Chevron (NYSE:CVX) Stock Price Down 2.9%

Chevron Co. (NYSE:CVX) shares fell 2.9% during mid-day trading on Thursday . The company traded as low as $155.33 and last traded at $155.88. 3,718,095 shares were traded during mid-day trading, a decline of 52% from the average session volume of 7,735,651 shares. The stock had previously closed at $160.47.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVX. Truist Financial cut their target price on Chevron from $166.00 to $156.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Wells Fargo & Company raised their target price on Chevron from $198.00 to $206.00 and gave the company an “overweight” rating in a report on Tuesday, April 30th. Finally, Mizuho raised their target price on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a report on Monday, May 13th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $185.59.

Chevron Stock Performance

The firm has a 50 day moving average of $156.37 and a two-hundred day moving average of $155.92. The stock has a market cap of $273.77 billion, a PE ratio of 13.66, a PEG ratio of 2.45 and a beta of 1.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.23 and a quick ratio of 0.93.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.88 by ($0.33). The firm had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm earned $3.08 EPS. Research analysts predict that Chevron Co. will post 12.45 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 4.39%. The ex-dividend date is Monday, August 19th. Chevron’s dividend payout ratio (DPR) is 59.98%.

Insiders Place Their Bets

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the transaction, the vice president now owns 477 shares of the company’s stock, valued at $76,429.71. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, Director Enrique Hernandez, Jr. sold 5,098 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $163.50, for a total value of $833,523.00. Following the transaction, the director now owns 2,549 shares of the company’s stock, valued at $416,761.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jeff B. Gustavson sold 3,750 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares in the company, valued at approximately $76,429.71. The disclosure for this sale can be found here. Insiders have sold a total of 11,397 shares of company stock valued at $1,855,582 over the last quarter. Company insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Berkshire Hathaway Inc increased its holdings in Chevron by 14.4% during the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock valued at $18,808,081,000 after acquiring an additional 15,845,037 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Chevron by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock valued at $3,886,821,000 after purchasing an additional 1,999,332 shares during the last quarter. Norges Bank acquired a new stake in shares of Chevron in the fourth quarter valued at approximately $2,902,007,000. Bank of New York Mellon Corp grew its position in shares of Chevron by 4.2% in the first quarter. Bank of New York Mellon Corp now owns 16,103,302 shares of the oil and gas company’s stock valued at $2,540,135,000 after purchasing an additional 654,482 shares during the last quarter. Finally, Capital World Investors grew its position in shares of Chevron by 3.2% in the first quarter. Capital World Investors now owns 16,009,766 shares of the oil and gas company’s stock valued at $2,525,380,000 after purchasing an additional 495,879 shares during the last quarter. Institutional investors and hedge funds 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.