Chevron (NYSE:CVX) Stock Price Down 2% - Here's What Happened

Key Points

• Chevron's stock price fell by 2% during trading, reaching a low of $157.69 with a decrease in trading volume of 77% from its average.
• The company announced a quarterly dividend of $1.71 per share, resulting in an annualized yield of 4.3%, with a payout ratio of 88.03%.
• Analysts have mixed ratings for Chevron, with 11 buy ratings and 3 sell ratings, while its average target price is $163.95.

Shares of Chevron Corporation (NYSE:CVX - Get Free Report) were down 2% during trading on Wednesday . The company traded as low as $157.69 and last traded at $158.60. Approximately 2,129,957 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 9,253,059 shares. The stock had previously closed at $161.83.

Analyst Ratings Changes

A number of equities analysts have recently commented on CVX shares. Mizuho cut their target price on shares of Chevron from $188.00 to $186.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. DZ Bank downgraded shares of Chevron from a "buy" rating to a "sell" rating and set a $130.00 target price on the stock. in a research note on Tuesday, May 6th. Scotiabank reissued a "sector perform" rating and issued a $160.00 target price (up previously from $143.00) on shares of Chevron in a research note on Friday, July 11th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Finally, Barclays reaffirmed an "equal weight" rating on shares of Chevron in a report on Tuesday, July 15th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Chevron has a consensus rating of "Hold" and a consensus target price of $163.95.

Chevron Stock Performance

The company has a market capitalization of $271.91 billion, a price-to-earnings ratio of 20.25, a price-to-earnings-growth ratio of 2.38 and a beta of 0.90. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.74 and a current ratio of 1.00. The company's fifty day simple moving average is $152.93 and its two-hundred day simple moving average is $148.86.

Chevron (NYSE:CVX - Get Free Report) last announced its quarterly earnings data on Friday, August 1st. The oil and gas company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.19. The company had revenue of $44.82 billion during the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The firm's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period last year, the business earned $2.55 EPS. Equities research analysts predict that Chevron Corporation will post 10.79 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th will be given a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Tuesday, August 19th. Chevron's dividend payout ratio (DPR) is presently 88.03%.

Insider Activity

In other news, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $158.30, for a total value of $59,362,500.00. Following the transaction, the director directly owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.20% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Eagle Capital Management LLC lifted its position in Chevron by 0.7% in the 4th quarter. Eagle Capital Management LLC now owns 34,600 shares of the oil and gas company's stock valued at $5,011,000 after purchasing an additional 242 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Chevron by 7.9% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 35,985 shares of the oil and gas company's stock valued at $5,212,000 after purchasing an additional 2,641 shares during the last quarter. Algert Global LLC lifted its position in Chevron by 21.9% in the 4th quarter. Algert Global LLC now owns 3,010 shares of the oil and gas company's stock valued at $436,000 after purchasing an additional 540 shares during the last quarter. Brown Advisory Inc. lifted its position in Chevron by 0.8% in the 4th quarter. Brown Advisory Inc. now owns 209,122 shares of the oil and gas company's stock valued at $30,289,000 after purchasing an additional 1,616 shares during the last quarter. Finally, Cahill Financial Advisors Inc. lifted its position in Chevron by 40.9% in the 4th quarter. Cahill Financial Advisors Inc. now owns 2,808 shares of the oil and gas company's stock valued at $407,000 after purchasing an additional 815 shares during the last quarter. 72.42% of the stock is currently owned by institutional investors.

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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