Chevron (NYSE:CVX) Stock Price Down 0.9% After Earnings Miss

Shares of Chevron Co. (NYSE:CVX) traded down 0.9% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $163.30 and last traded at $163.83. 3,409,788 shares traded hands during trading, a decline of 59% from the average session volume of 8,400,170 shares. The stock had previously closed at $165.28.

The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.06 by ($0.13). The company had revenue of $48.72 billion during the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.55 earnings per share.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were given a dividend of $1.63 per share. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a yield of 3.96%. Chevron’s dividend payout ratio is currently 57.39%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on CVX. Wells Fargo & Company upped their price target on shares of Chevron from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Raymond James raised their target price on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Barclays started coverage on Chevron in a report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price target for the company. UBS Group lifted their target price on Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Tuesday, April 9th. Finally, Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research note on Monday, January 8th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $184.75.

Insider Buying and Selling at Chevron

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On Chevron

A number of hedge funds have recently added to or reduced their stakes in CVX. Picton Mahoney Asset Management acquired a new stake in shares of Chevron in the 3rd quarter valued at about $26,000. Bare Financial Services Inc acquired a new position in shares of Chevron during the fourth quarter worth approximately $27,000. Valley Forge Investment Consultants Inc. ADV lifted its holdings in shares of Chevron by 80.0% in the 3rd quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 80 shares in the last quarter. Frank Rimerman Advisors LLC acquired a new stake in Chevron in the 4th quarter valued at $30,000. Finally, Valued Wealth Advisors LLC bought a new stake in Chevron during the 4th quarter valued at $33,000. 72.42% of the stock is currently owned by institutional investors.

Chevron Stock Performance

The stock has a market cap of $305.80 billion, a price-to-earnings ratio of 14.42, a P/E/G ratio of 2.41 and a beta of 1.12. The company’s fifty day simple moving average is $156.35 and its two-hundred day simple moving average is $151.84. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.27 and a quick ratio of 1.01.

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.