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

Chevron Co. (NYSE:CVX - Get Free Report)'s share price traded down 0.6% on Monday . The stock traded as low as $141.54 and last traded at $142.02. 1,754,737 shares were traded during mid-day trading, a decline of 78% from the average session volume of 7,827,954 shares. The stock had previously closed at $142.85.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Royal Bank of Canada upped their price target 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. Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and increased their target price for the company from $145.00 to $185.00 in a report on Tuesday, November 26th. Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. Piper Sandler reduced their price objective on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Truist Financial upped their target price on Chevron from $155.00 to $160.00 and gave the company a "hold" rating in a report on Friday, December 6th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $175.19.

Chevron Price Performance

The stock has a market cap of $256.93 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 2.93 and a beta of 1.10. The stock has a fifty day simple moving average of $154.83 and a 200-day simple moving average of $151.90. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share (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 business had revenue of $50.67 billion for the quarter, compared to analyst estimates of $48.86 billion. During the same quarter in the previous year, the firm posted $3.05 earnings per share. Chevron's 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 EPS for the current year.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.56%. The ex-dividend date was Monday, November 18th. Chevron's payout ratio is presently 71.65%.

Insider Activity at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of the firm's stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares of the company's stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On Chevron

A number of hedge funds have recently made changes to their positions in the business. Tacita Capital Inc raised its position in Chevron by 16.7% in the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company's stock worth $67,000 after purchasing an additional 65 shares in the last quarter. Wallace Capital Management Inc. grew its stake in shares of Chevron by 0.8% in the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company's stock valued at $1,212,000 after purchasing an additional 65 shares during the period. Cyndeo Wealth Partners LLC raised its holdings in shares of Chevron by 0.3% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company's stock worth $2,911,000 after buying an additional 67 shares in the last quarter. S.A. Mason LLC lifted its position in shares of Chevron by 0.7% during the 3rd quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company's stock worth $1,330,000 after buying an additional 67 shares during the period. Finally, Jag Capital Management LLC boosted its stake in Chevron by 5.2% in the 3rd quarter. Jag Capital Management LLC now owns 1,366 shares of the oil and gas company's stock valued at $201,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

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.