Chevron (NYSE:CVX) Stock Price Down 1.7% After Analyst Downgrade

Chevron Corporation (NYSE:CVX) shares fell 1.7% on Tuesday after Morgan Stanley lowered their price target on the stock from $214.00 to $210.00. Morgan Stanley currently has an overweight rating on the stock. Chevron traded as low as $165.20 and last traded at $165.69. Approximately 19,381,589 shares traded hands during trading, an increase of 65% from the average daily volume of 11,727,348 shares. The stock had previously closed at $168.47.

Several other research analysts have also recently commented on CVX. Barclays increased their target price on shares of Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 26th. UBS Group reiterated a “buy” rating on shares of Chevron in a research note on Tuesday, June 23rd. HSBC raised shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a research report on Friday, March 20th. Bank of America increased their price objective on shares of Chevron from $188.00 to $206.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Weiss Ratings cut Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Eighteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $205.52.

Insider Activity at Chevron

In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the completion of the transaction, the director owned 278,045 shares of the company’s stock, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by company insiders.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is being highlighted as an attractive dividend stock, with articles citing its yield, analyst buy ratings, and ongoing institutional accumulation as support for the shares. These 3 Dividend Stocks Could Boost Your Income This July (CVX)
• Positive Sentiment: Chevron’s expansion into data-center power and its Project Kilby-related efforts suggest a new growth avenue tied to AI-driven electricity demand. Chevron Expands Data Center Power Strategy Beyond Project Kilby
• Positive Sentiment: Several industry pieces argue that integrated energy names like Chevron could benefit from solid oil prices, stable business models, and strong midstream operations. 3 Integrated Energy Stocks to Gain From Promising Industry Trend
• Neutral Sentiment: Coverage on Chevron gaining fresh institutional interest and staying central to oil-and-gas watchlists is supportive, but it does not point to a specific catalyst on its own. Is Chevron (NYSE:CVX) Gaining Fresh Institutional Interest?
• Negative Sentiment: Chevron is being dragged by a weaker oil outlook after Morgan Stanley slashed its crude forecast, reinforcing concerns about lower commodity prices and a potential supply glut. BP, Shell, Chevron shares on edge as Morgan Stanley slashes oil forecast
• Negative Sentiment: Broader reports note that crude has slipped, and one analyst comparison suggests Occidental may offer more upside than Chevron, which can temper enthusiasm for CVX near term. Occidental Petroleum or Chevron: Which Oil Stock Offers More Upside?

Hedge Funds Weigh In On Chevron

Hedge funds and other institutional investors have recently bought and sold shares of the business. Winning Points Advisors LLC raised its stake in Chevron by 2.8% in the 1st quarter. Winning Points Advisors LLC now owns 5,289 shares of the oil and gas company’s stock valued at $1,094,000 after acquiring an additional 142 shares during the period. Southern Financial Group LLC bought a new position in Chevron during the first quarter worth $241,000. PVG Asset Management Corp bought a new position in shares of Chevron in the first quarter valued at about $257,000. FAS Wealth Partners Inc. raised its position in shares of Chevron by 2.4% in the first quarter. FAS Wealth Partners Inc. now owns 47,730 shares of the oil and gas company’s stock valued at $9,875,000 after purchasing an additional 1,097 shares during the period. Finally, Farmers National Bank lifted its stake in shares of Chevron by 9.0% during the 1st quarter. Farmers National Bank now owns 52,412 shares of the oil and gas company’s stock worth $10,844,000 after buying an additional 4,347 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Trading Down 1.7%

The company has a market cap of $329.99 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 0.56 and a beta of 0.48. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average price is $184.71 and its 200-day moving average price is $180.14.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. The business had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. Chevron had a net margin of 5.79% and a return on equity of 6.90%. Chevron’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.18 EPS. On average, equities analysts anticipate that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

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.