Chevron (NYSE:CVX) Shares Down 2% - Time to Sell?

Chevron Co. (NYSE:CVX - Get Free Report)'s share price traded down 2% during mid-day trading on Tuesday . The stock traded as low as $153.92 and last traded at $154.35. 2,118,027 shares were traded during trading, a decline of 72% from the average session volume of 7,439,323 shares. The stock had previously closed at $157.57.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company reduced their target price on shares of Chevron from $188.00 to $184.00 and set an "overweight" rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada reaffirmed an "outperform" rating and set a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Piper Sandler lowered their price objective on Chevron from $184.00 to $173.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. UBS Group cut their target price on Chevron from $195.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, February 3rd. Finally, Truist Financial decreased their price target on Chevron from $164.00 to $160.00 and set a "hold" rating on the stock in a research note on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $174.13.

Chevron Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market capitalization of $270.35 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 1.46 and a beta of 1.08. The firm has a 50-day simple moving average of $154.71 and a two-hundred day simple moving average of $151.91.

Remove Ads

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported $2.06 earnings per share for the quarter, missing analysts' consensus estimates of $2.42 by ($0.36). Chevron had a net margin of 8.71% and a return on equity of 11.44%. During the same quarter last year, the firm posted $3.45 earnings per share. On average, sell-side analysts anticipate that Chevron Co. will post 10.79 EPS for the current fiscal year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 14th were given a dividend of $1.71 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.45%. This is a positive change from Chevron's previous quarterly dividend of $1.63. Chevron's dividend payout ratio is currently 70.37%.

Insider Activity

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the company's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On Chevron

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Chevron in the fourth quarter worth approximately $3,017,750,000. Raymond James Financial Inc. acquired a new stake in shares of Chevron in the 4th quarter valued at $1,036,302,000. Pacer Advisors Inc. raised its holdings in shares of Chevron by 949.6% in the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock valued at $562,566,000 after purchasing an additional 3,456,008 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Chevron by 11.5% during 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 purchasing an additional 3,203,899 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Chevron by 17.3% during the fourth quarter. Bank of New York Mellon Corp now owns 16,496,687 shares of the oil and gas company's stock worth $2,389,380,000 after purchasing an additional 2,432,756 shares in the last quarter. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.