Scotia Howard Weil: Upgrade Given to Shares of Chevron (NYSE:CVX)


Chevron (NYSE:CVX) Stock Upgrade

Scotia Howard Weil upgraded shares of Chevron (NYSE:CVX) from a Sector Perform rating to a Sector Outperform rating in a recent report distributed to Clients on 14 December. The firm presently has a respectable $101.0 price target on the shares.

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 $97.52 with a 9.04% above today’s ($86.44) stock price. Chevron Corporation was the topic of 23 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Citigroup upgraded shares on December 2 to “Buy” rating. Macquarie Research initiated shares with “Underperform” rating and $65 target share price in a report from a September 23. Credit Suisse maintained CVX stock in a recent report from November 2 with “Neutral” rating. JP Morgan upgraded the rating on September 11. JP Morgan has a “Overweight” rating and a $86 price target on shares. Finally, Wolfe Research upgraded the stock to “Peer Perform” rating in a report issued on a September 29.

The stock 0.01% or $0 during the last trading session, striking $86.44. It is down 19.49% since May 11, 2015 and is downtrending. It has underperformed by 15.07% the S&P500.

The overall sentiment of institutions has decreased to 0.81 in Q2 2015. Its down 0.32, from 1.13 in 2015Q2. The ratio turned negative, as 118 institutions have sold all the shares of Chevron Corporation that they owned while 760 funds have taken shares off the table. 70 funds have purchased shares for the first time while 645 added to their positions. These institutions now hold 1.15 billion shares or 1.28% more than the 1.14 billion shares they owned in 2015Q2.

The Fund Adams Natural Resources Fund Inc. currently is holding shares equating to 10.08% of its total portfolio in Chevron Corporation representing a total of 743,200 shares. Another fund,R. G. Niederhoffer Capital Management Inc, is holding a total of 22,700 shares equating to 8.84% of their holdings. Additionally, Reservoir Operations L.P. has a 170,319 share stake in Chevron Corporation which represents 6.84% of their total portfolio. The Fund, Lakeshore Capital Llc, based out of Alabama, has also built up a stake in the stock, which represents a total of 6.79% of their total portfolio. Finally American Investment Services Inc., a fund which is based in the state of Massachusetts reported a total holdings of 143,149 shares.

Chevron Corporation manages its investments in subsidiaries and affiliates. The company has a market cap of $162.68 billion. The Firm operates through two divisions: Upstream and Downstream. It has 18.78 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.”