Chevron (NYSE:CVX) Stock Price Down 0.9% – What’s Next?

by · The Markets Daily

Chevron Co. (NYSE:CVX – Get Free Report) shares fell 0.9% on Friday . The stock traded as low as $149.61 and last traded at $149.91. 1,187,698 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 7,686,938 shares. The stock had previously closed at $151.20.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Truist Financial cut their price objective on shares of Chevron from $154.00 to $150.00 and set a “hold” rating on the stock in a report on Monday, September 30th. Bank of America assumed coverage on Chevron in a report on Thursday. They issued a “buy” rating and a $168.00 price target for the company. Wells Fargo & Company cut their price target on Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research note on Friday, September 27th. Mizuho reduced their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, Sanford C. Bernstein downgraded Chevron from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $173.07.

View Our Latest Research Report on Chevron

Chevron Trading Down 0.5 %

The company has a market cap of $277.16 billion, a PE ratio of 13.79, a P/E/G ratio of 2.74 and a beta of 1.09. The company has a current ratio of 1.16, a quick ratio of 0.85 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $145.96 and its 200-day simple moving average is $153.76.

Chevron (NYSE:CVX – Get Free Report) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. Chevron’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $3.08 earnings per share. As a group, analysts expect that Chevron Co. will post 11.06 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.34%. The ex-dividend date was Monday, August 19th. Chevron’s payout ratio is 59.98%.

Institutional Trading of Chevron

A number of institutional investors and hedge funds have recently modified their holdings of CVX. Anfield Capital Management LLC lifted its stake in shares of Chevron by 118.0% in the second quarter. Anfield Capital Management LLC now owns 218 shares of the oil and gas company’s stock worth $34,000 after buying an additional 118 shares during the last quarter. Cyrus J. Lawrence LLC increased its position in Chevron by 66.7% during the second quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Krane Funds Advisors LLC bought a new position in Chevron during the third quarter worth $47,000. Dixon Mitchell Investment Counsel Inc. bought a new position in Chevron during the first quarter worth $55,000. Finally, Richardson Capital Management LLC bought a new position in Chevron during the first quarter worth $58,000. 72.42% of the stock is currently owned by institutional investors and hedge funds.

About Chevron

(Get Free Report)

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.

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