Chevron (NYSE:CVX) Stock Price Down 0.6% - Here's Why

Chevron Co. (NYSE:CVX - Get Free Report)'s stock price fell 0.6% during mid-day trading on Wednesday . The company traded as low as $146.61 and last traded at $147.17. 1,813,216 shares changed hands during trading, a decline of 76% from the average session volume of 7,682,375 shares. The stock had previously closed at $148.11.

Analysts Set New Price Targets

Several research firms have weighed in on CVX. Wells Fargo & Company increased their price objective on Chevron from $171.00 to $188.00 and gave the stock an "overweight" rating in a report on Monday, December 9th. Royal Bank of Canada boosted their price objective on shares of Chevron from $170.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, November 4th. Truist Financial raised their target price on shares of Chevron from $155.00 to $160.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Citigroup raised shares of Chevron from a "neutral" rating to a "buy" rating and increased their price target for the stock from $145.00 to $185.00 in a research note on Tuesday, November 26th. Finally, Mizuho cut their price objective on Chevron from $205.00 to $189.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $177.13.

Chevron Stock Down 2.7 %

The company has a market cap of $258.92 billion, a P/E ratio of 15.83, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $155.30 and a 200 day moving average of $152.19.

Chevron (NYSE:CVX - Get Free Report) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The business's quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the company posted $3.05 EPS. On average, research analysts anticipate that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a $1.63 dividend. The ex-dividend date was Monday, November 18th. This represents a $6.52 dividend on an annualized basis and a yield of 4.53%. Chevron's dividend payout ratio is currently 71.65%.

Insider Activity

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares of the company's stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On Chevron

Several institutional investors have recently bought and sold shares of the stock. Marietta Wealth Management LLC increased its holdings in shares of Chevron by 10.9% in the third quarter. Marietta Wealth Management LLC now owns 40,484 shares of the oil and gas company's stock worth $5,962,000 after purchasing an additional 3,965 shares during the last quarter. Leo Wealth LLC grew its holdings in Chevron by 19.6% during the 3rd quarter. Leo Wealth LLC now owns 8,246 shares of the oil and gas company's stock valued at $1,214,000 after buying an additional 1,354 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock worth $4,581,137,000 after acquiring an additional 3,203,899 shares during the last quarter. RPG Investment Advisory LLC raised its holdings in shares of Chevron by 3.4% during the 3rd quarter. RPG Investment Advisory LLC now owns 121,167 shares of the oil and gas company's stock worth $17,844,000 after acquiring an additional 3,933 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Chevron by 0.6% during the 3rd quarter. State Street Corp now owns 159,105,244 shares of the oil and gas company's stock valued at $23,431,429,000 after acquiring an additional 874,962 shares during the last quarter. 72.42% of the stock is owned by hedge funds and other institutional investors.

About Chevron

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.