Chevron (NYSE:CVX) Shares Down 0.9% Following Analyst Downgrade

Chevron Co. (NYSE:CVX) shares dropped 0.9% on Thursday after Piper Sandler lowered their price target on the stock from $184.00 to $173.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as low as $142.73 and last traded at $142.80. Approximately 2,936,140 shares traded hands during trading, a decline of 62% from the average daily volume of 7,694,600 shares. The stock had previously closed at $144.08.

Several other brokerages have also issued reports on CVX. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Scotiabank cut their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Truist Financial raised their price objective on Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a research report on Friday, December 6th. UBS Group boosted their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective on the stock in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Chevron currently has an average rating of “Moderate Buy” and an average price target of $175.19.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Rational Advisors LLC acquired a new stake in Chevron during the third quarter worth about $29,000. Legacy Investment Solutions LLC purchased a new stake in shares of Chevron in the 3rd quarter valued at approximately $29,000. Darwin Wealth Management LLC purchased a new stake in Chevron in the third quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC acquired a new position in Chevron during the third quarter worth $31,000. Finally, Anfield Capital Management LLC boosted its position in shares of 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 buying an additional 118 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

The firm has a 50-day simple moving average of $155.19 and a two-hundred day simple moving average of $152.13. The company has a market capitalization of $254.81 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 2.93 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same quarter in the prior year, the business earned $3.05 EPS. Chevron’s revenue was down 6.3% on a year-over-year basis. On average, sell-side analysts anticipate that Chevron Co. will post 10.5 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date was Monday, November 18th. Chevron’s dividend payout ratio is presently 71.65%.

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.