Chevron (NYSE:CVX) Trading Down 0.9% on Analyst Downgrade

Chevron Co. (NYSE:CVX) fell 0.9% during mid-day trading on Wednesday after Piper Sandler lowered their price target on the stock from $173.00 to $162.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as low as $140.95 and last traded at $141.13. 1,327,669 shares were traded during mid-day trading, a decline of 85% from the average session volume of 8,888,965 shares. The stock had previously closed at $142.35.

CVX has been the topic of a number of other research reports. Wells Fargo & Company dropped their target price on shares of Chevron from $173.00 to $164.00 and set an “overweight” rating on the stock in a research report on Monday, May 5th. BNP Paribas lowered shares of Chevron to a “cautious” rating in a research report on Tuesday, April 15th. Redburn Atlantic reaffirmed a “sell” rating and set a $124.00 target price (down previously from $156.00) on shares of Chevron in a research report on Wednesday, April 23rd. Mizuho decreased their price target on shares of Chevron from $188.00 to $186.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, DZ Bank downgraded shares of Chevron from a “buy” rating to a “sell” rating and set a $130.00 price target on the stock. in a research note on Tuesday, May 6th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $160.24.

Hedge Funds Weigh In On Chevron

Several hedge funds have recently made changes to their positions in the business. Allianz SE bought a new position in shares of Chevron in the fourth quarter valued at $9,369,000. Nicholas Company Inc. grew its stake in shares of Chevron by 4.3% in the fourth quarter. Nicholas Company Inc. now owns 80,025 shares of the oil and gas company’s stock valued at $11,591,000 after buying an additional 3,280 shares in the last quarter. Applied Finance Capital Management LLC grew its stake in shares of Chevron by 1.6% in the fourth quarter. Applied Finance Capital Management LLC now owns 179,815 shares of the oil and gas company’s stock valued at $26,044,000 after buying an additional 2,755 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Chevron by 4.5% in the fourth quarter. Cerity Partners LLC now owns 1,205,747 shares of the oil and gas company’s stock valued at $174,817,000 after buying an additional 52,307 shares in the last quarter. Finally, Wedbush Securities Inc. boosted its position in Chevron by 6.8% during the fourth quarter. Wedbush Securities Inc. now owns 118,066 shares of the oil and gas company’s stock worth $17,101,000 after purchasing an additional 7,557 shares during the period. 72.42% of the stock is owned by institutional investors.

Chevron Stock Performance

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 stock’s 50-day simple moving average is $147.20 and its 200 day simple moving average is $151.87. The stock has a market capitalization of $248.63 billion, a P/E ratio of 14.53, a PEG ratio of 1.46 and a beta of 0.83.

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

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 19th will be given a $1.71 dividend. The ex-dividend date is Monday, May 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.84%. Chevron’s payout ratio is presently 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.