Chevron (NYSE:CVX) Shares Down 1.4% – What’s Next?

Shares of Chevron Co. (NYSE:CVX) dropped 1.4% on Tuesday . The stock traded as low as $148.24 and last traded at $149.62. Approximately 1,864,801 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 7,717,775 shares. The stock had previously closed at $151.78.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Scotiabank cut their price objective on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. UBS Group upped their price objective on shares of Chevron from $189.00 to $192.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Sanford C. Bernstein downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $183.00 to $167.00 in a research note on Wednesday, July 17th. Royal Bank of Canada restated an “outperform” rating and issued a $170.00 target price on shares of Chevron in a report on Tuesday, October 8th. Finally, Wells Fargo & Company decreased their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating for the company in a report on Friday, September 27th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Chevron presently has an average rating of “Moderate Buy” and an average target price of $176.81.

Chevron Price Performance

The firm has a 50 day moving average price of $145.61 and a two-hundred day moving average price of $153.89. The company has a market cap of $273.40 billion, a P/E ratio of 13.76, a P/E/G ratio of 2.72 and a beta of 1.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.85 and a current ratio of 1.16.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $3.08 earnings per share. On average, analysts predict that Chevron Co. will post 11.09 EPS for the current fiscal year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Monday, August 19th were issued a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.40%. The ex-dividend date was Monday, August 19th. Chevron’s dividend payout ratio (DPR) is presently 59.98%.

Hedge Funds Weigh In On Chevron

Several hedge funds have recently made changes to their positions in the stock. Scarborough Advisors LLC bought a new stake in shares of Chevron during the fourth quarter valued at about $98,000. Wellington Management Group LLP boosted its position in shares of Chevron by 11.5% in the fourth quarter. Wellington Management Group LLP now owns 4,047,616 shares of the oil and gas company’s stock valued at $603,742,000 after acquiring an additional 417,183 shares during the period. Yeomans Consulting Group Inc. purchased a new position in Chevron during the fourth quarter valued at approximately $274,000. Leo Wealth LLC purchased a new stake in Chevron in the 4th quarter worth approximately $1,085,000. Finally, Ables Iannone Moore & Associates Inc. bought a new position in Chevron in the 4th quarter valued at $1,121,000. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

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.