Raymond James Believes Chevron (CVX) Won’t Stop Here

In a report released today, Justin Jenkins from Raymond James maintained a Buy rating on Chevron (CVXResearch Report), with a price target of $191.00. The company’s shares closed last Thursday at $171.59, close to its 52-week high of $174.76.

According to, Jenkins is a 5-star analyst with an average return of 12.2% and a 67.3% success rate. Jenkins covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Holly Energy Partners, and Plains All American.

Chevron has an analyst consensus of Moderate Buy, with a price target consensus of $165.38, a -3.1% downside from current levels. In a report issued on April 5, UBS also maintained a Buy rating on the stock with a $192.00 price target.

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The company has a one-year high of $174.76 and a one-year low of $92.86. Currently, Chevron has an average volume of 17.26M.

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. Last month, Joseph Geagea, the EVP of CVX sold 60,000 shares for a total of $8,416,000.

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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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