Chevron (NYSE:CVX) Shares Down 0.2% – Here’s Why

Chevron Co. (NYSE:CVX) shares traded down 0.2% during mid-day trading on Friday . The company traded as low as $161.28 and last traded at $161.44. 2,107,258 shares were traded during trading, a decline of 72% from the average session volume of 7,646,677 shares. The stock had previously closed at $161.80.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CVX. Mizuho dropped their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Scotiabank cut their target price on Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Royal Bank of Canada increased their price target on Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, November 4th. UBS Group upped their price objective on Chevron from $192.00 to $194.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Barclays lifted their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Chevron has an average rating of “Moderate Buy” and a consensus price target of $174.93.

Chevron Trading Down 0.3 %

The firm has a market cap of $289.85 billion, a PE ratio of 17.74, a PEG ratio of 3.57 and a beta of 1.09. The firm has a fifty day simple moving average of $148.93 and a two-hundred day simple moving average of $152.71. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to analysts’ expectations 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 last year, the business posted $3.05 EPS. Equities analysts forecast that Chevron Co. will post 10.55 EPS for the current year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th will be given a dividend of $1.63 per share. The ex-dividend date is Monday, November 18th. This represents a $6.52 annualized dividend and a dividend yield of 4.04%. Chevron’s payout ratio is 71.65%.

Hedge Funds Weigh In On Chevron

A number of institutional investors and hedge funds have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. acquired a new position in Chevron in the first quarter valued at approximately $566,000. Empowered Funds LLC boosted its holdings in Chevron by 5.4% during the 1st quarter. Empowered Funds LLC now owns 429,000 shares of the oil and gas company’s stock valued at $67,670,000 after acquiring an additional 22,047 shares during the period. Wintrust Investments LLC boosted its position in Chevron by 1.6% in the 1st quarter. Wintrust Investments LLC now owns 10,066 shares of the oil and gas company’s stock valued at $1,588,000 after buying an additional 158 shares during the period. M&G Plc purchased a new stake in Chevron during the first quarter worth approximately $16,280,000. Finally, Prevail Innovative Wealth Advisors LLC grew its holdings in shares of Chevron by 38.4% during the first quarter. Prevail Innovative Wealth Advisors LLC now owns 14,939 shares of the oil and gas company’s stock worth $2,356,000 after purchasing an additional 4,148 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.

About Chevron

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.