Shares of NYSE:CVX opened at $154.56 on Tuesday. Chevron has a 52-week low of $132.54 and a 52-week high of $189.68. The stock has a market cap of $292.84 billion, a P/E ratio of 8.35, a price-to-earnings-growth ratio of 0.77 and a beta of 1.16. The business’s 50 day moving average is $162.23 and its 200 day moving average is $169.69. The company has a quick ratio of 1.16, a current ratio of 1.43 and a debt-to-equity ratio of 0.13.

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

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 12th. Investors of record on Friday, May 19th will be paid a $1.51 dividend. The ex-dividend date of this dividend is Thursday, May 18th. This represents a $6.04 dividend on an annualized basis and a yield of 3.91%. Chevron’s dividend payout ratio (DPR) is 32.61%.

Hedge Funds Weigh In On Chevron

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley raised its stake in Chevron by 12.7% in the 4th quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock worth $5,906,309,000 after acquiring an additional 3,711,923 shares during the last quarter. Moneta Group Investment Advisors LLC grew its position in Chevron by 104,997.3% during the 4th 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 period. Charles Schwab Investment Management Inc. grew its position in Chevron by 76.5% during the 1st 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 period. Norges Bank acquired a new stake in Chevron during the 4th quarter worth about $3,058,235,000. Finally, Price T Rowe Associates Inc. MD grew its position in Chevron by 6.8% during the 1st 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 purchasing 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.