Chevron (NYSE:CVX) Trading Down 1.1% – Here’s What Happened

Shares of Chevron Corporation (NYSE:CVX) dropped 1.1% during trading on Monday . The stock traded as low as $146.68 and last traded at $146.77. Approximately 2,094,420 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 8,258,457 shares. The stock had previously closed at $148.37.

Wall Street Analyst Weigh In

CVX has been the subject of several research reports. Wells Fargo & Company reiterated an “overweight” rating and issued a $165.00 price target (up previously from $164.00) on shares of Chevron in a research report on Thursday, June 26th. DZ Bank cut shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price objective on the stock. in a research note on Tuesday, May 6th. BNP Paribas cut shares of Chevron to a “cautious” rating in a research note on Tuesday, April 15th. Barclays cut shares of Chevron from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. Finally, Hsbc Global Res cut shares of Chevron from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $160.41.

Chevron Stock Performance

The stock has a market capitalization of $254.66 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 2.51 and a beta of 0.83. The company has a current ratio of 1.08, a quick ratio of 0.82 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average is $141.16 and its 200 day moving average is $148.15.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 7.76% and a return on equity of 10.73%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.93 EPS. On average, analysts predict that Chevron Corporation will post 10.79 earnings per share for the current year.

Chevron Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend was Monday, May 19th. Chevron’s payout ratio is currently 78.17%.

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently modified their holdings of CVX. Eagle Capital Management LLC grew its stake in Chevron by 0.7% during the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company’s stock valued at $5,011,000 after acquiring an additional 242 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company’s stock valued at $5,212,000 after buying an additional 2,641 shares in the last quarter. Proficio Capital Partners LLC grew its stake in shares of Chevron by 59.5% in the 4th quarter. Proficio Capital Partners LLC now owns 5,851 shares of the oil and gas company’s stock valued at $847,000 after buying an additional 2,182 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Chevron in the 4th quarter valued at approximately $1,769,000. Finally, Lifeworks Advisors LLC grew its stake in shares of Chevron by 58.2% in the 4th quarter. Lifeworks Advisors LLC now owns 2,500 shares of the oil and gas company’s stock valued at $362,000 after buying an additional 920 shares in the last quarter. Institutional investors and hedge funds 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.