Chevron (NYSE:CVX) Shares Down 1.5% – Here’s What Happened

Chevron Co. (NYSE:CVX) dropped 1.5% on Wednesday . The company traded as low as $158.77 and last traded at $159.56. Approximately 1,402,487 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 7,609,878 shares. The stock had previously closed at $161.92.

Analyst Ratings Changes

CVX has been the subject of a number of recent research reports. Scotiabank cut their price objective 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, October 10th. Bank of America started coverage on shares of Chevron in a report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target on the stock in a research note on Tuesday, November 5th. Finally, Wells Fargo & Company decreased their price target on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.63.

Chevron Trading Down 2.2 %

The company’s 50 day moving average price is $153.94 and its two-hundred day moving average price is $152.46. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The stock has a market capitalization of $284.52 billion, a PE ratio of 17.53, a P/E/G ratio of 3.58 and a beta of 1.10.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company had revenue of $50.67 billion for the quarter, compared to the consensus estimate of $48.86 billion. During the same period in the previous year, the firm earned $3.05 earnings per share. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. As a group, analysts expect that Chevron Co. will post 10.53 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 18th will be issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date is Monday, November 18th. Chevron’s dividend payout ratio (DPR) is currently 71.65%.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 4,280 shares in the company, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several hedge funds have recently added to or reduced their stakes in CVX. Inspire Trust Co. N.A. grew its holdings in shares of Chevron by 19.9% during the third quarter. Inspire Trust Co. N.A. now owns 50,868 shares of the oil and gas company’s stock worth $7,491,000 after buying an additional 8,445 shares in the last quarter. Old North State Trust LLC boosted its position in shares of Chevron by 17.6% in the third quarter. Old North State Trust LLC now owns 2,549 shares of the oil and gas company’s stock worth $375,000 after acquiring an additional 381 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Chevron by 3.4% in the third quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after acquiring an additional 573,218 shares during the last quarter. Tri Ri Asset Management Corp acquired a new position in Chevron during the third quarter valued at approximately $3,031,000. Finally, Castellan Group lifted its position in Chevron by 112.0% during the third quarter. Castellan Group now owns 18,570 shares of the oil and gas company’s stock valued at $2,735,000 after buying an additional 9,810 shares in the last quarter. 72.42% of the stock is currently 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.