Chevron (NYSE:CVX) Shares Down 4.1% on Disappointing Earnings

Chevron Co. (NYSE:CVX) shares traded down 4.1% on Friday following a dissappointing earnings announcement. The stock traded as low as $148.65 and last traded at $149.98. 5,537,765 shares changed hands during trading, a decline of 25% from the average session volume of 7,424,063 shares. The stock had previously closed at $156.32.

The oil and gas company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 13.15% and a net margin of 8.44%. During the same period in the previous year, the firm posted $3.45 EPS.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be paid a dividend of $1.71 per share. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date is Friday, February 14th. This represents a $6.84 annualized dividend and a dividend yield of 4.58%. Chevron’s dividend payout ratio is presently 71.65%.

Analyst Ratings Changes

A number of research analysts have weighed in on CVX shares. UBS Group increased their price target on Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company raised their price target on Chevron from $171.00 to $188.00 and gave the stock an “overweight” rating in a research note on Monday, December 9th. Truist Financial lifted their price target on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a report on Monday, January 13th. Barclays increased their price objective on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a report on Monday, November 4th. Finally, Scotiabank lowered their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.27.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction on Thursday, November 14th. The shares were 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 in the company, valued at approximately $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 accessible through this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Czech National Bank boosted its holdings in Chevron by 6.1% in the third quarter. Czech National Bank now owns 346,490 shares of the oil and gas company’s stock worth $51,028,000 after purchasing an additional 19,878 shares during the period. Allied Investment Advisors LLC boosted its holdings in shares of Chevron by 2.3% in the 3rd quarter. Allied Investment Advisors LLC now owns 74,536 shares of the oil and gas company’s stock valued at $10,977,000 after buying an additional 1,702 shares during the period. Seneca House Advisors grew its position in shares of Chevron by 2.3% during the 3rd quarter. Seneca House Advisors now owns 4,751 shares of the oil and gas company’s stock valued at $700,000 after buying an additional 106 shares during the last quarter. Mirador Capital Partners LP raised its stake in Chevron by 1.4% during the third quarter. Mirador Capital Partners LP now owns 105,138 shares of the oil and gas company’s stock worth $15,484,000 after acquiring an additional 1,409 shares during the period. Finally, Central Valley Advisors LLC lifted its holdings in Chevron by 2.8% in the third quarter. Central Valley Advisors LLC now owns 6,910 shares of the oil and gas company’s stock worth $1,018,000 after acquiring an additional 190 shares during the last quarter. Institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $153.19 and a 200 day simple moving average of $151.14. The company has a market capitalization of $268.14 billion, a price-to-earnings ratio of 16.40, a P/E/G ratio of 1.35 and a beta of 1.12.

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.