Chevron (NYSE:CVX) Stock Price Down 0% - Here's What Happened

On Wednesday, Chevron Co. (NYSE:CVX) experienced no change in its stock price during mid-day trading, standing at $156.96 after reaching a low of $155.80. During the trading session, around 2.18 million shares were exchanged, which marks a significant decline of 71% compared to the average trading volume of approximately 7.63 million shares. The previous day, the stock had closed at $157.00.

Analyst Ratings Changes

A number of analysts have recently given their opinions on Chevron's stock performance. Scotiabank adjusted its price target for Chevron from $180.00 to $163.00 while maintaining a "sector outperform" rating in a report dated October 10th. Meanwhile, on Monday, Wells Fargo increased its price target from $171.00 to $188.00, assigning an "overweight" rating. Royal Bank of Canada also made a similar move, raising its price objective from $170.00 to $175.00, also assigning an "outperform" rating on November 4th. On October 17th, Bank of America began its coverage on Chevron stocks, issuing a "buy" rating with a target price of $168.00. Conversely, Mizuho downgraded its price target from $205.00 to $189.00, still maintaining an "outperform" rating in a report on September 16th. Currently, the stock holds an average rating of "Moderate Buy" based on fourteen buy ratings and four hold ratings, with an average target price set at $177.13.

Chemical Trading Update

As reported, Chevron’s stock has slightly decreased by 0.2%. Its 50-day moving average is $155.11, while the 200-day moving average stands at $152.41. The company showcases a debt-to-equity ratio of 0.13, a current ratio of 1.07, and a quick ratio of 0.80. Presently, Chevron boasts a market capitalization of $281.48 billion and a price-to-earnings ratio of 17.25, complemented by a P/E/G ratio of 3.47 and a beta of 1.10.

Chevron’s quarterly earnings report was published on November 1st, revealing an earnings per share (EPS) of $2.51 for the quarter, which exceeded the consensus estimate of $2.47 by $0.04. The company’s revenue amounted to $50.67 billion, which also surpassed the expected $48.86 billion. Chevron recorded a return on equity of 13.15% and a net margin of 8.44%, although its revenue was down by 6.3% compared to the same quarter the previous year. In the same period last year, the company’s EPS was reported at $3.05. Analysts forecast that Chevron will report an EPS of 10.54 for the current fiscal year.

Chevron's Dividend Announcement

The company has also recently declared a quarterly dividend. Shareholders on record as of November 18th received a dividend of $1.63, which will be paid out on December 10th. This sets the annualized dividend at $6.52, giving a yield of 4.16%. Chevron's current dividend payout ratio is 71.65%.

Insider Activity

CEO Michael K. Wirth executed a transaction on November 14th, selling 164,600 shares of Chevron stock at an average price of $160.13, totaling approximately $26.36 million. Following this sale, Wirth retains a direct ownership of only 4,280 shares valued at about $685,356. This sale represents a decrease of 97.47% in his holdings. The transaction has been filed with the SEC and can be reviewed publicly. Insider ownership in the company is currently at 0.20%.

Institutional Investors and Hedge Funds

Recent changes have also been noted among institutional investors and hedge funds concerning their positions in CVX. For instance, Montz Harcus Wealth Management raised its holdings by 2.2% in the second quarter and now owns 2,943 shares valued at $460,000 after acquiring 63 additional shares. Similarly, Tacita Capital Inc increased its holdings by 16.7% in the third quarter and owns 454 shares worth $67,000 post a purchase of 65 additional shares. Other notable changes include Wallace Capital Management's 0.8% increase in its shares to 8,229 at a value of $1.21 million and Cyndeo Wealth Partners LLC's growth of 0.3% to 19,769 shares worth $2.91 million. Overall, around 72.42% of Chevron’s stock is owned by institutional investors and hedge funds.

About Chevron

Chevron Corporation engages in integrated energy and chemical operations both domestically and internationally. The company operates in two primary segments: Upstream, which includes the exploration, development, production, and transportation of crude oil and natural gas, along with various processes like liquefaction and marketing of natural gas, and Downstream.

Chevron, Stock, Finance