Chevron (NYSE:CVX) Shares Down 1% – Here’s What Happened

Shares of Chevron Corporation (NYSE:CVX) dropped 1% during trading on Tuesday. The stock traded as low as $202.70 and last traded at $204.2880. Approximately 5,874,077 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 10,658,993 shares. The stock had previously closed at $206.37.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wall Street Zen upgraded Chevron from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. HSBC set a $90.00 target price on Chevron in a report on Friday, September 25th. The Goldman Sachs Group dropped their price target on Chevron from $240.00 to $228.00 and set a “buy” rating for the company in a research report on Tuesday, September 22nd. BMO Capital Markets increased their price objective on Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. Finally, Wells Fargo & Company lifted their price objective on Chevron from $226.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Twenty-one analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $210.87.

Chevron Price Performance

The company has a fifty day simple moving average of $202.33 and a two-hundred day simple moving average of $192.57. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.98 and a current ratio of 1.25. The company has a market capitalization of $406.25 billion, a price-to-earnings ratio of 19.72, a P/E/G ratio of 0.59 and a beta of 0.50.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, July 31st. The oil and gas company reported $6.06 earnings per share for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. The company had revenue of $67.20 billion for the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.77 EPS. As a group, research analysts anticipate that Chevron Corporation will post 16.66 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 19th were given a dividend of $1.78 per share. The ex-dividend date was Wednesday, August 19th. This represents a $7.12 annualized dividend and a yield of 3.5%. Chevron’s dividend payout ratio is 68.26%.

Insiders Place Their Bets

In other Chevron news, Director John Hess sold 100,000 shares of Chevron stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the completion of the sale, the director owned 178,045 shares in the company, valued at $34,587,021.70. The trade was a 35.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $200.46, for a total transaction of $63,565,866.00. Following the transaction, the chief executive officer directly owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. This represents a 92.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,152,582 shares of company stock valued at $225,853,661 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Chevron

Hedge funds have recently made changes to their positions in the stock. Midwest Capital Advisors LLC acquired a new position in Chevron in the first quarter valued at $25,000. Phillip James Consulting Co. acquired a new stake in Chevron during the fourth quarter worth about $26,000. Basso Capital Management L.P. acquired a new stake in Chevron during the fourth quarter worth about $27,000. Main Street Group LTD acquired a new stake in Chevron during the first quarter worth about $28,000. Finally, Kilter Group LLC purchased a new position in shares of Chevron in the 2nd quarter worth about $28,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.