Chevron (NYSE:CVX) Stock Price Down 0.9% on Disappointing Earnings

Chevron Co. (NYSE:CVX - Get Free Report)'s stock price dropped 0.9% on Friday following a weaker than expected earnings announcement. The company traded as low as $163.30 and last traded at $163.83. Approximately 3,409,788 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 8,400,170 shares. The stock had previously closed at $165.28.

The oil and gas company reported $2.93 earnings per share for the quarter, missing the consensus estimate of $3.06 by ($0.13). Chevron had a return on equity of 15.24% and a net margin of 10.63%. The firm had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. During the same quarter in the previous year, the company posted $3.55 EPS. The firm's revenue was down 4.1% compared to the same quarter last year.

Chevron Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were paid a $1.63 dividend. This is an increase from Chevron's previous quarterly dividend of $1.51. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 3.93%. Chevron's dividend payout ratio (DPR) is presently 57.39%.

Wall Street Analyst Weigh In

Several research firms have issued reports on CVX. DZ Bank downgraded Chevron from a "buy" rating to a "hold" rating and set a $160.00 target price on the stock. in a research report on Tuesday, February 6th. Mizuho lifted their target price on Chevron from $195.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. Wells Fargo & Company boosted their price target on shares of Chevron from $185.00 to $198.00 and gave the company an "overweight" rating in a research report on Thursday, April 4th. Scotiabank raised Chevron from a "sector perform" rating to a "sector outperform" rating and raised their price target for the company from $170.00 to $195.00 in a report on Thursday, April 11th. Finally, Barclays assumed coverage on Chevron in a research note on Wednesday, April 10th. They issued an "overweight" rating and a $203.00 target price for the company. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $184.75.

Insider Activity

In related news, VP Alana K. Knowles sold 2,800 shares of the firm's stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now directly owns 276 shares of the company's stock, valued at approximately $44,184.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.18% of the company's stock.

Hedge Funds Weigh In On Chevron

Several large investors have recently added to or reduced their stakes in the company. YHB Investment Advisors Inc. boosted its holdings in shares of Chevron by 2.2% in the 1st quarter. YHB Investment Advisors Inc. now owns 31,227 shares of the oil and gas company's stock worth $4,926,000 after purchasing an additional 685 shares during the period. SlateStone Wealth LLC lifted its holdings in Chevron by 61.7% during the first quarter. SlateStone Wealth LLC now owns 90,718 shares of the oil and gas company's stock worth $14,310,000 after buying an additional 34,611 shares during the period. ZWJ Investment Counsel Inc. boosted its position in Chevron by 7.8% during the first quarter. ZWJ Investment Counsel Inc. now owns 219,966 shares of the oil and gas company's stock valued at $34,697,000 after purchasing an additional 15,921 shares in the last quarter. First National Trust Co grew its position in shares of Chevron by 3.6% in the 1st quarter. First National Trust Co now owns 152,891 shares of the oil and gas company's stock worth $24,117,000 after buying an additional 5,345 shares during the last quarter. Finally, Sage Rhino Capital LLC increased its position in shares of Chevron by 4.5% during the first quarter. Sage Rhino Capital LLC now owns 3,607 shares of the oil and gas company's stock worth $569,000 after purchasing an additional 154 shares in the last quarter. Hedge funds and other institutional investors own 72.42% of the company's stock.

Chevron Trading Up 0.3 %

The company has a market capitalization of $307.99 billion, a PE ratio of 14.42, a PEG ratio of 2.41 and a beta of 1.12. The company has a fifty day simple moving average of $156.35 and a 200-day simple moving average of $151.84. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.

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.