Chevron (NYSE:CVX) Trading Down 0.3% – Here’s Why

Chevron Co. (NYSE:CVX)’s share price dropped 0.3% during mid-day trading on Thursday . The company traded as low as $161.61 and last traded at $162.11. Approximately 7,667,789 shares were traded during trading, an increase of 0% from the average daily volume of 7,662,218 shares. The stock had previously closed at $162.53.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVX. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Barclays increased their price objective on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. Truist Financial raised their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Wells Fargo & Company reduced their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Finally, Mizuho reduced their target price on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.56.

Chevron Stock Down 0.3 %

The business’s 50 day moving average is $152.69 and its 200 day moving average is $152.56. The company has a market capitalization of $291.33 billion, a price-to-earnings ratio of 17.81, a PEG ratio of 3.54 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $3.05 EPS. Sell-side analysts anticipate that Chevron Co. will post 10.53 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.02%. Chevron’s payout ratio is 71.65%.

Insider Transactions at Chevron

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Franklin Resources Inc. lifted its stake in Chevron by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after acquiring an additional 573,218 shares in the last quarter. Tri Ri Asset Management Corp purchased a new stake in Chevron in the third quarter valued at $3,031,000. Castellan Group increased its position in Chevron by 112.0% during the third quarter. Castellan Group now owns 18,570 shares of the oil and gas company’s stock worth $2,735,000 after buying an additional 9,810 shares during the period. Tidal Investments LLC grew its position in Chevron by 5.8% during the 3rd quarter. Tidal Investments LLC now owns 94,880 shares of the oil and gas company’s stock worth $13,973,000 after purchasing an additional 5,222 shares during the last quarter. Finally, Destination Wealth Management grew its stake in shares of Chevron by 4.8% in the 3rd quarter. Destination Wealth Management now owns 32,616 shares of the oil and gas company’s stock valued at $4,803,000 after purchasing an additional 1,492 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

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.