Chevron (NYSE:CVX) Shares Down 0.2% – Here’s Why

Shares of Chevron Co. (NYSE:CVX) fell 0.2% during trading on Friday . The stock traded as low as $165.86 and last traded at $166.36. 991,829 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 7,331,335 shares. The stock had previously closed at $166.65.

Wall Street Analyst Weigh In

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

Chevron Price Performance

The firm has a market capitalization of $292.37 billion, a PE ratio of 17.08, a P/E/G ratio of 1.46 and a beta of 1.08. The company has a 50-day moving average price of $157.10 and a 200-day moving average price of $153.49. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) 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 quarter last year, the firm earned $3.45 EPS. Sell-side analysts forecast that Chevron Co. will post 10.79 EPS for the current year.

Chevron Increases Dividend

The firm also recently declared 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. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend was Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio is currently 70.37%.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now directly owns 1,057 shares of the company’s stock, valued at approximately $161,192.50. This trade represents a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CVX. Norges Bank acquired a new position in shares of Chevron in the 4th quarter valued at $3,017,750,000. Raymond James Financial Inc. purchased a new position in shares of Chevron in the 4th quarter worth $1,036,302,000. Bank of New York Mellon Corp boosted its holdings in Chevron by 17.3% in the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company’s stock valued at $2,389,380,000 after acquiring an additional 2,432,756 shares during the last quarter. Amundi grew its position in Chevron by 27.7% during the fourth quarter. Amundi now owns 8,806,050 shares of the oil and gas company’s stock valued at $1,323,549,000 after acquiring an additional 1,910,262 shares during the period. Finally, Capital World Investors increased its stake in Chevron by 11.4% during the fourth quarter. Capital World Investors now owns 14,079,656 shares of the oil and gas company’s stock worth $2,039,288,000 after acquiring an additional 1,440,808 shares during the last quarter. 72.42% of the stock is currently 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.