Chevron (NYSE:CVX) Stock Price Down 1% – Here’s What Happened

Shares of Chevron Corporation (NYSE:CVX) traded down 1% during trading on Tuesday. The company traded as low as $202.70 and last traded at $204.2880. 5,874,077 shares were traded during trading, a decline of 45% from the average daily volume of 10,658,993 shares. The stock had previously closed at $206.37.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s global scale, relatively low leverage, dividend profile, and durable profitability make it a preferred energy investment compared with Occidental Petroleum. Analysts and financial commentators also point to its earnings growth and valuation as supportive of the stock. Chevron vs. Occidental Petroleum comparison
• Positive Sentiment: TD Cowen raised its Chevron price target to $215 and expects strong refining performance to help Chevron exceed third-quarter earnings estimates, providing a potential near-term earnings catalyst. TD Cowen Chevron price target
• Positive Sentiment: Chevron signed a preliminary agreement with Vietnam’s PVN covering possible crude oil, LNG, and LPG supplies, along with refining, storage, import infrastructure, and emissions-reduction cooperation. The agreement could expand Chevron’s long-term commercial opportunities in Southeast Asia. Chevron Vietnam energy supply agreement
• Positive Sentiment: Chevron and Egypt are accelerating plans to connect Cyprus’s Aphrodite gas field to Egyptian infrastructure, while Chevron is preparing to explore in Greek waters, expanding its Mediterranean growth platform. Chevron Aphrodite gas project
• Neutral Sentiment: Higher crude prices tied to renewed Iran and Strait of Hormuz tensions may support Chevron’s upstream revenue, but the same tensions are also prompting investors to reduce exposure to risk assets and increasing market volatility. Stocks affected by oil-price volatility
• Negative Sentiment: The Vietnam agreement has no fixed supply volume or start date, while the Mediterranean projects remain longer-term opportunities. As a result, investors may see limited immediate earnings impact despite the favorable strategic headlines.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVX. Bank of America raised their target price on Chevron from $210.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Barclays dropped their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating on the stock in a research note on Monday, August 17th. Morgan Stanley raised their price objective on shares of Chevron from $210.00 to $218.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. JPMorgan Chase & Co. boosted their price objective on shares of Chevron from $190.00 to $222.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Finally, Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a report on Monday, June 8th. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $210.87.

Chevron Trading Down 1.0%

The business’s 50-day moving average price is $201.83 and its 200-day moving average price is $192.43. The firm has a market capitalization of $403.63 billion, a PE ratio of 19.59, a price-to-earnings-growth ratio of 0.59 and a beta of 0.50. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, beating the consensus estimate of $5.55 by $0.51. Chevron had a net margin of 9.57% and a return on equity of 11.09%. The firm had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. Chevron’s revenue for the quarter was up 57.4% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 16.66 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.5%. The ex-dividend date was Wednesday, August 19th. Chevron’s payout ratio is 68.26%.

Insider Buying and Selling

In related news, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.10, for a total value of $137,940,076.50. Following the sale, the director owned 363,711 shares in the company, valued at $70,596,305.10. This represents a 66.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction on Monday, August 17th. The stock was sold at an average price of $201.06, for a total value of $3,377,808.00. Following the transaction, the insider directly owned 14 shares of the company’s stock, valued at $2,814.84. This trade represents a 99.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several hedge funds have recently bought and sold shares of CVX. State Street Corp increased its stake in shares of Chevron by 3.9% in the 2nd quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock valued at $28,016,651,000 after acquiring an additional 5,998,852 shares during the last quarter. BlackRock Inc. bought a new position in Chevron during the 2nd quarter worth approximately $25,663,729,000. Berkshire Hathaway Inc grew its holdings in Chevron by 6.6% during the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after purchasing an additional 8,091,570 shares during the period. Bank of America Corp DE increased its stake in Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after purchasing an additional 1,334,976 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Chevron by 1.5% in the fourth quarter. Invesco Ltd. now owns 17,119,575 shares of the oil and gas company’s stock valued at $2,609,194,000 after purchasing an additional 254,323 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.