Chevron (NYSE:CVX) Stock Price Down 3.5% - What's Next?

Key Points

• Chevron shares fell 3.5% in Tuesday trading, dropping from a previous close of $191.43 to as low as $183.90, even as volume came in slightly above average.
• Analysts remain broadly positive on the stock, with Chevron carrying a Moderate Buy consensus and an average price target of $205.13 after several firms reiterated or raised their targets.
• Chevron reported Q1 earnings of $1.41 per share, beating estimates, but revenue of $47.56 billion came in below expectations; the company also declared a $1.78 quarterly dividend payable June 10.

Chevron Corporation (NYSE:CVX - Get Free Report)'s stock price fell 3.5% during mid-day trading on Tuesday . The stock traded as low as $183.90 and last traded at $184.69. 12,948,291 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 12,218,663 shares. The stock had previously closed at $191.43.

Analyst Ratings Changes

Several equities research analysts have recently commented on CVX shares. Argus set a $203.00 target price on shares of Chevron in a research report on Tuesday, February 3rd. Royal Bank Of Canada reissued an "outperform" rating and set a $220.00 target price on shares of Chevron in a research report on Tuesday, May 5th. Tudor Pickering raised shares of Chevron from a "hold" rating to a "buy" rating and set a $225.00 target price for the company in a research report on Thursday, April 9th. The Goldman Sachs Group reissued a "buy" rating and set a $216.00 target price on shares of Chevron in a research report on Wednesday, May 6th. Finally, Bank of America raised their target price on Chevron from $188.00 to $206.00 and gave the company a "buy" rating in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Chevron has a consensus rating of "Moderate Buy" and a consensus price target of $205.13.

Chevron Trading Down 3.5%

The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09. The firm has a 50 day simple moving average of $193.43 and a two-hundred day simple moving average of $175.01. The firm has a market capitalization of $367.83 billion, a P/E ratio of 32.01, a PEG ratio of 0.64 and a beta of 0.51.

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 the consensus estimate 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 analysts' expectations of $51.86 billion. During the same period last year, the business earned $2.18 EPS. The business's revenue was up 2.1% on a year-over-year basis. Equities research analysts forecast that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Tuesday, May 19th. Chevron's dividend payout ratio (DPR) is 123.40%.

Insider Buying and Selling at Chevron

In related news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction on 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 directly owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Andrew Benjamin Walz sold 11,600 shares of Chevron stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $188.58, for a total value of $2,187,528.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,179,699 shares of company stock valued at $224,675,517 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Chevron

A number of hedge funds have recently bought and sold shares of CVX. 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 in the last quarter. Brooklyn FI LLC purchased a new position in Chevron during the third quarter worth about $431,000. Clear Trail Advisors LLC purchased a new position in Chevron during the fourth quarter worth about $10,167,000. Finemark National Bank & Trust grew its position in Chevron by 40.3% during the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company's stock worth $8,779,000 after buying an additional 16,243 shares in the last quarter. Finally, Curtis Advisory Group LLC purchased a new position in Chevron during the fourth quarter worth about $1,381,000. 72.42% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.