Mizuho Initiates Coverage on Chevron (NYSE:CVX)

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Equities research analysts at Mizuho assumed coverage on shares of Chevron (NYSE:CVX) in a research note issued on Tuesday. The brokerage set a “buy” rating and a $107.00 price target on the oil and gas company’s stock. Mizuho’s price objective suggests a potential upside of 14.75% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Cowen lifted their price objective on Chevron from $88.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, December 9th. Piper Sandler upgraded Chevron from a “neutral” rating to an “overweight” rating and raised their price target for the company from $108.00 to $113.00 in a research report on Friday, January 8th. Credit Suisse Group restated an “outperform” rating and issued a $97.00 price objective on shares of Chevron in a report on Tuesday, October 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $95.00 target price on shares of Chevron in a research note on Tuesday, November 17th. Finally, Raymond James reiterated a “buy” rating on shares of Chevron in a research report on Friday, October 30th. One analyst has rated the stock with a sell rating, ten have given a hold rating and eighteen have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $103.28.

Shares of Chevron stock opened at $93.25 on Tuesday. The company’s 50-day moving average price is $89.04 and its 200-day moving average price is $83.07. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Chevron has a 12-month low of $51.60 and a 12-month high of $117.29. The company has a market cap of $174.13 billion, a price-to-earnings ratio of -15.19, a PEG ratio of 6.13 and a beta of 1.33.

Chevron (NYSE:CVX) last posted its earnings results on Wednesday, November 4th. The oil and gas company reported $0.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.38. Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The business had revenue of $24.45 billion for the quarter, compared to analysts’ expectations of $26.34 billion. During the same period in the prior year, the company posted $1.55 EPS. The business’s revenue for the quarter was down 32.3% compared to the same quarter last year. On average, sell-side analysts predict that Chevron will post -0.09 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. Demars Financial Group LLC acquired a new stake in shares of Chevron during the second quarter worth approximately $32,000. BNC Wealth Management LLC bought a new position in Chevron during the 3rd quarter valued at $33,000. Kathmere Capital Management LLC acquired a new position in Chevron during the 3rd quarter worth $33,000. Evolution Wealth Advisors LLC increased its position in shares of Chevron by 136.4% in the 3rd quarter. Evolution Wealth Advisors LLC now owns 636 shares of the oil and gas company’s stock worth $46,000 after purchasing an additional 367 shares during the last quarter. Finally, Toth Financial Advisory Corp raised its stake in shares of Chevron by 36.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 756 shares of the oil and gas company’s stock valued at $54,000 after purchasing an additional 200 shares in the last quarter. 62.27% of the stock is currently owned by institutional investors.

About Chevron

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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