Chevron (NYSE:CVX) Stock Price Down 3.2% Following Weak Earnings

Chevron Co. (NYSE:CVX)’s share price fell 3.2% during mid-day trading on Monday following a weaker than expected earnings announcement. The company traded as low as $143.48 and last traded at $143.82. 3,885,953 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 7,831,322 shares. The stock had previously closed at $148.55.

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). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. Chevron’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $3.08 EPS.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a $1.63 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.55%. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVX. Raymond James raised their target price on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Scotiabank decreased their price objective on shares of Chevron from $195.00 to $180.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Piper Sandler lifted their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. Barclays decreased their price objective on shares of Chevron from $203.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, TD Cowen lifted their price objective on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Monday, April 29th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $183.82.

Insider Buying and Selling at Chevron

In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $165.24, for a total transaction of $421,196.76. Following the transaction, the director now owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at approximately $76,429.71. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total transaction of $421,196.76. Following the sale, the director now directly owns 27,725 shares in the company, valued at approximately $4,581,279. The disclosure for this sale can be found here. Insiders own 0.20% of the company’s stock.

Institutional Trading of Chevron

Institutional investors and hedge funds have recently bought and sold shares of the business. American Capital Advisory LLC lifted its stake in shares of Chevron by 403.2% in the 1st quarter. American Capital Advisory LLC now owns 156 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 125 shares during the period. Bare Financial Services Inc acquired a new position in Chevron during the fourth quarter worth $27,000. Frank Rimerman Advisors LLC acquired a new position in Chevron during the fourth quarter worth $30,000. Anfield Capital Management LLC raised its position in Chevron by 118.0% during the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 118 shares during the period. Finally, Cooksen Wealth LLC acquired a new position in Chevron during the fourth quarter worth $40,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

Chevron Price Performance

The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. The stock’s 50-day simple moving average is $156.10 and its two-hundred day simple moving average is $156.11. The company has a market capitalization of $263.88 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 2.39 and a beta of 1.10.

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.