Chevron (NYSE:CVX) Trading Down 0.2% - Here's What Happened

Chevron Co. (NYSE:CVX - Get Free Report)'s stock price dropped 0.2% during trading on Wednesday . The stock traded as low as $134.70 and last traded at $135.37. Approximately 2,179,996 shares were traded during trading, a decline of 73% from the average daily volume of 7,960,032 shares. The stock had previously closed at $135.60.

Analyst Ratings Changes

A number of brokerages recently commented on CVX. Barclays lowered shares of Chevron from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $171.00 to $152.00 in a research note on Wednesday, April 23rd. BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. Wells Fargo & Company lowered their target price on Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. TD Cowen dropped their target price on shares of Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research note on Monday, May 5th. Finally, UBS Group lowered their price objective on shares of Chevron from $194.00 to $185.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $161.25.

Chevron Trading Up 1.1 %

The business's 50-day moving average is $147.91 and its two-hundred day moving average is $152.06. The stock has a market capitalization of $243.88 billion, a PE ratio of 14.25, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07.

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

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 19th will be issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Monday, May 19th. Chevron's dividend payout ratio is currently 78.17%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CVX. Allianz SE purchased a new position in Chevron in the fourth quarter valued at about $9,369,000. Nicholas Company Inc. boosted its stake in Chevron by 4.3% in the 4th quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company's stock valued at $11,591,000 after buying an additional 3,280 shares in the last quarter. Applied Finance Capital Management LLC grew its holdings in shares of Chevron by 1.6% during the fourth quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company's stock worth $26,044,000 after purchasing an additional 2,755 shares during the last quarter. Cerity Partners LLC lifted its position in Chevron by 4.5% during the 4th quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company's stock valued at $174,817,000 after purchasing an additional 52,307 shares during the period. Finally, Dale Q Rice Investment Management Ltd bought a new stake in shares of Chevron in the 4th quarter valued at about $594,000. 72.42% of the stock is currently owned by institutional investors.

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.