Chevron (NYSE:CVX) Stock Price Down 1.5% - Time to Sell?

Key Points

• Chevron shares fell 1.5% on Wednesday to about $177.44, trading below the prior close of $180.11, with volume running below average.
• Despite the dip, the company got some positive signals: it entered Greece’s Offshore Block 10 to expand its Eastern Mediterranean exploration footprint, and Jefferies reportedly reiterated a Buy rating.
• Analyst sentiment remains mixed but constructive overall, with a consensus “Moderate Buy” and an average price target of $205.70; Chevron also recently beat earnings expectations, though revenue came in below estimates.

Chevron Corporation (NYSE:CVX - Get Free Report) shares dropped 1.5% on Wednesday . The company traded as low as $177.10 and last traded at $177.4440. Approximately 8,421,041 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 11,702,611 shares. The stock had previously closed at $180.11.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron secured a strategic entry into Greece’s Offshore Block 10, expanding its Eastern Mediterranean exploration footprint and adding another potential growth avenue. Chevron Secures Strategic Entry Into Greece's Offshore Block 10
• Positive Sentiment: Jefferies reportedly reiterated a Buy rating on Chevron, suggesting some analysts still see value despite the recent slide in crude prices. Chevron (CVX) Receives a Buy from Jefferies

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent research reports. Zacks Research downgraded Chevron from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 8th. Barclays increased their price objective on Chevron from $192.00 to $213.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 26th. Citigroup increased their price objective on Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Tudor Pickering upgraded Chevron from a "hold" rating to a "buy" rating and set a $225.00 price objective for the company in a research report on Thursday, April 9th. Finally, Wells Fargo & Company increased their price objective on Chevron from $204.00 to $222.00 and gave the company an "overweight" rating in a research report on Thursday, April 9th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Chevron presently has a consensus rating of "Moderate Buy" and an average price target of $205.70.

Chevron Price Performance

The company has a market cap of $353.40 billion, a PE ratio of 30.75, a price-to-earnings-growth ratio of 0.59 and a beta of 0.48. The stock has a fifty day moving average price of $188.01 and a 200-day moving average price of $178.70. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.09 and a quick ratio of 0.84.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion for the quarter, compared to the consensus estimate of $51.86 billion. During the same quarter in the previous year, the company posted $2.18 earnings per share. Chevron's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities analysts expect that Chevron Corporation will post 15.88 earnings per share for the current year.

Chevron Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.0%. Chevron's payout ratio is currently 123.40%.

Insiders Place Their Bets

In other news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction on Monday, March 30th. The stock was sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the transaction, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total value of $73,416,000.00. Following the transaction, the director owned 278,045 shares in the company, valued at $53,718,294. This represents a 57.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 615,200 shares of company stock worth $118,022,760 in the last quarter. 0.56% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Chevron

A number of hedge funds have recently modified their holdings of the stock. United Bank raised its holdings in shares of Chevron by 7.7% during the second quarter. United Bank now owns 11,079 shares of the oil and gas company's stock worth $1,586,000 after acquiring an additional 796 shares in the last quarter. Schnieders Capital Management LLC. increased its stake in shares of Chevron by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 50,839 shares of the oil and gas company's stock worth $7,280,000 after purchasing an additional 4,214 shares during the last quarter. BNP Paribas increased its stake in shares of Chevron by 76.4% during the 2nd quarter. BNP Paribas now owns 441 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 191 shares during the last quarter. Osterweis Capital Management Inc. boosted its holdings in Chevron by 678.9% in the second quarter. Osterweis Capital Management Inc. now owns 1,363 shares of the oil and gas company's stock worth $195,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Main Street Financial Solutions LLC increased its position in Chevron by 3.6% during the second quarter. Main Street Financial Solutions LLC now owns 16,052 shares of the oil and gas company's stock worth $2,299,000 after buying an additional 553 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

About Chevron

Chevron Corporation NYSE: CVX is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron's core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.

Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.

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