Shares of Chevron Corporation (NYSE:CVX – Get Free Report) dropped 4.3% during trading on Wednesday . The company traded as low as $188.60 and last traded at $192.8130. Approximately 17,154,542 shares changed hands during mid-day trading, an increase of 30% from the average daily volume of 13,208,263 shares. The stock had previously closed at $201.54.
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Confirmed oil discovery at the Bandit prospect in the Gulf of America bolsters Chevron’s deepwater growth optionality and potential future production/tie‑back opportunities. Chevron Confirms Major Oil Discovery in the Gulf of America
- Positive Sentiment: Short interest fell materially in March (down ~14.5% to ~21.0M shares; days‑to‑cover ~1.3), reducing one potential source of near‑term downside pressure.
- Positive Sentiment: Chevron approved the ~$690M Aseng gas project, strengthening its LNG growth profile and future cash‑flow diversification. Chevron Approves $690M Aseng Gas Project to Boost LNG Supply
- Neutral Sentiment: Street estimates are split: some reports forecast a Q1 upstream boost (+$1.6B–$2.2B) from higher oil/gas prices, supporting earnings upside if prices hold. Chevron forecasts up to $2.2 bln boost to upstream earnings from higher prices in Q1
- Neutral Sentiment: Analysts warn Q1 will be “noisy” with offsetting forces (price tailwinds vs hedging/volatility); the report due May 1 is a likely catalyst. Chevron Q1 Earnings Will Be ‘Noisy’ As Headwinds Reverse To Tailwinds: Analyst
- Negative Sentiment: Chevron warned that Middle East volatility and related effects (including hedging) could hit Q1 earnings and cash flow materially — management cited an adverse impact in the multi‑billion‑dollar range, prompting UBS to cut near‑term forecasts. Chevron flags multi-billion-dollar hit from Middle East volatility
- Negative Sentiment: Public commentary highlights hedging risks and potential earnings drag from geopolitical disruptions, adding downside risk to near‑term prints. Chevron sees Iran war oil boost, warns hedging to weigh
- Negative Sentiment: Wall Street previews suggest EPS could be down double digits in Q1 absent favorable price offsets, increasing the chance of volatile reaction at the report. Chevron’s Quarterly Earnings Preview: What You Need to Know
Analyst Upgrades and Downgrades
CVX has been the subject of a number of research reports. Citigroup boosted their price target on shares of Chevron from $210.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Bank of America upped their price objective on shares of Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. Jefferies Financial Group upped their price objective on shares of Chevron from $174.00 to $189.00 and gave the company a “buy” rating in a research note on Wednesday, January 14th. UBS Group reaffirmed a “buy” rating and issued a $212.00 price objective on shares of Chevron in a research note on Monday, February 2nd. Finally, Barclays upped their price objective on shares of Chevron from $172.00 to $180.00 and gave the company an “equal weight” rating in a research note on Monday, March 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $190.04.
Chevron Stock Down 0.9%
The stock’s fifty day moving average is $191.27 and its 200 day moving average is $167.75. The company has a current ratio of 1.15, a quick ratio of 0.86 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $375.68 billion, a P/E ratio of 28.31, a price-to-earnings-growth ratio of 1.43 and a beta of 0.60.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings data on Friday, January 30th. The oil and gas company reported $1.52 EPS for the quarter, topping the consensus estimate of $1.44 by $0.08. Chevron had a net margin of 6.51% and a return on equity of 7.89%. The business had revenue of $45.79 billion during the quarter, compared to analyst estimates of $48.18 billion. During the same period in the prior year, the business earned $2.06 EPS. The company’s revenue for the quarter was down 10.2% on a year-over-year basis. Research analysts predict that Chevron Corporation will post 10.79 EPS for the current fiscal year.
Chevron Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 17th were given a dividend of $1.78 per share. This is a positive change from Chevron’s previous quarterly dividend of $1.71. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $7.12 annualized dividend and a yield of 3.8%. Chevron’s payout ratio is currently 106.91%.
Insider Activity at Chevron
In other news, CEO Michael K. Wirth sold 272,624 shares of the firm’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the sale, the chief executive officer owned 31,266 shares of the company’s stock, valued at $5,920,217.10. This trade represents a 89.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. The trade was a 82.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 782,607 shares of company stock worth $146,510,571 in the last ninety days. 0.21% of the stock is currently owned by company insiders.
Institutional Trading of Chevron
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Chevron by 17.9% during the 3rd quarter. Vanguard Group Inc. now owns 183,790,028 shares of the oil and gas company’s stock valued at $28,540,753,000 after acquiring an additional 27,961,463 shares during the last quarter. State Street Corp boosted its holdings in shares of Chevron by 9.1% in the third quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock worth $23,698,184,000 after buying an additional 12,789,399 shares during the last quarter. Berkshire Hathaway Inc boosted its holdings in shares of Chevron by 6.6% in the fourth quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock worth $19,837,131,000 after buying an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Chevron by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 43,613,011 shares of the oil and gas company’s stock worth $6,620,187,000 after buying an additional 134,890 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 36,036,844 shares of the oil and gas company’s stock worth $5,492,377,000 after buying an additional 961,341 shares during the last quarter. Hedge funds and other institutional investors own 72.42% of the company’s stock.
Chevron Company Profile
Chevron Corporation (NYSE: CVX) is an American multinational energy company engaged in virtually all aspects of the oil and gas industry. As an integrated energy firm, Chevron’s core activities include upstream oil and natural gas exploration and production, midstream transportation and storage, downstream refining and marketing of fuels and lubricants, and petrochemical manufacturing through joint ventures and subsidiaries. The company markets fuels under brands such as Chevron, Texaco and Caltex and supplies a range of products and services to retail customers, industrial users and commercial fleets worldwide.
Chevron traces its corporate lineage to the early petroleum companies that eventually became Standard Oil of California and has evolved through significant mergers and restructurings, including the acquisitions of Gulf Oil and Texaco.
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