Chevron (NYSE:CVX) Shares Down 1.1% – Here’s Why

Chevron Corporation (NYSE:CVX)’s share price dropped 1.1% during trading on Monday . The company traded as low as $201.75 and last traded at $203.0280. 5,503,852 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 10,816,142 shares. The stock had previously closed at $205.27.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. The Goldman Sachs Group restated a “buy” rating and issued a $216.00 target price on shares of Chevron in a research note on Wednesday, May 6th. TD Cowen upped their price target on shares of Chevron from $200.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, August 5th. UBS Group reissued a “buy” rating on shares of Chevron in a report on Tuesday, June 23rd. Jefferies Financial Group restated a “buy” rating and issued a $216.00 price objective on shares of Chevron in a research report on Friday, July 10th. Finally, Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Twenty equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $207.48.

Chevron Stock Down 1.5%

The business’s fifty day simple moving average is $185.88 and its 200 day simple moving average is $188.48. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The stock has a market cap of $395.12 billion, a price-to-earnings ratio of 19.17, a price-to-earnings-growth ratio of 0.61 and a beta of 0.49.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The company had revenue of $67.20 billion for the quarter, compared to the consensus estimate of $62.72 billion. During the same quarter in the prior year, the business posted $1.77 EPS. The firm’s quarterly revenue was up 57.4% on a year-over-year basis. Equities analysts forecast that Chevron Corporation will post 16.17 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 19th will be issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Wednesday, August 19th. Chevron’s dividend payout ratio is currently 68.26%.

Insider Buying and Selling

In other news, insider R. Hewitt Pate sold 2,470 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider directly owned 10,794 shares in the company, valued at approximately $2,213,957.34. The trade was a 18.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Hess sold 710,665 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $194.10, for a total value of $137,940,076.50. Following the completion of the sale, the director directly owned 363,711 shares of the company’s stock, valued at approximately $70,596,305.10. This trade represents a 66.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,152,582 shares of company stock worth $225,853,661. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Blue Capital Inc. bought a new stake in Chevron during the 2nd quarter worth approximately $786,000. OneAscent Wealth Management LLC bought a new position in shares of Chevron in the second quarter valued at approximately $973,000. Global Retirement Partners LLC bought a new position in shares of Chevron in the second quarter valued at approximately $14,276,000. Indivisible Partners purchased a new position in shares of Chevron during the fourth quarter valued at approximately $1,923,000. Finally, Janney Montgomery Scott LLC boosted its position in shares of Chevron by 6.8% during the first quarter. Janney Montgomery Scott LLC now owns 1,251,102 shares of the oil and gas company’s stock valued at $258,853,000 after buying an additional 79,439 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

About Chevron

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.