Chevron (NYSE:CVX) Stock Price Down 0.9% on Analyst Downgrade

Shares of Chevron Co. (NYSE:CVX - Get Free Report) dropped 0.9% on Wednesday after Piper Sandler lowered their price target on the stock from $173.00 to $162.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as low as $140.95 and last traded at $141.13. Approximately 1,327,669 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 8,888,965 shares. The stock had previously closed at $142.35.

CVX has been the topic of a number of other reports. DZ Bank lowered Chevron from a "buy" rating to a "sell" rating and set a $130.00 price objective on the stock. in a research note on Tuesday, May 6th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Wells Fargo & Company dropped their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating on the stock in a research report on Monday, May 5th. Scotiabank lowered shares of Chevron from a "sector outperform" rating to a "sector perform" rating and dropped their target price for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, Mizuho dropped their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Chevron presently has an average rating of "Hold" and a consensus price target of $160.24.

Institutional Investors Weigh In On Chevron

Several large investors have recently made changes to their positions in CVX. Harvest Fund Management Co. Ltd grew its position in Chevron by 420.7% during the 1st quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 122 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in Chevron during the 4th quarter worth approximately $25,000. Elequin Capital LP bought a new stake in shares of Chevron during the first quarter worth $31,000. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron during the fourth quarter worth $29,000. Finally, 10Elms LLP bought a new stake in shares of Chevron during the fourth quarter worth $29,000. Institutional investors own 72.42% of the company's stock.

Chevron Trading Down 0.6%

The business's fifty day simple moving average is $147.51 and its 200 day simple moving average is $151.94. 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 stock has a market cap of $249.00 billion, a P/E ratio of 14.53, a price-to-earnings-growth ratio of 1.46 and a beta of 0.83.

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

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a yield of 4.84%. Chevron's payout ratio is 78.17%.

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.

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