Chevron (NYSE:CVX) Trading Down 2% – Here’s What Happened

Chevron Co. (NYSE:CVX)’s stock price traded down 2% during mid-day trading on Friday . The stock traded as low as $132.29 and last traded at $132.28. 4,062,279 shares traded hands during trading, a decline of 48% from the average session volume of 7,840,367 shares. The stock had previously closed at $134.98.

Analyst Ratings Changes

CVX has been the topic of a number of analyst reports. UBS Group cut their price objective on shares of Chevron from $194.00 to $185.00 and set a “buy” rating on the stock in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Chevron in a report on Monday, February 3rd. Scotiabank lowered shares of Chevron from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $160.00 to $143.00 in a research report on Friday. Barclays dropped their price target on shares of Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Finally, Truist Financial reduced their price objective on shares of Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $172.20.

Chevron Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock’s 50-day moving average price is $155.70 and its two-hundred day moving average price is $153.87. The stock has a market capitalization of $239.47 billion, a PE ratio of 14.00, a P/E/G ratio of 1.46 and a beta of 0.93.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing the consensus estimate 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 period in the previous year, the company posted $3.45 earnings per share. As a group, analysts expect that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 14th were paid a dividend of $1.71 per share. The ex-dividend date was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a yield of 5.03%. Chevron’s payout ratio is currently 70.37%.

Insider Transactions at Chevron

In related 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 completion of the sale, the vice president now directly owns 1,057 shares in the company, valued at approximately $161,192.50. The trade was a 89.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVX. Geode Capital Management LLC lifted its position in shares of Chevron by 1.1% in the fourth 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Chevron by 2.4% during the fourth 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 buying an additional 746,806 shares during the last quarter. Norges Bank purchased a new position in shares of Chevron in the fourth quarter worth $3,017,750,000. Northern Trust Corp grew its stake in 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 valued at $2,965,135,000 after acquiring an additional 1,394,091 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of 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 purchasing an additional 410,460 shares in the last quarter. 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.