Chevron (NYSE:CVX) Stock Price Down 1.9% – Here’s Why

Chevron Corporation (NYSE:CVX)’s stock price fell 1.9% during mid-day trading on Thursday. The company traded as low as $212.61 and last traded at $212.9180. 10,153,325 shares changed hands during trading, a decline of 1% from the average session volume of 10,265,658 shares. The stock had previously closed at $216.96.

Key Stories Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record natural gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Higher output could strengthen its position in the liquefied natural gas market. Can Chevron’s Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Chevron has advanced negotiations for Iraq’s West Qurna 2 oilfield and is pursuing additional projects, offering potential longer-term upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Neutral Sentiment: A Chevron executive reported an exercise-and-sell transaction involving 24,439 shares. The transaction may attract investor attention, but the headline alone does not establish a change in the company’s outlook. Chevron’s Jeff Gustavson Sells 24,439 CVX Shares in Exercise-and-Sell
• Negative Sentiment: The main near-term headwind is a political shift that triggered an oil selloff and pulled energy shares lower. A separate analysis flags Texas permitting uncertainty around Chevron’s planned power project for a Microsoft data center as a risk to its 2028 target. Chevron Has Become Very Interesting Again Following the Midterms
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding to cautious sentiment, though the report provided here does not specify the rationale. Chevron Stock Rating Lowered by DZ Bank

Wall Street Analysts Forecast Growth

CVX has been the topic of a number of recent analyst reports. TD Cowen raised their price target on shares of Chevron from $215.00 to $225.00 and gave the stock a “hold” rating in a report on Monday, October 12th. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. HSBC set a $90.00 target price on shares of Chevron in a report on Friday, September 25th. Sanford C. Bernstein raised their target price on Chevron from $204.00 to $209.00 and gave the stock a “market perform” rating in a research note on Monday, August 3rd. Finally, Mizuho set a $234.00 price target on Chevron in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $222.04.

Chevron Stock Down 1.9%

The stock’s 50 day simple moving average is $214.40 and its two-hundred day simple moving average is $193.93. The firm has a market cap of $420.68 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.53 and a beta of 0.47. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share for the quarter, topping the consensus estimate of $4.87 by $0.41. Chevron had a return on equity of 14.64% and a net margin of 11.56%. The company had revenue of $65.24 billion for the quarter, compared to the consensus estimate of $61.82 billion. During the same quarter in the prior year, the business posted $1.85 EPS. The firm’s quarterly revenue was up 36.3% compared to the same quarter last year. As a group, research analysts forecast that Chevron Corporation will post 18.26 earnings per share for the current year.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 18th will be paid a $1.78 dividend. The ex-dividend date is Wednesday, November 18th. This represents a $7.12 dividend on an annualized basis and a yield of 3.3%. Chevron’s payout ratio is presently 52.08%.

Insider Activity at Chevron

In other news, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $226.65, for a total transaction of $9,224,655.00. Following the sale, the insider owned 8,791 shares in the company, valued at $1,992,480.15. This represents a 82.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Wirth sold 317,100 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the transaction, the chief executive officer directly owned 26,308 shares in the company, valued at $5,273,701.68. This trade represents a 92.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 379,470 shares of company stock valued at $77,216,415. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Chevron

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Chevron during the 2nd quarter worth approximately $25,663,729,000. Bank of New York Mellon Corp acquired a new stake in shares of Chevron during the second quarter valued at about $2,378,114,000. Legal & General Group Plc acquired a new stake in shares of Chevron during the second quarter valued at about $1,462,412,000. Deutsche Bank AG purchased a new stake in shares of Chevron during the second quarter worth about $1,189,577,000. Finally, State Street Corp increased its position in shares of Chevron by 3.9% during the second quarter. State Street Corp now owns 159,136,768 shares of the oil and gas company’s stock worth $28,016,651,000 after acquiring an additional 5,998,852 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 integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.