Chevron (NYSE:CVX) Stock Price Down 2% on Analyst Downgrade

Chevron Co. (NYSE:CVX)’s stock price was down 2% during trading on Monday after DZ Bank downgraded the stock from a buy rating to a sell rating. DZ Bank now has a $130.00 price target on the stock. Chevron traded as low as $135.18 and last traded at $135.78. Approximately 2,587,966 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 7,948,796 shares. The stock had previously closed at $138.50.

Other equities research analysts have also issued reports about the stock. Truist Financial cut their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. UBS Group reduced their target price on Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a report on Monday, April 7th. Scotiabank lowered Chevron from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. BNP Paribas downgraded Chevron to a “cautious” rating in a report on Tuesday, April 15th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $175.00 price target on shares of Chevron in a research report on Monday, February 3rd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $161.25.

Insider Buying and Selling at Chevron

In related news, VP Jeff B. Gustavson sold 9,325 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $152.50, for a total value of $1,422,062.50. Following the sale, the vice president now owns 1,057 shares in the company, valued at $161,192.50. This represents a 89.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CVX. Wilkins Investment Counsel Inc. increased its holdings in Chevron by 6.7% during the 1st quarter. Wilkins Investment Counsel Inc. now owns 14,879 shares of the oil and gas company’s stock valued at $2,489,000 after acquiring an additional 934 shares in the last quarter. USAdvisors Wealth Management LLC acquired a new stake in shares of Chevron in the first quarter valued at approximately $214,000. Elefante Mark B increased its stake in shares of Chevron by 23.1% during the 1st quarter. Elefante Mark B now owns 19,383 shares of the oil and gas company’s stock worth $3,243,000 after purchasing an additional 3,635 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Chevron by 4.7% during the 1st quarter. Cetera Investment Advisers now owns 744,628 shares of the oil and gas company’s stock worth $124,569,000 after purchasing an additional 33,709 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its stake in Chevron by 16.5% in the 1st quarter. Avantax Advisory Services Inc. now owns 259,353 shares of the oil and gas company’s stock valued at $43,387,000 after buying an additional 36,767 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The firm has a 50-day simple moving average of $148.95 and a two-hundred day simple moving average of $152.34. The company has a market cap of $239.22 billion, a PE ratio of 13.98, a P/E/G ratio of 1.46 and a beta of 0.83.

Chevron (NYSE:CVX) last released its earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.03. The company had revenue of $47.61 billion for the quarter, compared to analyst estimates of $49.05 billion. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.93 EPS. Research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current fiscal year.

Chevron Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a dividend yield of 5.03%. The ex-dividend date is Monday, May 19th. Chevron’s dividend payout ratio (DPR) is 78.17%.

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.