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

Chevron Co. (NYSE:CVX) shares traded down 1.5% on Monday . The company traded as low as $137.12 and last traded at $138.28. 2,364,193 shares changed hands during trading, a decline of 70% from the average session volume of 8,011,755 shares. The stock had previously closed at $140.39.

Analysts Set New Price Targets

A number of research analysts have commented on CVX shares. Barclays downgraded shares of Chevron from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $171.00 to $152.00 in a research report on Wednesday, April 23rd. DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research report on Tuesday, May 6th. Scotiabank downgraded shares of Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Redburn Atlantic reaffirmed a “sell” rating and issued a $124.00 price objective (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Finally, Hsbc Global Res downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Chevron has a consensus rating of “Hold” and a consensus price target of $160.24.

Chevron Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The firm’s 50 day simple moving average is $146.04 and its 200 day simple moving average is $151.61. The firm has a market capitalization of $238.81 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The business had revenue of $47.61 billion during the quarter, compared to analysts’ expectations of $49.05 billion. During the same period in the previous year, the business posted $2.93 EPS. The business’s quarterly revenue was down 2.3% compared to the same quarter last year. Sell-side analysts forecast that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a yield of 5.00%. The ex-dividend date of this dividend is Monday, May 19th. Chevron’s dividend payout ratio is presently 78.17%.

Institutional Investors Weigh In On Chevron

A number of large investors have recently modified their holdings of the business. Harvest Fund Management Co. Ltd lifted its position in Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 122 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in Chevron in the 4th quarter valued at $25,000. Elequin Capital LP purchased a new position in Chevron in the 1st quarter valued at $31,000. Mizuho Securities Co. Ltd. acquired a new position in shares of Chevron during the 4th quarter worth $29,000. Finally, 10Elms LLP purchased a new stake in Chevron during the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

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.