Chevron (NYSE:CVX) Shares Down 0.4% – Here’s What Happened

by · The Cerbat Gem

Chevron Co. (NYSE:CVX – Get Free Report)’s stock price dropped 0.4% during mid-day trading on Monday . The company traded as low as $150.18 and last traded at $150.88. Approximately 694,139 shares traded hands during trading, a decline of 91% from the average daily volume of 7,729,555 shares. The stock had previously closed at $151.42.

Wall Street Analyst Weigh In

CVX has been the subject of several research analyst reports. Sanford C. Bernstein lowered Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Royal Bank of Canada reissued an “outperform” rating and set a $170.00 price objective on shares of Chevron in a report on Tuesday, October 8th. Truist Financial cut their target price on shares of Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Scotiabank dropped their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday. Finally, UBS Group lifted their target price on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $176.81.

Read Our Latest Analysis on CVX

Chevron Price Performance

The stock’s 50 day moving average price is $145.46 and its 200-day moving average price is $153.93. The company has a quick ratio of 0.85, a current ratio of 1.16 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $279.32 billion, a PE ratio of 13.88, a price-to-earnings-growth ratio of 2.72 and a beta of 1.09.

Chevron (NYSE:CVX – Get Free Report) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. During the same period last year, the firm earned $3.08 earnings per share. Chevron’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, equities analysts forecast that Chevron Co. will post 11.09 EPS for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Institutional Trading of Chevron

Several institutional investors and hedge funds have recently made changes to their positions in CVX. Pacifica Partners Inc. raised its stake in shares of Chevron by 1.8% during the 1st quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock worth $546,000 after acquiring an additional 63 shares in the last quarter. Private Wealth Management Group LLC grew its stake in Chevron by 15.7% during the 1st quarter. Private Wealth Management Group LLC now owns 464 shares of the oil and gas company’s stock worth $73,000 after buying an additional 63 shares during the last quarter. Montz Harcus Wealth Management LLC raised its stake in Chevron by 2.2% in the second quarter. Montz Harcus Wealth Management LLC now owns 2,943 shares of the oil and gas company’s stock valued at $460,000 after buying an additional 63 shares during the last quarter. Hubbell Strickland Wealth Management LLC boosted its holdings in Chevron by 0.7% in the second quarter. Hubbell Strickland Wealth Management LLC now owns 9,493 shares of the oil and gas company’s stock worth $1,485,000 after acquiring an additional 64 shares in the last quarter. Finally, Marks Group Wealth Management Inc grew its stake in shares of Chevron by 3.1% during the first quarter. Marks Group Wealth Management Inc now owns 2,148 shares of the oil and gas company’s stock worth $339,000 after acquiring an additional 65 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

About Chevron

(Get Free Report)

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.

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