Chevron (NYSE:CVX) Trading Down 0.9% After Analyst Downgrade

Chevron Co. (NYSE:CVX - Get Free Report) was down 0.9% during trading on Thursday after Piper Sandler lowered their price target on the stock from $184.00 to $173.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as low as $142.73 and last traded at $142.80. Approximately 2,936,140 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 7,694,600 shares. The stock had previously closed at $144.08.

CVX has been the topic of several other reports. Truist Financial upped their price target on shares of Chevron from $155.00 to $160.00 and gave the company a "hold" rating in a report on Friday, December 6th. UBS Group upped their target price on Chevron from $194.00 to $195.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Bank of America began coverage on Chevron in a report on Thursday, October 17th. They set a "buy" rating and a $168.00 target price on the stock. DZ Bank raised Chevron from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a report on Tuesday, November 5th. Finally, Wells Fargo & Company raised their price objective on shares of Chevron from $171.00 to $188.00 and gave the stock an "overweight" rating in a research note on Monday, December 9th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average target price of $175.19.

Insiders Place Their Bets

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Chevron

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

Chevron Stock Performance

The firm has a fifty day moving average price of $155.00 and a 200 day moving average price of $152.05. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The firm has a market cap of $253.66 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10.

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

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were issued a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date was Monday, November 18th. Chevron's dividend payout ratio is presently 71.65%.

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.