Chevron (CVX) Receives a Buy from Wells Fargo

In a report released today, Roger Read from Wells Fargo maintained a Buy rating on Chevron (CVXResearch Report), with a price target of $181.00. The company’s shares closed last Friday at $156.67.

According to TipRanks.com, Read is a 5-star analyst with an average return of 11.8% and a 63.6% success rate. Read covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Marathon Petroleum, and Delek US Holdings.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Chevron with a $170.83 average price target, a 5.9% upside from current levels. In a report issued on April 29, Wolfe Research also maintained a Buy rating on the stock with a $197.00 price target.

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Based on Chevron’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $45.86 billion and net profit of $5.06 billion. In comparison, last year the company earned revenue of $24.84 billion and had a GAAP net loss of $665 million.

Based on the recent corporate insider activity of 64 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CVX in relation to earlier this year. Most recently, in March 2022, Joseph Geagea, the EVP of CVX sold 60,000 shares for a total of $8,416,000.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of exploration, development, and production of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transporting crude oil by major international oil export pipelines; processing, transporting, storage, and marketing of natural gas; and a gas-to-liquids plant. The Downstream segment comprises refining of crude oil into petroleum products; marketing of crude oil and refined products; transporting of crude oil and refined products by pipeline, marine vessel, motor equipment, and rail car; and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives. The company was founded in 1906 and is headquartered in San Ramon, CA.

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