Chevron (NYSE:CVX) Trading Down 1% - Here's What Happened

Chevron Co. (NYSE:CVX - Get Free Report)'s stock price fell 1% on Thursday . The stock traded as low as $133.77 and last traded at $134.25. 2,362,431 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 8,813,521 shares. The stock had previously closed at $135.56.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CVX. Scotiabank downgraded shares of Chevron from a "sector outperform" rating to a "sector perform" rating and cut their price target for the stock from $160.00 to $143.00 in a report on Friday, April 11th. TD Cowen dropped their target price on Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research report on Monday, May 5th. BNP Paribas downgraded Chevron to a "cautious" rating in a research report on Tuesday, April 15th. UBS Group lowered their price objective on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Mizuho decreased their target price on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $160.24.

Chevron Stock Performance

The company's fifty day moving average is $144.66 and its 200 day moving average is $151.17. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $238.66 billion, a P/E ratio of 14.06, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX - Get Free Report) last issued its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion for the quarter, compared to analysts' expectations of $49.05 billion. During the same quarter last year, the company earned $2.93 EPS. The firm's revenue was down 2.3% compared to the same quarter last year. As a group, equities analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be paid a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 annualized dividend and a dividend yield of 5.01%. Chevron's dividend payout ratio is presently 78.17%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Chevron in the 4th quarter worth approximately $3,017,750,000. GQG Partners LLC bought a new position in Chevron during the first quarter valued at $1,466,751,000. Nuveen LLC bought a new stake in shares of Chevron in the 1st quarter worth about $1,362,232,000. Raymond James Financial Inc. bought a new stake in shares of Chevron in the 4th quarter worth about $1,036,302,000. Finally, GAMMA Investing LLC lifted its holdings in Chevron by 21,191.5% during the 1st quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company's stock valued at $904,746,000 after buying an additional 5,382,847 shares in the last quarter. Institutional investors own 72.42% of the company's stock.

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.