Chevron Corporation (CVX) is Upgraded by Piper Jaffray to Overweight, Raises Price Target to $ 117

Chevron Corporation (CVX) was Upgraded by Piper Jaffray to ” Overweight” according to the research note released today. The brokerage firm has raised the Price Target to $ 117 from a previous price target of $110 . Earlier the firm had a rating of “Neutral ” on the company shares. Piper Jaffray advised their investors in a research report released on Aug 9, 2016.

On the company’s financial health, Chevron Corporation reported $-0.78 EPS for the quarter, missing the analyst consensus estimate by $ -1.10 based on the information available during the earnings call on Jul 29, 2016. Analyst had a consensus of $0.32. The company had revenue of $29282.00 million for the quarter, compared to analysts expectations of $29649.73 million. The company’s revenue was down -27.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.30 EPS.

Chevron Corporation opened for trading at $100.99 and hit $101.68 on the upside on Monday, eventually ending the session at $101.2, with a gain of 0.69% or 0.69 points. The heightened volatility saw the trading volume jump to 54,47,467 shares. Company has a market cap of $190,916 M.

Investors should note that on Jul 27, 2016, Chevron Corporation announced a cash dividend of $1.0700. The company’s management has announced Aug 17, 2016 as the ex-dividend date and fixed the record date on Aug 19, 2016. The payable date has been fixed on Sep 12, 2016.

In a different news, on Aug 4, 2016, Pierre R Breber (Executive Vice President) sold 21,000 shares at $98.77 per share price. According to the SEC, on Aug 3, 2016, Michael K Wirth (Executive Vice President) sold 125,000 shares at $100.03 per share price. On May 4, 2016, Linnet F Deily (director) sold 869 shares at $103.27 per share price, according to the Form-4 filing with the securities and exchange commission.

Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates. The Company operates through two segments: Upstream and Downstream. Upstream operations consist primarily of exploring for developing and producing crude oil and natural gas; processing liquefaction transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil through international oil export pipelines; transporting storing and marketing natural gas and operating a gas-to-liquids plant. The Company’s Downstream operations primarily consist of refining crude oil into petroleum products; marketing crude oil and refined products; transporting crude oil and refined products by pipeline marine vessel motor equipment and rail car and manufacturing and marketing commodity petrochemicals plastics for industrial uses and fuel and lubricant additives.

Chevron Corporation

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