Chevron (NYSE:CVX) Trading Down 0.8% - Here's Why

Shares of Chevron Co. (NYSE:CVX - Get Free Report) fell 0.8% during mid-day trading on Thursday . The company traded as low as $139.51 and last traded at $140.60. 1,563,408 shares traded hands during trading, a decline of 80% from the average session volume of 7,991,514 shares. The stock had previously closed at $141.67.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CVX. Piper Sandler reduced their price target on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday. TD Cowen lowered their price objective on shares of Chevron from $155.00 to $150.00 and set a "hold" rating for the company in a research note on Monday, May 5th. Mizuho dropped their price objective on Chevron from $188.00 to $186.00 and set an "outperform" rating for the company in a report on Tuesday. Scotiabank cut shares of Chevron from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. Finally, Truist Financial lowered their price target on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a report on Tuesday, February 4th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Chevron has a consensus rating of "Hold" and an average target price of $160.24.

Chevron Price Performance

The company has a market cap of $247.02 billion, a P/E ratio of 14.56, a PEG ratio of 1.46 and a beta of 0.83. The company has a fifty day simple moving average of $147.20 and a 200-day simple moving average of $151.87. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

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

Chevron Dividend Announcement

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

Hedge Funds Weigh In On Chevron

Several hedge funds have recently bought and sold shares of CVX. Life Planning Partners Inc acquired a new stake in shares of Chevron in the fourth quarter valued at about $25,000. IMG Wealth Management Inc. bought a new stake in shares of Chevron in the fourth quarter valued at about $25,000. Harvest Fund Management Co. Ltd lifted its stake in shares of Chevron by 420.7% in the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock valued at $25,000 after buying an additional 122 shares during the period. Mizuho Securities Co. Ltd. bought a new stake in shares of Chevron in the fourth quarter valued at about $29,000. Finally, 10Elms LLP bought a new stake in shares of Chevron in the fourth quarter valued at about $29,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Company Profile

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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