Chevron (NYSE:CVX) Stock Price Down 2.4% – Here’s What Happened

Chevron Corporation (NYSE:CVX)’s stock price traded down 2.4% on Wednesday . The company traded as low as $170.86 and last traded at $171.7320. 10,368,702 shares changed hands during trading, a decline of 11% from the average daily volume of 11,705,406 shares. The stock had previously closed at $175.98.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is reportedly exploring more deals to supply power to U.S. data centers in regions such as the Midwest, Rockies, and Gulf Coast, extending the momentum from its long-term Microsoft agreement and reinforcing a possible new growth avenue. Chevron eyes more deals to power US data centers
• Positive Sentiment: Chevron’s 20-year deal to power Microsoft’s West Texas data center is being viewed as validation of its role in the fast-growing AI infrastructure market, which could support future revenue growth. Chevron, Microsoft deal fuels West Texas data center expansion
• Positive Sentiment: Chevron confirmed its Venezuela operations remain safe and fully operational after major earthquakes, reducing fears of a disruption to production. Chevron Confirms Safe Venezuela Operations After Major Earthquakes
• Neutral Sentiment: Chevron’s expansion into an offshore exploration block in Greece adds another potential long-term resource opportunity, but it is early-stage and not yet a near-term earnings driver. Chevron (CVX) Expands Into a Promising New Offshore Region; Could It Be a Long-Term Growth Driver?
• Negative Sentiment: Chevron is facing investor caution after President Trump said the company is among those being investigated over surging gasoline prices, adding regulatory and reputational risk. Trump says Exxon, Chevron among firms probed as part of surge in gas prices
• Negative Sentiment: Chevron’s CFO said pump prices should eventually fall, but only with a lag, which keeps the company in the middle of a politically sensitive debate over fuel costs. Chevron CFO says gas prices will normalize after Trump presses Big Oil

Wall Street Analyst Weigh In

CVX has been the topic of several research analyst reports. Wells Fargo & Company lifted their target price on shares of Chevron from $204.00 to $222.00 and gave the company an “overweight” rating in a research report on Thursday, April 9th. Bank of America lifted their price objective on Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Sanford C. Bernstein cut their price objective on Chevron from $216.00 to $204.00 and set a “market perform” rating for the company in a research note on Monday, May 11th. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday. Finally, Weiss Ratings downgraded Chevron from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 2nd. Eighteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and an average target price of $205.70.

Chevron Trading Down 1.2%

The company’s 50 day moving average price is $185.38 and its two-hundred day moving average price is $179.84. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The stock has a market capitalization of $339.00 billion, a PE ratio of 29.46, a P/E/G ratio of 0.56 and a beta of 0.48.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.41. The company had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.18 EPS. As a group, analysts expect that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a $1.78 dividend. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.2%. Chevron’s dividend payout ratio is 123.40%.

Insider Activity at Chevron

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of the company’s stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares in the company, valued at $1,842,485.40. This represents a 82.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 615,200 shares of company stock valued at $118,022,760. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Chevron

Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after acquiring an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc increased its stake 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 worth $19,837,131,000 after acquiring an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC increased its stake in Chevron by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after acquiring an additional 134,890 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock valued at $5,492,377,000 after purchasing an additional 961,341 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Chevron by 5.1% in the 1st 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 during the last quarter. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Company Profile

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.