Chevron (NYSE:CVX) Stock Price Down 1.3% – Here’s Why

Chevron Corporation (NYSE:CVX)’s stock price traded down 1.3% on Wednesday . The stock traded as low as $180.67 and last traded at $182.2390. 9,091,987 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 12,200,249 shares. The stock had previously closed at $184.71.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Mizuho raised its price target on Chevron to $230 from $225 and kept an outperform rating, implying meaningful upside from current levels.
• Positive Sentiment: RBC Capital and UBS reiterated bullish views after Chevron’s strong first-quarter results, reinforcing the view that the company can keep generating substantial free cash flow and supporting its dividend. Article Title
• Positive Sentiment: Recent coverage highlighted Chevron’s Mediterranean gas expansion, including drilling at Egypt’s Narges field and a 20-year supply agreement tied to the Leviathan partnership, which could strengthen long-term production growth and valuation. Article Title
• Positive Sentiment: Several articles emphasized Chevron as a durable dividend stock and a favorite among income-focused energy investors, keeping the company in the spotlight for long-term holders.
• Neutral Sentiment: Chevron shareholders rejected a proposal to separate the board chair and CEO roles, preserving the company’s current governance structure. The vote was not a major operational change, but it may reassure management while leaving governance critics disappointed. Article Title
• Neutral Sentiment: General market commentary continues to frame Chevron as a high-quality energy holding versus Treasuries and other income alternatives, but these views are more supportive of the long-term thesis than a direct near-term catalyst.

Wall Street Analyst Weigh In

CVX has been the topic of several analyst reports. UBS Group increased their target price on shares of Chevron from $218.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Citigroup increased their target price on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $220.00 target price on shares of Chevron in a report on Tuesday, May 5th. HSBC upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, March 20th. Finally, BMO Capital Markets restated an “outperform” rating and set a $190.00 price objective on shares of Chevron in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $205.70.

Chevron Stock Down 1.3%

The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The firm’s 50 day simple moving average is $193.18 and its 200-day simple moving average is $175.24. The stock has a market capitalization of $362.95 billion, a price-to-earnings ratio of 31.58, a price-to-earnings-growth ratio of 0.63 and a beta of 0.51.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The firm had revenue of $47.56 billion for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the previous year, the business earned $2.18 EPS. The company’s revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that Chevron Corporation will post 15.74 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th will be given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is 123.40%.

Insider Buying and Selling

In other news, insider R. Hewitt Pate sold 58,000 shares of Chevron stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.65, for a total value of $10,941,700.00. Following the completion of the transaction, the insider owned 8,558 shares of the company’s stock, valued at $1,614,466.70. This trade represents a 87.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Mark A. Nelson sold 139,600 shares of Chevron stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $187.92, for a total transaction of $26,233,632.00. Following the completion of the transaction, the insider directly owned 11,337 shares of the company’s stock, valued at approximately $2,130,449.04. This trade represents a 92.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 1,179,699 shares of company stock worth $224,675,517. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CVX. Vanguard Group Inc. boosted its holdings in shares of Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock worth $28,540,753,000 after buying an additional 27,961,463 shares during the period. Norges Bank bought a new stake in shares of Chevron during the 4th quarter worth about $3,727,586,000. State Street Corp boosted its holdings in shares of Chevron by 9.1% during the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc boosted its holdings in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the period. Finally, Primecap Management Co. CA bought a new stake in shares of Chevron during the 3rd quarter worth about $988,083,000. Institutional investors own 72.42% of the company’s stock.

About Chevron

Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.