Chevron Corporation [CVX] Revenue clocked in at $176.84 billion, up 35.71% YTD: What’s Next?

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Chevron Corporation [NYSE: CVX] price plunged by -6.70 percent to reach at -$11.44. The company report on May 3, 2022 that Chevron, Talos and Carbonvert Announce Proposed Joint Venture Expansion to Enhance the Bayou Bend CCS Project Offshore Jefferson County, Texas.

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Chevron U.S.A., Inc. (“Chevron”), through its Chevron New Energies division, Talos Energy Inc. (NYSE: TALO) (“Talos”), through its Talos Low Carbon Solutions division, and Carbonvert, Inc. (“Carbonvert”) announced today a memorandum of understanding (“MOU”) for an expanded joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub currently held by Talos and Carbonvert.

In 2021, a joint venture between Talos and Carbonvert (now known as Bayou Bend CCS) was the winning bidder for the Texas General Land Office’s (“GLO”) Jefferson County, Texas, carbon storage lease, located in state waters offshore Beaumont and Port Arthur, Texas. The Bayou Bend CCS project site encompasses over 40,000 gross acres and, based on Talos and Carbonvert’s preliminary estimates, could potentially sequester 225 to 275 million metric tons of carbon dioxide (CO2) from industrial sources in the area. The Bayou Bend CCS lease is the first and only offshore lease in the U.S. dedicated to CO2 sequestration.

A sum of 14044274 shares traded at recent session while its average daily volume was at 16.05M shares. Chevron Corporation shares reached a high of $167.75 and dropped to a low of $158.475 until finishing in the latest session at $159.25.

The one-year CVX stock forecast points to a potential upside of 9.29. The average equity rating for CVX stock is currently 2.20, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Chevron Corporation [CVX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CVX shares is $175.55 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CVX stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

RBC Capital Mkts have made an estimate for Chevron Corporation shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on April 21, 2022. The new note on the price target was released on March 14, 2022, representing the official price target for Chevron Corporation stock. Previously, the target price had yet another raise to $169, while JP Morgan analysts kept a Underweight rating on CVX stock. On March 03, 2022, analysts increased their price target for CVX shares from 140 to 160.

The Average True Range (ATR) for Chevron Corporation is set at 5.46, with the Price to Sales ratio for CVX stock in the period of the last 12 months amounting to 1.72. The Price to Book ratio for the last quarter was 2.11, with the Price to Cash per share for the same quarter was set at 6.12. Price to Free Cash Flow for CVX in the course of the last twelve months was 21.28 with Quick ratio for the last quarter at 1.20.

CVX Stock Performance Analysis:

Chevron Corporation [CVX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.31. With this latest performance, CVX shares dropped by -4.70% in over the last four-week period, additionally plugging by 38.79% over the last 6 months – not to mention a rise of 45.34% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CVX stock in for the last two-week period is set at 45.63, with the RSI for the last a single of trading hit 43.14, and the three-weeks RSI is set at 48.08 for Chevron Corporation [CVX]. The present Moving Average for the last 50 days of trading for this stock 163.75, while it was recorded at 165.26 for the last single week of trading, and 126.05 for the last 200 days.

Insight into Chevron Corporation Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Chevron Corporation [CVX] shares currently have an operating margin of +10.66 and a Gross Margin at +18.04. Chevron Corporation’s Net Margin is presently recorded at +10.00.

Return on Equity for this stock inclined to 11.54, with Return on Assets sitting at 6.52.

Chevron Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.40.

CVX Stock EPS

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CVX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Chevron Corporation go to 17.78%.

Chevron Corporation [CVX] Insider Position Details

There are presently around $206,489 million, or 66.90% of CVX stock, in the hands of institutional investors. The top three institutional holders of CVX stocks are: VANGUARD GROUP INC with ownership of 163,400,131, which is approximately 1.022% of the company’s market cap and around 0.04% of the total institutional ownership; STATE STREET CORP, holding 138,896,127 shares of the stock with an approximate value of $22.12 billion in CVX stocks shares; and BLACKROCK INC., currently with $20.07 billion in CVX stock with ownership of nearly -2.047% of the company’s market capitalization.

Positions in Chevron Corporation stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 1,484 institutional holders increased their position in Chevron Corporation [NYSE:CVX] by around 56,960,352 shares. Additionally, 1,279 investors decreased positions by around 45,338,054 shares, while 295 investors held positions by with 1,194,333,225 shares. The mentioned changes placed institutional holdings at 1,296,631,631 shares, according to the latest SEC report filing. CVX stock had 322 new institutional investments in for a total of 6,399,704 shares, while 79 institutional investors sold positions of 2,979,981 shares during the same period.