Chevron (NYSE:CVX) Stock Price Down 2.3% - Here's What Happened

Key Points

• Chevron shares fell 2.3% on Thursday, with trading volume running well above average. The stock dropped to an intraday low of $172.23 amid broader weakness in energy shares.
• Recent headlines are mixed: Chevron announced a new offshore exploration deal in Greece with HELLENiQ ENERGY, while analysts remain generally constructive and Jefferies reiterated a Buy rating. Several firms also raised price targets, and the consensus rating remains Moderate Buy.
• Lower crude prices and easing geopolitical risk are weighing on the stock, even though Chevron recently beat earnings estimates and continues to offer a 4.1% dividend yield. Insider selling and a high payout ratio add to the market’s cautious tone.

Shares of Chevron Corporation (NYSE:CVX - Get Free Report) were down 2.3% on Thursday . The company traded as low as $172.23 and last traded at $173.5090. 18,308,951 shares were traded during trading, an increase of 56% from the average daily volume of 11,757,553 shares. The stock had previously closed at $177.58.

Chevron News Summary

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron announced a new offshore exploration deal in Greece, agreeing to acquire a 70% stake and operatorship in Block 10 in the Southern Ionian Sea with HELLENiQ ENERGY. The move expands Chevron’s deepwater footprint in the Eastern Mediterranean and adds a new long-cycle exploration opportunity. Article Title
• Positive Sentiment: Analysts and market commentary remain constructive on Chevron’s fundamentals, noting the company’s strong recent performance, solid quarterly results, and ongoing dividend appeal. Article Title
• Positive Sentiment: Jefferies reiterated a Buy rating on Chevron, reinforcing the view that the stock remains attractive despite volatility in energy prices. Article Title
• Neutral Sentiment: Chevron CEO Mike Wirth has been emphasizing that the investment case is about more than near-term oil prices, pointing investors toward dividends, capital discipline, and long-term strategy rather than just commodity swings. Article Title
• Negative Sentiment: Multiple energy-market headlines highlight easing geopolitical risk and falling crude prices, which can pressure Chevron’s upstream earnings and explain the weaker trading action in CVX today. Article Title
• Negative Sentiment: Commentary about big oil “running on fumes” suggests the recent market rotation away from energy could continue if lower fuel costs persist. Article Title

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CVX shares. UBS Group upped their price target on Chevron from $218.00 to $220.00 and gave the company a "buy" rating in a report on Monday, May 4th. Wells Fargo & Company boosted their price objective on shares of Chevron from $204.00 to $222.00 and gave the stock an "overweight" rating in a research report on Thursday, April 9th. Zacks Research cut shares of Chevron from a "strong-buy" rating to a "hold" rating in a report on Monday, June 8th. Citigroup increased their target price on shares of Chevron from $210.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Finally, Bank of America lifted their price target on shares of Chevron from $188.00 to $206.00 and gave the stock a "buy" rating in a research note on Monday, March 2nd. Eighteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Chevron presently has an average rating of "Moderate Buy" and an average target price of $205.70.

Chevron Stock Down 2.3%

The business has a 50 day moving average of $187.58 and a 200-day moving average of $178.90. The stock has a market cap of $345.56 billion, a PE ratio of 30.07, a P/E/G ratio of 0.59 and a beta of 0.48. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21.

Chevron (NYSE:CVX - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $47.56 billion during the quarter, compared to analysts' expectations of $51.86 billion. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The firm's revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.18 earnings per share. Equities research analysts predict that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were issued a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron's payout ratio is presently 123.40%.

Insider Buying and Selling at Chevron

In other Chevron news, insider R. Hewitt Pate sold 40,200 shares of Chevron stock in a transaction on Monday, March 30th. The shares were sold at an average price of $213.30, for a total value of $8,574,660.00. Following the transaction, the insider directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John B. Hess sold 380,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the sale, the director owned 278,045 shares of the company's stock, valued at $53,718,294. This trade represents a 57.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 615,200 shares of company stock valued at $118,022,760. 0.56% of the stock is owned by insiders.

Hedge Funds Weigh In On Chevron

Institutional investors have recently added to or reduced their stakes in the stock. Dakota Wealth Management grew its position in Chevron by 14.9% during the fourth quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company's stock worth $12,690,000 after buying an additional 10,822 shares during the period. Brooklyn FI LLC purchased a new stake in shares of Chevron during the 3rd quarter worth approximately $431,000. Clear Trail Advisors LLC purchased a new stake in shares of Chevron during the 4th quarter worth approximately $10,167,000. Finemark National Bank & Trust grew its holdings in shares of Chevron by 40.3% in the 3rd quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after acquiring an additional 16,243 shares during the period. Finally, Curtis Advisory Group LLC acquired a new stake in shares of Chevron in the 4th quarter worth approximately $1,381,000. Institutional investors and hedge funds own 72.42% of the company's stock.

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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