Chevron (NYSE:CVX) Stock Price Down 3.5% – What’s Next?

Chevron Corporation (NYSE:CVX)’s share price was down 3.5% during trading on Tuesday . The stock traded as low as $183.90 and last traded at $184.69. Approximately 12,948,291 shares were traded during trading, an increase of 6% from the average daily volume of 12,218,663 shares. The stock had previously closed at $191.43.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CVX shares. Mizuho boosted their target price on Chevron from $206.00 to $217.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 17th. Piper Sandler upped their price objective on Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. BNP Paribas Exane upgraded Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 price objective for the company in a report on Friday, April 17th. Tudor Pickering upgraded Chevron from a “hold” rating to a “buy” rating and set a $225.00 price objective for the company in a report on Thursday, April 9th. Finally, Melius Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a report on Tuesday, February 17th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $205.13.

Chevron Price Performance

The business has a fifty day moving average price of $193.43 and a 200-day moving average price of $175.01. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $367.83 billion, a PE ratio of 32.01, a PEG ratio of 0.64 and a beta of 0.51.

Chevron (NYSE:CVX) last posted its quarterly earnings data on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period in the prior year, the business earned $2.18 EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. Research analysts expect that Chevron Corporation will post 15.74 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be paid a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s payout ratio is 123.40%.

Insider Buying and Selling

In other news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. The trade was a 57.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction dated Monday, March 30th. The shares were 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 of the company’s stock, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,179,699 shares of company stock worth $224,675,517 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Chevron

Hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Financial Wealth Advisors LLC raised its position in Chevron by 1.0% during the 1st quarter. Summit Financial Wealth Advisors LLC now owns 33,265 shares of the oil and gas company’s stock valued at $6,882,000 after purchasing an additional 329 shares during the last quarter. Axiom Investment Management LLC bought a new position in Chevron during the 1st quarter valued at approximately $188,000. Summitry LLC raised its position in Chevron by 3,584.8% during the 1st quarter. Summitry LLC now owns 134,125 shares of the oil and gas company’s stock valued at $27,750,000 after purchasing an additional 130,485 shares during the last quarter. WNY Asset Management LLC bought a new position in Chevron during the 1st quarter valued at approximately $804,000. Finally, Segall Bryant & Hamill LLC raised its position in Chevron by 22.5% during the 1st quarter. Segall Bryant & Hamill LLC now owns 215,063 shares of the oil and gas company’s stock valued at $44,497,000 after purchasing an additional 39,443 shares during the last quarter. Institutional investors 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.