Chevron

Chevron (NYSE:CVX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/16/2024 17.74% Scotiabank → $170 Downgrades Sector Outperform → Sector Perform 01/08/2024 27.43% Jefferies → $184 Upgrades Hold → Buy 12/14/2023 28.13% UBS $194 → $185 Maintains Buy 11/14/2023 35.05% Mizuho $215 → $195 Maintains Buy 11/02/2023 26.05% Bernstein $184 → $182 Upgrades Market Perform → Outperform 10/30/2023 38.51% B of A Securities $190 → $200 Upgrades Neutral → Buy 10/30/2023 21.2% Raymond James $200 → $175 Maintains Outperform 10/24/2023 17.04% Truist Securities $175 → $169 Maintains Hold 10/24/2023 24.66% RBC Capital → $180 Reiterates Outperform → Outperform 10/17/2023 39.21% Morgan Stanley $203 → $201 Maintains Equal-Weight 10/17/2023 27.43% Bernstein → $184 Initiates Coverage On → Market Perform 10/04/2023 45.44% UBS $209 → $210 Maintains Buy 10/02/2023 40.59% Morgan Stanley $198 → $203 Maintains Equal-Weight 09/18/2023 48.9% Mizuho $209 → $215 Maintains […]

Scotiabank analyst Paul Cheng downgrades Chevron (NYSE:CVX) from Sector Outperform to Sector Perform and announces $170 price target.

Chevron (NYSE:CVX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/08/2024 23.23% Jefferies → $184 Upgrades Hold → Buy 12/14/2023 23.89% UBS $194 → $185 Maintains Buy 11/14/2023 30.59% Mizuho $215 → $195 Maintains Buy 11/02/2023 21.89% Bernstein $184 → $182 Upgrades Market Perform → Outperform 10/30/2023 33.94% B of A Securities $190 → $200 Upgrades Neutral → Buy 10/30/2023 17.2% Raymond James $200 → $175 Maintains Outperform 10/24/2023 13.18% Truist Securities $175 → $169 Maintains Hold 10/24/2023 20.55% RBC Capital → $180 Reiterates Outperform → Outperform 10/17/2023 34.61% Morgan Stanley $203 → $201 Maintains Equal-Weight 10/17/2023 23.23% Bernstein → $184 Initiates Coverage On → Market Perform 10/04/2023 40.64% UBS $209 → $210 Maintains Buy 10/02/2023 35.95% Morgan Stanley $198 → $203 Maintains Equal-Weight 09/18/2023 43.99% Mizuho $209 → $215 Maintains Buy 08/18/2023 32.6% Morgan Stanley $197 → $198 Maintains Equal-Weight 08/17/2023

Jefferies analyst Lloyd Byrne upgrades Chevron (NYSE:CVX) from Hold to Buy and announces $184 price target.

Chevron to Book $3.5 Bln to $4.0 Bln in Non-cash After-tax Charges in Q4 Related to Impairment of U.S. Upstream Assets

By Will Feuer Chevron said it will book $3.5 billion to $4 billion in charges for the fourth quarter, citing challenges tied to regulations in California and previously sold oil and gas production assets in the Gulf of Mexico. Chevron said it will impair a portion of its U.S. upstream assets, mostly in California, due to regulatory challenges in the state that have led to “lower anticipated future investment levels in its business plans.” Chevron said it will continue to operate the affected assets for many years. The company also said companies that agreed to buy Chevron’s oil and gas production assets in the U.S. Gulf of Mexico have since filed for Chapter 11 bankruptcy protections. Chevron said the obligations for the assets could revert back to the company, and that it will decommission the assets over the next decade. Write to Will Feuer at Will.Feuer@wsj.com

B of A Securities analyst Doug Leggate upgrades Chevron (NYSE:CVX) from Neutral to Buy and raises the price target from $190 to $200.

Chevron Corporation (NYSE: CVX) Reports Third Quarter 2023 Results — Reported earnings of $6.5 billion; adjusted earnings of $5.7 billion — Acquired PDC Energy, Inc. and majority interest in ACES Delta, LLC — Record year-to-date cash returned to shareholders of $20.0 billion — Announced agreement to acquire Hess Corporation SAN RAMON, Calif.—-October 27, 2023– Chevron Corporation (NYSE: CVX) reported earnings of $6.5 billion ($3.48 per share – diluted) for third quarter 2023, compared with $11.2 billion ($5.78 per share – diluted) in third quarter 2022. Included in the current quarter were a one-time tax benefit of $560 million in Nigeria and pension settlement costs of $40 million. Foreign currency effects increased earnings by $285 million. Adjusted earnings of $5.7 billion ($3.05 per share – diluted) in third quarter 2023 compared to adjusted earnings of $10.8 billion ($5.56 per share – diluted) in third quarter 2022. See Attachment 4 for a

Chevron (NYSE:CVX) reported quarterly earnings of $3.05 per share which missed the analyst consensus estimate of $3.33 by 8.41 percent. This is a 45.14 percent decrease over earnings of $5.56 per share from the same period last year. The company reported quarterly sales of $54.08 billion which beat the analyst consensus estimate of $53.00 billion by 2.04 percent. This is a 18.85 percent decrease over sales of $66.64 billion the same period last year.

Chevron Q3 Adj. EPS $3.05; FactSet Consensus $3.70.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $162, cut $18, reflects a 5.7x multiple of enterprise value to projected 2024 EBITDA, modestly below CVX’s historical forward average. We cut our 2023 EPS estimate by $0.26 to $13.01 and 2024’s by $0.48 to $14.12. Q3 adjusted EPS of $3.05 vs. $5.56, missed the consensus view by $0.60. On a per-barrel of oil equivalent basis, we estimate CVX’s adjusted earnings in the third quarter were about 12% weaker than those of chief rival Exxon Mobil (XOM 105 ****), with international upstream as the main culprit. CVX’s pending acquisition of Hess Corporation (HES 145 ***) should enable some acceleration in international upstream production, as its stake in blocks offshore Guyana (where XOM is the chief operator) should help in the 2024-2025 time

RBC Capital analyst Biraj Borkhataria reiterates Chevron (NYSE:CVX) with a Outperform and maintains $180 price target.