Chevron (NYSE:CVX) Stock Price Down 0.3% – Here’s What Happened

Chevron Co. (NYSE:CVX) was down 0.3% during mid-day trading on Wednesday . The company traded as low as $155.30 and last traded at $156.02. Approximately 1,523,652 shares changed hands during trading, a decline of 79% from the average daily volume of 7,150,655 shares. The stock had previously closed at $156.42.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CVX shares. Truist Financial decreased their price objective on Chevron from $164.00 to $160.00 and set a “hold” rating for the company in a report on Tuesday, February 4th. Wells Fargo & Company cut their price target on shares of Chevron from $188.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Raymond James lowered their target price on Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research report on Monday, February 3rd. UBS Group decreased their target price on shares of Chevron from $195.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, February 3rd. Finally, Piper Sandler reduced their target price on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.13.

Chevron Price Performance

The business’s fifty day moving average price is $152.30 and its 200-day moving average price is $151.28. The company has a market capitalization of $279.63 billion, a P/E ratio of 16.00, a P/E/G ratio of 1.46 and a beta of 1.11. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the business earned $3.45 earnings per share. As a group, sell-side analysts predict that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Shareholders of record on Friday, February 14th will be issued a $1.71 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a yield of 4.40%. Chevron’s dividend payout ratio is 70.37%.

Insider Transactions at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at $161,192.50. This trade represents a 89.82 % decrease in their ownership of the stock. 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 added to or reduced their stakes in CVX. Lakeshore Capital Group Inc. bought a new position in Chevron in the 4th quarter worth $615,000. Virtue Capital Management LLC increased its position in shares of Chevron by 10.8% during the 4th quarter. Virtue Capital Management LLC now owns 3,223 shares of the oil and gas company’s stock valued at $467,000 after purchasing an additional 314 shares during the last quarter. Heck Capital Advisors LLC bought a new stake in shares of Chevron in the 4th quarter worth about $1,046,000. Leigh Baldwin & CO. LLC purchased a new position in shares of Chevron during the fourth quarter valued at approximately $482,000. Finally, Armis Advisers LLC bought a new position in shares of Chevron during the fourth quarter valued at approximately $397,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

About Chevron

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.