Scotiabank Analysts Give Chevron Co. (CVX) a $121.00 Price Target

Scotiabank set a $121.00 price objective on Chevron Co. (NYSE:CVX) in a research note released on Tuesday. The brokerage currently has a buy rating on the stock.

A number of other analysts have also weighed in on CVX. Vetr raised shares of Chevron from a sell rating to a hold rating and set a $109.70 price target for the company in a report on Tuesday, February 7th. Jefferies Group LLC reaffirmed a buy rating and issued a $147.00 price objective on shares of Chevron in a research note on Wednesday, March 8th. Goldman Sachs Group Inc raised shares of Chevron to a buy rating in a research note on Sunday, December 18th. Independent Research GmbH raised shares of Chevron from a hold rating to a buy rating in a research note on Thursday, December 1st. Finally, TheStreet cut shares of Chevron from a b- rating to a c rating in a research note on Friday, February 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $119.65.

Chevron (NYSE:CVX) opened at 107.68 on Tuesday. The firm’s market capitalization is $203.85 billion. The stock has a 50 day moving average of $111.42 and a 200-day moving average of $109.05. Chevron has a 1-year low of $92.25 and a 1-year high of $119.00.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, January 27th. The company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by $0.42. The company earned $31.50 billion during the quarter, compared to analyst estimates of $35.24 billion. Chevron had a negative net margin of 0.43% and a positive return on equity of 1.26%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.31) EPS. On average, equities research analysts anticipate that Chevron will post $4.60 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Thursday, February 16th were issued a dividend of $1.08 per share. The ex-dividend date was Tuesday, February 14th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 4.01%. Chevron’s payout ratio is -1,600.00%.

In related news, insider Pierre R. Breber sold 45,000 shares of the firm’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $111.80, for a total transaction of $5,031,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.40% of the company’s stock.

Several large investors have recently modified their holdings of the company. State Street Corp raised its stake in shares of Chevron by 3.3% in the fourth quarter. State Street Corp now owns 117,508,471 shares of the company’s stock worth $13,830,748,000 after buying an additional 3,719,388 shares during the last quarter. Northern Trust Corp raised its stake in shares of Chevron by 1.0% in the third quarter. Northern Trust Corp now owns 25,401,354 shares of the company’s stock worth $2,614,308,000 after buying an additional 261,621 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Chevron by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 25,363,912 shares of the company’s stock worth $2,610,454,000 after buying an additional 189,971 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron during the fourth quarter worth approximately $2,183,692,000. Finally, Boston Partners bought a new stake in shares of Chevron during the third quarter worth approximately $736,167,000. Institutional investors and hedge funds own 62.50% of the company’s stock.

About Chevron

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.

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