Chevron (NYSE:CVX) Stock Price Down 1.3% – Should You Sell?

Chevron Corporation (NYSE:CVX) shares were down 1.3% during mid-day trading on Wednesday . The stock traded as low as $180.67 and last traded at $182.2390. Approximately 9,091,987 shares were traded during trading, a decline of 25% from the average daily volume of 12,200,249 shares. The stock had previously closed at $184.71.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron is pushing ahead with international growth, filing to take a 70% stake in an offshore Greek gas block and deepening its Mediterranean expansion strategy. Chevron files request to acquire offshore Greek block, energy ministry says
• Positive Sentiment: Chevron executives warned that global crude inventories are falling quickly, which could support higher oil prices and improve upstream earnings if tight supply persists. Exxon, Chevron heads warn of higher oil prices amid falling inventories
• Positive Sentiment: Ongoing tension in the Strait of Hormuz, including reports of vessel attacks and Chevron’s warning that shipping risks remain “very real,” could keep crude prices elevated and support Chevron’s upstream business. Ships Attacked in Strait of Hormuz This Week, Chevron Says
• Neutral Sentiment: Chevron appointed Scott A. Keller as general counsel and announced the planned retirement of Chief Legal Officer R. Hewitt Pate, a management transition that appears orderly and unlikely to affect near-term operations. Chevron Names New General Counsel
• Negative Sentiment: Oil prices weakened as traders bet on a potential U.S.-Iran truce renewal and improved Strait of Hormuz access, which could reduce the geopolitical risk premium that has been helping energy stocks. Oil Prices Soften as Traders Bet on Renewal of US-Iran Truce

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CVX shares. UBS Group raised their target price on shares of Chevron from $218.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, May 4th. TD Cowen raised their price objective on Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research report on Friday, May 8th. Barclays upped their target price on Chevron from $192.00 to $213.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Scotiabank raised their target price on Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Melius Research raised Chevron from a “hold” rating to a “buy” rating and set a $205.00 price target on the stock in a research report on Tuesday, February 17th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $205.70.

Chevron Trading Down 0.3%

The business’s 50-day simple moving average is $192.60 and its two-hundred day simple moving average is $175.64. The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $363.34 billion, a PE ratio of 31.53, a PEG ratio of 0.60 and a beta of 0.51.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.00 by $0.41. Chevron had a return on equity of 6.90% and a net margin of 5.79%.The business had revenue of $47.56 billion for the quarter, compared to analysts’ expectations of $51.86 billion. During the same quarter in the previous year, the firm posted $2.18 earnings per share. The company’s revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that Chevron Corporation will post 15.74 earnings per share for the current year.

Chevron Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th will be issued a dividend of $1.78 per share. This represents a $7.12 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, May 19th. Chevron’s dividend payout ratio (DPR) is currently 123.40%.

Insider Buying and Selling

In other news, insider Andrew Benjamin Walz sold 11,600 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $188.58, for a total value of $2,187,528.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael K. Wirth sold 272,624 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $189.35, for a total transaction of $51,621,354.40. Following the transaction, the chief executive officer directly owned 31,266 shares in the company, valued at $5,920,217.10. The trade was a 89.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,144,224 shares of company stock worth $218,075,038. 0.56% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Chevron

A number of institutional investors have recently made changes to their positions in the company. Dakota Wealth Management grew its position in Chevron by 14.9% during the 4th quarter. Dakota Wealth Management now owns 83,265 shares of the oil and gas company’s stock worth $12,690,000 after purchasing an additional 10,822 shares during the last quarter. Brooklyn FI LLC purchased a new position in shares of Chevron in the third quarter worth $431,000. Clear Trail Advisors LLC acquired a new stake in shares of Chevron during the fourth quarter worth $10,167,000. Finemark National Bank & Trust grew its holdings in shares of Chevron by 40.3% during the third quarter. Finemark National Bank & Trust now owns 56,535 shares of the oil and gas company’s stock valued at $8,779,000 after buying an additional 16,243 shares during the last quarter. Finally, Curtis Advisory Group LLC purchased a new stake in shares of Chevron during the fourth quarter valued at $1,381,000. 72.42% of the stock is currently owned by institutional investors.

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.