Citigroup Issues an Upgrade on Chevron (NYSE:CVX) Shares. What’s Next?


Chevron (NYSE:CVX) Stock Upgrade

Citigroup gave Chevron (NYSE:CVX) shares a new “Buy” rating in an interesting research report made public on Wednesday, 2 December. The upgrade from the past “Neutral” rating is certainly an interesting one.

From a total of 21 analysts covering Chevron Corporation (NYSE:CVX) stock, 11 rate it a ”Buy”, 2 a “Sell”, and 12 a ”Hold”. This means that 44% of the ratings are positive. The highest target price is $115 while the lowest target price is $65. The mean of all analyst targets is $96.81 with a 3.37% above today’s ($91.18) stock price. Chevron Corporation was the topic of 22 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Evercore upgraded shares on November 3 to “Buy” rating. JP Morgan upgraded shares to “Overweight” rating and $86 target share price in a report from a September 11. Barclays Capital maintained CVX stock in a recent report from October 12 with “Equal-Weight” rating. Vetr downgraded the rating on August 28. Vetr has a “Strong-Buy” rating and a $82.46 price target on shares. Finally, Macquarie Research initiated the stock with “Underperform” rating in a report issued on a September 23.

Approximately 3.45M shares of stock traded hands. Chevron Corporation (NYSE:CVX) has declined 17.23% since April 29, 2015 and is downtrending. It has underperformed by 17.03% the S&P500.

Chevron Corporation manages its investments in subsidiaries and affiliates. The company has a market cap of $171.68 billion. The Firm operates through two divisions: Upstream and Downstream. It has 19.81 P/E ratio. Upstream activities consist primarily of exploring for, developing and producing natural gas and crude oil; processing, liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil through international oil export pipelines; transporting, storing and marketing natural gas, and operating a gas-to-liquids plant.

According to Zacks Investment Research, “Chevron is the fifth-largest integrated energy company in the world. Headquartered in San Ramon, California, and conducting business in approximately 180 countries, this highly competitive corporation is engaged in every aspect of the oil and natural gas industry, including exploration and production; refining, marketing and transportation; chemicals manufacturing and sales; and power generation.” Get a free copy of the Zacks research report on Chevron Corporation (CVX).