Chevron (NYSE:CVX) Shares Down 0.9% After Earnings Miss

Chevron Co. (NYSE:CVX)’s stock price was down 0.9% during trading on Friday following a dissappointing 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). The firm had revenue of $48.72 billion during the quarter, compared to analyst estimates of $48.42 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. Chevron’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the business earned $3.55 earnings per share.

Chevron Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts have weighed in on CVX shares. Jefferies Financial Group raised Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a report on Monday, January 8th. DZ Bank downgraded shares of 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. Barclays started coverage on shares of Chevron in a research note on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price target on the stock. Mizuho lifted their price objective on shares of Chevron from $195.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Finally, Raymond James upped their target price on Chevron from $170.00 to $174.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $184.75.

Insider Buying and Selling at Chevron

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares in the company, valued at $44,184.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.18% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Chevron

Large investors have recently bought and sold shares of the company. Pinnacle Associates Ltd. boosted its stake in Chevron by 0.7% during the 1st quarter. Pinnacle Associates Ltd. now owns 172,093 shares of the oil and gas company’s stock worth $27,146,000 after purchasing an additional 1,136 shares during the last quarter. Trueblood Wealth Management LLC boosted its position in Chevron by 1.2% during the first quarter. Trueblood Wealth Management LLC now owns 17,488 shares of the oil and gas company’s stock worth $2,759,000 after acquiring an additional 211 shares during the last quarter. Sterling Investment Counsel LLC grew its stake in Chevron by 6.8% during the 1st quarter. Sterling Investment Counsel LLC now owns 3,913 shares of the oil and gas company’s stock valued at $617,000 after acquiring an additional 248 shares in the last quarter. Plan Group Financial LLC raised its holdings in Chevron by 46.2% in the 1st quarter. Plan Group Financial LLC now owns 3,993 shares of the oil and gas company’s stock valued at $630,000 after acquiring an additional 1,261 shares during the last quarter. Finally, BLB&B Advisors LLC lifted its stake in Chevron by 0.8% in the 1st quarter. BLB&B Advisors LLC now owns 132,162 shares of the oil and gas company’s stock worth $20,847,000 after purchasing an additional 1,038 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Trading Up 0.3 %

The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $156.58 and a two-hundred day moving average price of $151.83. The firm has a market capitalization of $307.99 billion, a price-to-earnings ratio of 14.60, a PEG ratio of 2.41 and a beta of 1.12.

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.