Chevron (NYSE:CVX) Shares Down 0.6% – Here’s What Happened

Chevron Co. (NYSE:CVX)’s share price dropped 0.6% during trading on Friday . The stock traded as low as $160.72 and last traded at $161.17. Approximately 1,429,393 shares were traded during trading, a decline of 81% from the average daily volume of 7,634,179 shares. The stock had previously closed at $162.11.

Analysts Set New Price Targets

A number of brokerages have weighed in on CVX. Citigroup upgraded Chevron from a “neutral” rating to a “buy” rating and upped their price target for the company from $145.00 to $185.00 in a research report on Tuesday. Barclays lifted their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a report on Monday, November 4th. UBS Group raised their price objective on shares of Chevron from $192.00 to $194.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Truist Financial raised their price target on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Finally, Bank of America started coverage on Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Chevron has a consensus rating of “Moderate Buy” and a consensus target price of $175.56.

Chevron Stock Performance

The stock’s 50 day simple moving average is $153.03 and its two-hundred day simple moving average is $152.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock has a market cap of $291.00 billion, a P/E ratio of 17.78, a price-to-earnings-growth ratio of 3.58 and a beta of 1.09.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm had revenue of $50.67 billion during the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the prior year, the company earned $3.05 EPS. The company’s revenue was down 6.3% on a year-over-year basis. As a group, research analysts forecast that Chevron Co. will post 10.53 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.03%. The ex-dividend date is Monday, November 18th. Chevron’s payout ratio is 71.65%.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC boosted its holdings in shares of Chevron by 19,404.1% in the 3rd quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company’s stock valued at $7,218,280,000 after buying an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC raised its position in Chevron by 15,750.1% during the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company’s stock worth $574,551,000 after acquiring an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. lifted its stake in Chevron by 949.6% in the third quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company’s stock valued at $562,566,000 after acquiring an additional 3,456,008 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company’s stock valued at $4,581,137,000 after acquiring an additional 3,203,899 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Chevron by 55.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company’s stock valued at $1,335,492,000 after purchasing an additional 3,048,819 shares during the period. Institutional investors and hedge funds 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.