Notable Price Action: What’s Next for Chevron Corporation After Touching 52-Week High?

Notable Price Action: What's Next for Chevron Corporation After Touching 52 Week High?

The stock of Chevron Corporation (NYSE:CVX) hit a new 52-week high and has $119.58 target or 8.00% above today’s $110.72 share price. The 7 months bullish chart indicates low risk for the $211.10 billion company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $119.58 price target is reached, the company will be worth $16.89B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 970,484 shares traded hands. Chevron Corporation (NYSE:CVX) has risen 8.35% since April 20, 2016 and is uptrending. It has outperformed by 3.79% the S&P500.

Chevron Corporation (NYSE:CVX) Ratings Coverage

Out of 29 analysts covering Chevron Corporation (NYSE:CVX), 19 rate it a “Buy”, 0 “Sell”, while 10 “Hold”. This means 66% are positive. $122 is the highest target while $65 is the lowest. The $96.55 average target is -12.80% below today’s ($110.72) stock price. Chevron Corporation has been the topic of 52 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm earned “Neutral” rating on Monday, May 2 by UBS. The firm has “Buy” rating by Jefferies given on Monday, July 11. On Wednesday, December 2 the stock rating was upgraded by Citigroup to “Buy”. BMO Capital Markets initiated the shares of CVX in a report on Tuesday, September 13 with “Outperform” rating. JP Morgan maintained the shares of CVX in a report on Tuesday, December 15 with “Overweight” rating. The firm has “Market Perform” rating given on Tuesday, March 22 by Raymond James. The company was maintained on Tuesday, December 15 by Cowen & Co. As per Tuesday, August 25, the company rating was upgraded by Vetr. Howard Weil upgraded the shares of CVX in a report on Monday, December 14 to “Sector Outperform” rating. The company was maintained on Wednesday, March 9 by RBC Capital Markets.

According to Zacks Investment Research, “Chevron is the fifth-largest integrated energy company in the world. Headquartered in San Ramon, California, and conducting business in approximately 180 countries, this highly competitive corporation is engaged in every aspect of the oil and natural gas industry, including exploration and production; refining, marketing and transportation; chemicals manufacturing and sales; and power generation.”

Insitutional Activity: The institutional sentiment increased to 1.07 in 2016 Q2. Its up 0.12, from 0.95 in 2016Q1. The ratio increased, as 51 funds sold all Chevron Corporation shares owned while 677 reduced positions. 71 funds bought stakes while 624 increased positions. They now own 1.15 billion shares or 3.23% less from 1.18 billion shares in 2016Q1.
Zacks Inv Management last reported 1.46% of its portfolio in the stock. Busey Trust reported 127,947 shares or 1.72% of all its holdings. Moreover, Roof Eidam Maycock Adv has 0.77% invested in Chevron Corporation (NYSE:CVX) for 14,041 shares. Moreover, Acadian Asset Mngmt Lc has 0.02% invested in Chevron Corporation (NYSE:CVX) for 36,631 shares. Riggs Asset Managment Inc has 1,232 shares for 0.07% of their US portfolio. Robeco Institutional Asset Mngmt Bv holds 0.05% or 64,017 shares in its portfolio. Fic Inc accumulated 5,046 shares or 0.25% of the stock. Reservoir Ops Limited Partnership has 113,546 shares for 14.88% of their US portfolio. Pinnacle Advisory Grp Inc accumulated 0.03% or 3,386 shares. The Arkansas-based Greenwood Gearhart Inc has invested 2.49% in Chevron Corporation (NYSE:CVX). Dillon Assoc Incorporated last reported 0.11% of its portfolio in the stock. Frontier Inv Mngmt Commerce has invested 0.22% of its portfolio in Chevron Corporation (NYSE:CVX). Adell Harriman Carpenter accumulated 26,166 shares or 0% of the stock. Cfo4life L P accumulated 3,599 shares or 0.32% of the stock. Dorsey & Whitney Trust Com Ltd Limited Liability Company has 53,860 shares for 1.29% of their US portfolio.

Insider Transactions: Since August 1, 2016, the stock had 1 insider buy, and 9 sales for $23.84 million net activity. 10,945 shares with value of $1.11M were sold by JOHNSON JAMES WILLIAM on Wednesday, August 10. 5,637 shares were sold by Deily Linnet F, worth $593,387. Breber Pierre R had sold 10,000 shares worth $1.10M. On Friday, August 12 the insider Geagea Joseph C sold $2.67M. $50,096 worth of Chevron Corporation (NYSE:CVX) was bought by THULIN INGE G. 7,000 shares were sold by Ourada Jeanette L, worth $711,893 on Thursday, August 25. $2.76 million worth of shares were sold by Pate R. Hewitt on Wednesday, November 16.

More recent Chevron Corporation (NYSE:CVX) news were published by: Fool.com which released: “Chevron Corporation Upgraded: 3 Things You Need to Know” on October 31, 2016. Also Investorplace.com published the news titled: “Wednesday’s Vital Data: Facebook Inc (FB), Chevron Corporation (CVX) and …” on November 16, 2016. Seekingalpha.com‘s news article titled: “Why Chevron Is A Dangerous Investment” with publication date: November 15, 2016 was also an interesting one.

CVX Company Profile

Chevron Corporation (Chevron), incorporated on January 27, 1926, manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining activities, power generation and energy services. Upstream activities consist primarily of exploring for, developing and producing natural gas and crude oil; processing, liquefaction, transportation and regasification associated with liquefied natural gas; transporting crude oil by international oil export pipelines; transporting, storage and marketing of natural gas, and a gas-to-liquids project. Downstream activities consist primarily of refining crude oil into petroleum products; marketing of crude oil and refined products; transporting 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.

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