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

Chevron Co. (NYSE:CVX)’s stock price was down 0.3% during mid-day trading on Friday . The company traded as low as $157.94 and last traded at $158.39. Approximately 1,316,946 shares traded hands during trading, a decline of 82% from the average daily volume of 7,204,568 shares. The stock had previously closed at $158.79.

Analysts Set New Price Targets

Several research analysts recently commented on CVX shares. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. Piper Sandler dropped their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Barclays decreased their target price on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 5th. Raymond James decreased their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. Finally, Wells Fargo & Company reduced their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Four investment 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $174.13.

Chevron Stock Performance

The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average is $151.91 and its 200 day moving average is $150.91. The company has a market cap of $283.38 billion, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 1.44 and a beta of 1.11.

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

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.34%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is 70.37%.

Insiders Place Their Bets

In other news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its position in Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company’s stock valued at $23,431,429,000 after acquiring an additional 874,962 shares during the period. 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 valued at $5,247,142,000 after acquiring an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Chevron by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company’s stock valued at $4,613,960,000 after acquiring an additional 746,806 shares during the period. Norges Bank purchased a new position in Chevron during the 4th quarter valued at about $3,017,750,000. Finally, Northern Trust Corp lifted its position in Chevron by 7.3% during the 4th quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company’s stock valued at $2,965,135,000 after acquiring an additional 1,394,091 shares during the period. 72.42% of the stock is owned by hedge funds and other 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.