Chevron (NYSE:CVX) Stock Price Down 1.5% – Time to Sell?

Chevron Corporation (NYSE:CVX)’s share price dropped 1.5% during trading on Wednesday . The stock traded as low as $177.10 and last traded at $177.4440. Approximately 8,421,041 shares traded hands during trading, a decline of 28% from the average daily volume of 11,702,611 shares. The stock had previously closed at $180.11.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured a strategic entry into Greece’s Offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding another potential growth avenue. Chevron Secures Strategic Entry Into Greece’s Offshore Block 10
• Positive Sentiment: Jefferies reportedly reiterated a Buy rating on Chevron, suggesting some analysts still see value despite the recent slide in crude prices. Chevron (CVX) Receives a Buy from Jefferies

Wall Street Analysts Forecast Growth

CVX has been the topic of several analyst reports. Morgan Stanley increased their target price on shares of Chevron from $212.00 to $214.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Zacks Research downgraded shares of Chevron from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 8th. Wells Fargo & Company increased their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, April 9th. Royal Bank Of Canada restated an “outperform” rating and set a $220.00 price target on shares of Chevron in a report on Tuesday, May 5th. Finally, HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a report on Friday, March 20th. Eighteen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.70.

Chevron Trading Down 1.5%

The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84. The company’s 50 day moving average is $188.01 and its two-hundred day moving average is $178.70. The firm has a market cap of $353.40 billion, a P/E ratio of 30.75, a PEG ratio of 0.59 and a beta of 0.48.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The business had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter last year, the company earned $2.18 earnings per share. The firm’s revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts predict that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were paid a $1.78 dividend. This represents a $7.12 annualized dividend and a dividend yield of 4.0%. The ex-dividend date was Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is presently 123.40%.

Insider Activity

In related news, insider R. Hewitt Pate sold 40,200 shares of the stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the transaction, the director owned 278,045 shares of the company’s stock, valued at approximately $53,718,294. This represents a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Midwest Capital Advisors LLC acquired a new stake in shares of Chevron during the first quarter worth approximately $25,000. Core Wealth Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter worth approximately $26,000. Phillip James Consulting Co. acquired a new stake in shares of Chevron during the fourth quarter worth approximately $26,000. Basso Capital Management L.P. acquired a new stake in shares of Chevron during the fourth quarter worth approximately $27,000. Finally, Karpus Management Inc. acquired a new stake in shares of Chevron during the fourth quarter worth approximately $27,000. Institutional investors own 72.42% of the company’s stock.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.