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

Chevron Co. (NYSE:CVX) shares were down 0.3% during mid-day trading on Tuesday . The company traded as low as $150.22 and last traded at $150.49. 822,660 shares were traded during trading, a decline of 89% from the average daily volume of 7,660,188 shares. The stock had previously closed at $150.88.

Analysts Set New Price Targets

Several equities analysts have recently commented on CVX shares. Bank of America initiated coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $170.00 price target on shares of Chevron in a research note on Tuesday, October 8th. Truist Financial cut their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a research report on Monday, September 30th. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $183.00 to $167.00 in a report on Wednesday, July 17th. Finally, Barclays decreased their price target on shares of Chevron from $185.00 to $168.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $173.07.

Chevron Stock Up 0.0 %

The company has a market capitalization of $278.10 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 2.73 and a beta of 1.09. The business’s 50-day simple moving average is $146.19 and its 200-day simple moving average is $153.55. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share for the quarter, missing the consensus estimate of $2.93 by ($0.38). The company had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 13.70% and a net margin of 9.31%. Chevron’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $3.08 earnings per share. As a group, equities research analysts anticipate that Chevron Co. will post 10.95 EPS for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th were given a $1.63 dividend. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a yield of 4.32%. Chevron’s dividend payout ratio is presently 59.98%.

Institutional Trading of Chevron

A number of hedge funds have recently added to or reduced their stakes in the company. Anfield Capital Management LLC grew its position in shares of Chevron by 118.0% during the 2nd quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 118 shares during the period. Cyrus J. Lawrence LLC increased its position in shares of Chevron by 66.7% in the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 100 shares in the last quarter. Livelsberger Financial Advisory acquired a new position in shares of Chevron during the 3rd quarter worth approximately $47,000. Krane Funds Advisors LLC purchased a new position in shares of Chevron during the 3rd quarter valued at approximately $47,000. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in Chevron in the 1st quarter valued at $55,000. 72.42% of the stock is owned by hedge funds and other institutional investors.

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.