Chevron (NYSE:CVX) Shares Down 0% – Here’s What Happened

Chevron Co. (NYSE:CVX) shares were down 0% during mid-day trading on Wednesday . The stock traded as low as $155.80 and last traded at $156.96. Approximately 2,176,855 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 7,630,670 shares. The stock had previously closed at $157.00.

Analyst Ratings Changes

CVX has been the subject of a number of research reports. UBS Group lifted their price objective on shares of Chevron from $194.00 to $195.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Citigroup upgraded shares of Chevron from a “neutral” rating to a “buy” rating and raised their target price for the stock from $145.00 to $185.00 in a research report on Tuesday, November 26th. Barclays increased their price objective on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. Bank of America initiated coverage on shares of Chevron in a research report on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective for the company. Finally, Mizuho decreased their price target on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.13.

Chevron Stock Performance

The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average is $155.29 and its two-hundred day moving average is $152.46. The stock has a market capitalization of $276.52 billion, a P/E ratio of 16.83, a P/E/G ratio of 2.98 and a beta of 1.10.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion for the quarter, compared to analysts’ expectations of $48.86 billion. During the same quarter in the previous year, the company posted $3.05 earnings per share. The business’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron Co. will post 10.5 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is currently 71.65%.

Insider Activity

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $160.13, for a total value of $26,357,398.00. Following the transaction, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

Institutional Investors Weigh In On Chevron

Several institutional investors have recently made changes to their positions in CVX. Birmingham Capital Management Co. Inc. AL grew its stake in Chevron by 2.2% in the 3rd quarter. Birmingham Capital Management Co. Inc. AL now owns 55,072 shares of the oil and gas company’s stock valued at $8,110,000 after buying an additional 1,171 shares during the last quarter. Copley Financial Group Inc. acquired a new position in shares of Chevron during the 3rd quarter worth about $814,000. Inspire Trust Co. N.A. boosted its stake in Chevron by 19.9% during the 3rd quarter. Inspire Trust Co. N.A. now owns 50,868 shares of the oil and gas company’s stock valued at $7,491,000 after purchasing an additional 8,445 shares during the period. Old North State Trust LLC grew its holdings in Chevron by 17.6% in the 3rd quarter. Old North State Trust LLC now owns 2,549 shares of the oil and gas company’s stock valued at $375,000 after buying an additional 381 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in Chevron by 3.4% in the 3rd quarter. Franklin Resources Inc. now owns 17,200,188 shares of the oil and gas company’s stock worth $2,610,645,000 after buying an additional 573,218 shares during the period. 72.42% of the stock is currently owned by institutional investors and hedge funds.

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.