Chevron (NYSE:CVX) Stock Price Down 0.9% After Analyst Downgrade

Shares of Chevron Co. (NYSE:CVX) were down 0.9% on Thursday after Piper Sandler lowered their price target on the stock from $184.00 to $173.00. Piper Sandler currently has an overweight rating on the stock. Chevron traded as low as $142.73 and last traded at $142.80. Approximately 2,936,140 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 7,694,600 shares. The stock had previously closed at $144.08.

A number of other research firms have also recently commented on CVX. Bank of America started coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research report on Monday, December 9th. Citigroup raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $185.00 in a report on Tuesday, November 26th. UBS Group upped their target price on shares of Chevron from $194.00 to $195.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Mizuho reduced their price target on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.19.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at approximately $685,356.40. This represents a 97.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Tacita Capital Inc lifted its holdings in Chevron by 16.7% in the third quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock worth $67,000 after buying an additional 65 shares during the period. Wallace Capital Management Inc. raised its position in shares of Chevron by 0.8% in the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock worth $1,212,000 after acquiring an additional 65 shares in the last quarter. Cyndeo Wealth Partners LLC lifted its stake in shares of Chevron by 0.3% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after purchasing an additional 67 shares during the period. S.A. Mason LLC boosted its position in shares of Chevron by 0.7% during the third quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock valued at $1,330,000 after purchasing an additional 67 shares in the last quarter. Finally, Jag Capital Management LLC boosted its holdings in shares of Chevron by 5.2% during the 3rd quarter. Jag Capital Management LLC now owns 1,366 shares of the oil and gas company’s stock valued at $201,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Down 2.0 %

The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm has a market cap of $253.66 billion, a PE ratio of 15.51, a PEG ratio of 2.93 and a beta of 1.10. The stock’s fifty day simple moving average is $155.00 and its two-hundred day simple moving average is $152.05.

Chevron (NYSE:CVX) last announced its 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 net margin of 8.44% and a return on equity of 13.15%. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. During the same period in the previous year, the business earned $3.05 EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, sell-side analysts forecast that Chevron Co. will post 10.5 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 4.62%. The ex-dividend date of this dividend was Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.