J.P. Morgan Reiterates a Buy Rating on Chevron (CVX)


J.P. Morgan analyst Phil Gresh reiterated a Buy rating on Chevron (NYSE: CVX) today and set a price target of $115.00. The company’s shares closed last Tuesday at $71.90.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Chevron with a $106.70 average price target, implying a 44.2% upside from current levels. In a report issued on September 23, MKM Partners also initiated coverage with a Buy rating on the stock with a $121.00 price target.

According to TipRanks.com, Gresh is a 4-star analyst with an average return of 9.2% and a 67.6% success rate. Gresh covers the Utilities sector, focusing on stocks such as Occidental Petroleum, Par Pacific Holdings, and Marathon Petroleum.

Based on Chevron’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $15.93 billion and GAAP net loss of $8.27 billion. In comparison, last year the company earned revenue of $36.32 billion and had a net profit of $4.31 billion.

Based on the recent corporate insider activity of 35 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.

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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