Chevron (NYSE:CVX) Trading Down 0.6% - Here's Why

During mid-day trading on Wednesday, Chevron Co. (NYSE:CVX) saw its share price decrease by 0.6%. The stock hit a low of $156.66 before last being traded at $157.29. This trading session was marked by a total volume of 1,568,591 shares, which is significantly lower—79%—than the average trading volume of 7,552,490 shares. The stock had closed at $158.24 the previous day.

Analyst Ratings and Target Price Changes

Chevron has garnered attention from several analysts recently. Notably, Barclays increased their target price for Chevron from $168.00 to $174.00, granting the company an "overweight" rating in a report released on November 4th. Additionally, Truist Financial raised their price target from $160.00 to $164.00, maintaining a "hold" rating. Piper Sandler adjusted their target from $184.00 to $173.00 while still rating the stock as "overweight". Royal Bank of Canada increased their price target for Chevron from $170.00 to $175.00, assigning it an "outperform" rating. DZ Bank also upgraded Chevron, changing their rating from "hold" to "buy" and setting a target price of $170.00. Currently, four analysts hold a "hold" rating, while thirteen have recommended buying the stock. According to MarketBeat.com, Chevron has an average rating of "Moderate Buy" with a consensus target price of $175.27.

Chevron's Stock Performance Overview

The company's performance is reflected in its moving averages: the 50-day simple moving average is $153.93, while the 200-day simple moving average is $151.14. Chevron has a market capitalization of approximately $279.66 billion, with a price-to-earnings (P/E) ratio of 17.10 and a price/earnings to growth (P/E/G) ratio of 1.37. Its beta value stands at 1.12, indicating relatively moderate volatility compared to the market. Furthermore, Chevron boasts a debt-to-equity ratio of 0.13, a quick ratio of 0.80, and a current ratio of 1.07.

Recent Earnings Report

On November 1st, Chevron reported quarterly earnings, revealing an earnings per share (EPS) of $2.51 for the quarter. This figure surpassed analysts' expectations, which averaged $2.47, by $0.04. Overall revenue for the quarter reached $50.67 billion, exceeding projections of $48.86 billion. However, Chevron's revenue saw a decline of 6.3% compared to the same quarter last year. For the same period in 2022, the company had an EPS of $3.05. Analysts forecast an EPS of $10.18 for Chevron for the current fiscal year.

Dividend Announcements

Chevron recently declared a quarterly dividend, which was disbursed on December 10th. Shareholders on record as of November 18th received a dividend of $1.63 per share, with an ex-dividend date also set for November 18th. This dividend translates to an annual payout of $6.52, reflecting a yield of 4.19%. The company's current dividend payout ratio stands at 71.65%.

Insider Transactions

In insider news, Chevron's CEO, Michael K. Wirth, sold 164,600 shares on November 14th, at an average price of $160.13, totaling approximately $26.36 million. Post-sale, Wirth retains ownership of 4,280 shares in the company, valued at around $685,356. This transaction indicates a 97.47% decrease in his holdings. The details of this sale have been disclosed in filings with the Securities and Exchange Commission, which are publicly available.

Institutional Investors Activity

Chevron has recently seen changes in its institutional investor landscape. Various hedge funds have either purchased new stakes or adjusted their holdings in the company. For instance, Rational Advisors LLC acquired a new stake worth about $29,000 in the third quarter. Other investors, such as Legacy Investment Solutions LLC, Darwin Wealth Management LLC, and RPg Family Wealth Advisory LLC, also made small but significant purchases. Currently, 72.42% of Chevron stock is held by institutional investors.

About Chevron Corporation

Chevron Corporation engages in energy and chemicals operations through its subsidiaries both in the U.S. and internationally. The company operates in two main segments—Upstream and Downstream. The Upstream segment focuses on exploring, developing, producing, and transporting crude oil and natural gas, along with processing and transporting liquefied natural gas. Chevron is also involved in various environmental efforts, including carbon capture and storage projects.

Chevron, Stock, Trading