Chevron (NYSE:CVX) Trading Down 2.9% – What’s Next?

Chevron Corporation (NYSE:CVX)’s stock price traded down 2.9% during mid-day trading on Wednesday . The company traded as low as $210.37 and last traded at $211.3970. Approximately 8,018,923 shares traded hands during trading, a decline of 24% from the average session volume of 10,563,875 shares. The stock had previously closed at $217.77.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Goldman Sachs raised its price target for Chevron, citing the company’s production expansion plans. The upgrade reinforces expectations for stronger future volumes and cash flow. Chevron Stock Gets a Boost in Price Target by Goldman Sachs on Production Expansion
• Positive Sentiment: Analysts maintain a consensus “Moderate Buy” rating on CVX, supporting investor confidence despite mixed views among individual firms. Chevron Corporation Receives Consensus Rating of Moderate Buy from Analysts
• Positive Sentiment: Chevron’s CEO warned that global oil reserves and supply options are being depleted. If supply tightens faster than demand, higher crude prices could improve Chevron’s upstream earnings and support the stock. Chevron CEO sounds the alarm on global oil supplies
• Positive Sentiment: Recent coverage highlights a strong downstream quarter and a power agreement with Microsoft, potentially providing more diversified earnings that are less dependent on crude prices. Chevron’s expanded Venezuelan ventures could also increase long-term production and cash flow.
• Neutral Sentiment: Chevron’s inclusion in investor discussions alongside Exxon Mobil and ConocoPhillips reflects continued attention to large integrated energy companies, but provides limited company-specific news. Why Chevron, Exxon and ConocoPhillips Are on Every Energy Investor’s Radar
• Neutral Sentiment: Chevron will participate in Arkestro’s enterprise procurement conference, highlighting its engagement with AI-driven procurement, though the event is unlikely to materially affect near-term results. Arkestro Announces Optimal 26
• Negative Sentiment: Chevron recently declined amid concerns that supply contracts cover roughly one-fifth of its LNG portfolio, potentially limiting exposure to higher spot prices and pressuring LNG profitability. Chevron Falls as Contracts Supply One-Fifth of Its LNG Portfolio
• Negative Sentiment: Oil futures backwardation, rising non-OPEC production and possible demand destruction create a risk of lower crude prices, which would weigh on Chevron’s upstream earnings. Analysts’ views on the energy sector remain mixed.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research note on Thursday, September 3rd. Zacks Research cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 8th. Dbs Bank upgraded Chevron to a “moderate buy” rating in a research report on Thursday, August 6th. UBS Group reiterated a “buy” rating on shares of Chevron in a research report on Tuesday, June 23rd. Finally, BMO Capital Markets raised their target price on shares of Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, September 3rd. Twenty research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $211.35.

Chevron Stock Down 0.0%

The stock has a 50 day moving average price of $198.73 and a 200 day moving average price of $191.61. The stock has a market capitalization of $417.94 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 0.62 and a beta of 0.50. The company has a quick ratio of 0.98, a current ratio of 1.25 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. The company had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The firm’s revenue was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.77 earnings per share. As a group, analysts forecast that Chevron Corporation will post 16.51 EPS for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.4%. Chevron’s dividend payout ratio (DPR) is presently 68.26%.

Insider Buying and Selling

In related news, insider R. Pate sold 2,470 shares of Chevron stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the transaction, the insider directly owned 10,794 shares of the company’s stock, valued at $2,213,957.34. The trade was a 18.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John B. Hess sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $194.26, for a total transaction of $19,426,000.00. Following the transaction, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. The trade was a 35.97% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Chevron

A number of institutional investors have recently bought and sold shares of the company. Midwest Capital Advisors LLC purchased a new stake in Chevron during the 1st quarter valued at approximately $25,000. Core Wealth Advisors LLC bought a new stake in Chevron in the fourth quarter worth $26,000. Phillip James Consulting Co. bought a new stake in shares of Chevron in the 4th quarter worth about $26,000. Basso Capital Management L.P. purchased a new position in Chevron in the fourth quarter worth about $27,000. Finally, Main Street Group LTD bought a new stake in shares of Chevron in the 1st quarter valued at approximately $28,000. Institutional investors own 72.42% of the company’s stock.

Chevron Company Profile

Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.

Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.