Chevron (NYSE:CVX) Shares Down 0.9% After Analyst Downgrade

Chevron Co. (NYSE:CVX) traded down 0.9% during trading on Thursday after Piper Sandler lowered their price target on the stock from $184.00 to $173.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as low as $142.73 and last traded at $142.80. 2,936,140 shares were traded during trading, a decline of 62% from the average session volume of 7,694,600 shares. The stock had previously closed at $144.08.

A number of other analysts have also commented on the stock. UBS Group upped their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Truist Financial raised their price objective on shares of Chevron from $155.00 to $160.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Wells Fargo & Company boosted their target price on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Bank of America started coverage on Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price for the company. Finally, Scotiabank dropped their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus price target of $175.19.

Insider Buying and Selling

In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Lantz Financial LLC raised its position in shares of Chevron by 2.7% in the second quarter. Lantz Financial LLC now owns 23,334 shares of the oil and gas company’s stock valued at $3,650,000 after purchasing an additional 623 shares during the period. McAdam LLC grew its stake in Chevron by 3.1% in the 2nd quarter. McAdam LLC now owns 3,604 shares of the oil and gas company’s stock valued at $564,000 after buying an additional 107 shares during the last quarter. First National Bank of Hutchinson bought a new position in Chevron in the 2nd quarter worth $235,000. Kanawha Capital Management LLC raised its holdings in Chevron by 3.4% in the 2nd quarter. Kanawha Capital Management LLC now owns 114,697 shares of the oil and gas company’s stock worth $17,941,000 after acquiring an additional 3,724 shares during the period. Finally, Fullcircle Wealth LLC acquired a new position in Chevron during the 2nd quarter worth $1,473,000. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

The company has a market capitalization of $256.71 billion, a P/E ratio of 15.70, a PEG ratio of 2.93 and a beta of 1.10. The stock’s fifty day simple moving average is $154.83 and its 200-day simple moving average is $151.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.04. The firm had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.05 EPS. On average, equities analysts forecast that Chevron Co. will post 10.5 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a $1.63 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.56%. Chevron’s payout ratio is 71.65%.

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.