Stocks

Chevron (NYSE:CVX) Shares Down 1% - Should You Sell?

Published December 13, 2024

On Thursday, shares of Chevron Co. (NYSE:CVX) fell by 1% during trading, reaching a low of $154.40 before closing at $154.61. The trading volume for the day was 1,836,135 shares, a significant drop of 76% from the usual volume of around 7,655,533 shares. The stock had finished the previous day at $156.21.

Wall Street Analysts Forecast Growth

Traders Are Flocking Back to Oil: What’s Fueling the Optimism

The stock has recently been analyzed by several financial institutions. Mizuho lowered its price target for Chevron from $205.00 to $189.00 while maintaining an "outperform" rating. On October 17, Bank of America began covering Chevron with a "buy" rating and set a target price of $168.00. Additionally, Citigroup updated its rating on the stock from "neutral" to "buy," raising its price target from $145.00 to $185.00 on November 26. Barclays increased their target price from $168.00 to $174.00 and assigned an "overweight" rating, and Royal Bank of Canada lifted their target price from $170.00 to $175.00 while maintaining an "outperform" rating. In total, four analysts have a "hold" rating, while fourteen have issued a "buy" rating. According to MarketBeat.com, Chevron has an average rating of "Moderate Buy" with a target price of $177.13.

Chevron Stock Performance

MarketBeat Week in Review – 10/14 - 10/18

The company’s quick ratio stands at 0.80, with a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average price is $155.22, while its 200-day moving average is $152.44. Chevron has a market capitalization of $278.33 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 3.47, and a beta of 1.10.

On November 1, Chevron reported its quarterly earnings, reporting an earnings per share (EPS) of $2.51, beating expectations of $2.47 by $0.04. The company generated $50.67 billion in revenue, surpassing analyst forecasts of $48.86 billion, although quarterly revenue was down 6.3% compared to the same quarter last year. Last year during this period, Chevron earned $3.05 EPS.

Chevron Dividend Announcement

Why Buffett Loves Occidental Stock And What It Means for Chevron

Recently, Chevron also announced a quarterly dividend of $1.63 per share, which was paid on December 10. Shareholders recorded on November 18 were eligible for this dividend. The annualized dividend totals $6.52, resulting in a yield of 4.21%. The ex-dividend date for this payment was November 18, and Chevron’s current dividend payout ratio (DPR) stands at 71.65%.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron on November 14 at an average price of $160.13, totaling about $26.36 million. Post-transaction, the CEO retains 4,280 shares valued at approximately $685,356. This sale marks a 97.47% reduction of his holdings. The transaction details were disclosed in an SEC filing. Currently, insiders own 0.20% of the company's shares.

Institutional Trading of Chevron

Several institutional investors have adjusted their positions in CVX recently. State Street Corp raised its stake by 0.6%, now holding 159,105,244 shares worth about $23.43 billion after purchasing an additional 874,962 shares. Charles Schwab Investment Management increased its stake by 11.5%, owning 31,108,760 shares valued at $4.58 billion after acquiring 3,203,899 shares. Fisher Asset Management added 3.6% to its stake, owning 19,482,388 shares worth $2.87 billion, while Franklin Resources grew its holdings by 3.4%, now owning 17,200,188 shares valued at $2.61 billion. Ameriprise Financial also raised its position by 3.0%, owning 17,111,051 shares valued at $2.68 billion. Institutional investors collectively hold 72.42% of Chevron's stock.

Chevron Company Profile

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Chevron Corporation operates in the energy and chemicals sector both in the United States and globally through its subsidiaries. The company operates through two main segments: Upstream and Downstream. The Upstream sector focuses on the exploration, development, production, and transportation of crude oil and natural gas, along with handling liquefied natural gas. The Downstream segment is involved in refining, distribution, and marketing of petroleum products.

Should you invest $1,000 in Chevron right now?

Before making any decisions on Chevron, it’s worth considering the insights of financial analysts. Currently, while Chevron has a "Moderate Buy" rating, several top-rated analysts have identified five other stocks that they believe are more favorable investments.

View The Five Stocks Here

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