Chevron (NYSE:CVX) Shares Down 1.4% - Here's What Happened

Chevron Corporation (NYSE:CVX - Get Free Report)'s share price traded down 1.4% during trading on Tuesday . The company traded as low as $144.51 and last traded at $144.86. 2,510,573 shares were traded during trading, a decline of 69% from the average session volume of 8,218,912 shares. The stock had previously closed at $146.86.

Analysts Set New Price Targets

A number of analysts recently commented on the company. HSBC cut Chevron from a "buy" rating to a "hold" rating and reduced their price objective for the company from $176.00 to $158.00 in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their price target on Chevron from $173.00 to $164.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. UBS Group reduced their price target on Chevron from $194.00 to $185.00 and set a "buy" rating for the company in a research report on Monday, April 7th. DZ Bank cut Chevron from a "buy" rating to a "sell" rating and set a $130.00 price target for the company. in a research report on Tuesday, May 6th. Finally, Piper Sandler reduced their price target on Chevron from $173.00 to $162.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $160.24.

Chevron Price Performance

The firm has a market cap of $250.90 billion, a PE ratio of 16.42, a PEG ratio of 2.58 and a beta of 0.83. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.82 and a current ratio of 1.08. The firm has a fifty day simple moving average of $139.60 and a two-hundred day simple moving average of $148.52.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.03. The firm had revenue of $47.61 billion during the quarter, compared to analysts' expectations of $49.05 billion. Chevron had a return on equity of 10.73% and a net margin of 7.76%. The company's quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.93 EPS. Equities analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.

Chevron Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th were issued a $1.71 dividend. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date was Monday, May 19th. Chevron's dividend payout ratio (DPR) is 78.17%.

Hedge Funds Weigh In On Chevron

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Eagle Capital Management LLC raised its position in Chevron by 0.7% during 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 in the last quarter. Bank Pictet & Cie Europe AG raised its position in Chevron by 7.9% during 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 in the last quarter. BCGM Wealth Management LLC raised its position in Chevron by 33.8% during the 4th quarter. BCGM Wealth Management LLC now owns 2,191 shares of the oil and gas company's stock valued at $317,000 after purchasing an additional 553 shares in the last quarter. Black Diamond Financial LLC raised its position in Chevron by 127.3% during the 4th quarter. Black Diamond Financial LLC now owns 4,378 shares of the oil and gas company's stock valued at $634,000 after purchasing an additional 2,452 shares in the last quarter. Finally, Partners Wealth Management LLC bought a new stake in Chevron during the 4th quarter valued at $316,000. Hedge funds and other institutional investors own 72.42% of the company's stock.

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.