Chevron (NYSE:CVX) Reaches New 12-Month Low – What’s Next?

Chevron Co. (NYSE:CVX) shares hit a new 52-week low on Wednesday . The company traded as low as $134.87 and last traded at $136.62, with a volume of 12886095 shares changing hands. The stock had previously closed at $140.15.

Analysts Set New Price Targets

A number of equities analysts have commented on CVX shares. Wells Fargo & Company dropped their target price on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Barclays dropped their price objective on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Truist Financial reduced their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a report on Tuesday, February 4th. Raymond James lowered their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a report on Monday, February 3rd. Finally, Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and a consensus price target of $173.53.

Chevron Trading Down 7.6 %

The firm has a market capitalization of $237.47 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 1.46 and a beta of 0.93. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company’s 50-day simple moving average is $155.70 and its 200 day simple moving average is $153.87.

Chevron (NYSE:CVX) last posted its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter in the previous year, the firm posted $3.45 EPS. As a group, sell-side analysts expect that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 5.07%. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. Chevron’s payout ratio is 70.37%.

Insider Activity at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CVX. Geode Capital Management LLC lifted its position in Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company’s stock worth $5,247,142,000 after acquiring an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Chevron by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock worth $4,613,960,000 after purchasing an additional 746,806 shares during the last quarter. Norges Bank purchased a new position in shares of Chevron in the fourth quarter worth about $3,017,750,000. Northern Trust Corp lifted its holdings in shares of Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC boosted its position in Chevron by 2.1% in the fourth quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company’s stock valued at $2,881,280,000 after buying an additional 410,460 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.