Chevron (NYSE:CVX) Stock Falls 1.1% – What’s Next?

Chevron Corporation (NYSE:CVX) shares fell 1.1% on Thursday. The stock traded as low as $218.05 and last traded at $219.5140. Approximately 6,948,770 shares were traded during mid-day trading, a decline of 33% from the average session volume of 10,431,642 shares. The stock had previously closed at $222.04.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Morgan Stanley raised its Chevron price target to $226 from $218 and assigned an “overweight” rating, while Wells Fargo reportedly initiated or reiterated a “buy” recommendation. These upgrades reinforce bullish sentiment, although Morgan Stanley’s revised target implies limited additional upside from current levels. Morgan Stanley raises Chevron price target
• Positive Sentiment: Chevron was selected as a relative-strength stock by Zacks, reflecting strong recent price performance and improving earnings estimates. The company is also receiving attention as a long-term and dividend-oriented investment, which may attract additional income-focused investors. Zacks relative strength stock picks
• Positive Sentiment: Wall Street expects a sharp year-over-year increase in Chevron’s third-quarter earnings, with results due by the end of October. Anticipation of stronger profits is helping sustain interest ahead of the report. Chevron earnings expectations
• Neutral Sentiment: Diamond Hill Capital highlighted Chevron in its third-quarter investor letter after its large-cap strategy outperformed the Russell 1000 Value Index. The item indicates institutional interest but does not represent a new company announcement or change in fundamentals. Diamond Hill Chevron investment discussion
• Negative Sentiment: CEO Mike Wirth warned that commercial inventories, emergency reserves and previously sanctioned oil supplies have been depleted following the Iran-related shock. While tighter supply could support crude prices and Chevron’s upstream revenue, it also raises geopolitical, refining and diesel-price risks. Chevron CEO warns oil buffers are depleted

Analyst Ratings Changes

A number of brokerages have weighed in on CVX. Weiss Ratings raised Chevron from a “hold (c)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Barclays lowered their price objective on Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Raymond James Financial dropped their target price on Chevron from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. Sanford C. Bernstein increased their target price on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, Piper Sandler increased their target price on Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $213.42.

Chevron Price Performance

The company’s 50 day moving average price is $207.58 and its 200-day moving average price is $193.51. The company has a market capitalization of $444.55 billion, a PE ratio of 21.57, a PEG ratio of 0.60 and a beta of 0.53. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.51. Chevron had a return on equity of 11.09% and a net margin of 9.57%. The business had revenue of $67.20 billion during the quarter, compared to the consensus estimate of $62.72 billion. During the same period in the prior year, the firm posted $1.77 EPS. The business’s revenue for the quarter was up 57.4% on a year-over-year basis. On average, sell-side analysts forecast that Chevron Corporation will post 17.71 earnings per share for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 19th were paid 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 3.2%. Chevron’s dividend payout ratio is currently 68.26%.

Insider Transactions at Chevron

In other news, insider R. Pate sold 2,470 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total value of $506,621.70. Following the transaction, the insider directly owned 10,794 shares in the company, valued at $2,213,957.34. This trade represents a 18.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Andrew Walz sold 16,800 shares of Chevron stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $201.06, for a total value of $3,377,808.00. Following the completion of the transaction, the insider directly owned 14 shares in the company, valued at $2,814.84. This represents a 99.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. 0.56% of the stock is owned by company insiders.

Institutional Investors Weigh In On Chevron

Institutional investors have recently bought and sold shares of the business. Elevated Financial Group LLC purchased a new stake in shares of Chevron in the third quarter worth about $221,000. Founders Grove Wealth Partners LLC purchased a new stake in shares of Chevron during the 3rd quarter valued at about $303,000. CRA Financial Services LLC raised its holdings in shares of Chevron by 1.9% during the 3rd quarter. CRA Financial Services LLC now owns 19,054 shares of the oil and gas company’s stock valued at $3,891,000 after buying an additional 360 shares during the period. Finer Wealth Management Inc. raised its holdings in shares of Chevron by 1.0% during the 3rd quarter. Finer Wealth Management Inc. now owns 15,466 shares of the oil and gas company’s stock valued at $3,158,000 after buying an additional 150 shares during the period. Finally, ShoreHaven Wealth Partners LLC lifted its position in Chevron by 12.4% during the 3rd quarter. ShoreHaven Wealth Partners LLC now owns 3,651 shares of the oil and gas company’s stock worth $746,000 after acquiring an additional 403 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Company Profile

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.