Chevron (NYSE:CVX) Trading Down 0.4% – Here’s Why

Chevron Co. (NYSE:CVX) shares fell 0.4% during mid-day trading on Thursday . The company traded as low as $156.79 and last traded at $157.02. Approximately 1,433,939 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 7,640,351 shares. The stock had previously closed at $157.72.

Wall Street Analyst Weigh In

A number of analysts recently commented on CVX shares. Barclays boosted their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday. Scotiabank reduced their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Truist Financial upped their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday. Finally, Mizuho lowered their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average target price of $174.93.

Chevron Price Performance

The company has a market cap of $287.21 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 3.43 and a beta of 1.09. The company’s 50-day simple moving average is $147.43 and its 200-day simple moving average is $152.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.07%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.05 EPS. On average, equities research analysts anticipate that Chevron Co. will post 10.65 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a dividend of $1.63 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 annualized dividend and a yield of 4.15%. Chevron’s payout ratio is 71.65%.

Hedge Funds Weigh In On Chevron

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC boosted its stake in Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after buying an additional 4,876,260 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in shares of Chevron by 15,750.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock valued at $574,551,000 after purchasing an additional 3,876,731 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock worth $1,335,492,000 after purchasing an additional 3,048,819 shares during the last quarter. Wulff Hansen & CO. raised its holdings in shares of Chevron by 15,542.0% in the 2nd quarter. Wulff Hansen & CO. now owns 1,175,653 shares of the oil and gas company’s stock worth $183,896,000 after purchasing an additional 1,168,137 shares in the last quarter. Finally, Capital International Investors lifted its stake in Chevron by 5.9% during the first quarter. Capital International Investors now owns 13,418,287 shares of the oil and gas company’s stock valued at $2,116,600,000 after purchasing an additional 743,042 shares during the last quarter. 72.42% of the stock is owned by institutional investors.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.