Chevron (NYSE:CVX) Stock Price Down 2.7% – Here’s What Happened
by Teresa Graham · The Cerbat GemChevron Corporation (NYSE:CVX – Get Free Report)’s stock price traded down 2.7% on Monday . The stock traded as low as $203.50 and last traded at $203.76. 8,449,117 shares traded hands during trading, a decline of 21% from the average session volume of 10,726,331 shares. The stock had previously closed at $209.51.
Chevron News Summary
Here are the key news stories impacting Chevron this week:
- Positive Sentiment: Chevron is reportedly planning to more than double the number of rigs it operates in Venezuela as part of a five-year effort to increase production. Venezuelan crude imports into the U.S. recently reached a nine-year high, potentially giving Chevron—one of the few U.S. companies operating there—greater access to attractive production growth. Chevron Supercharges its Venezuela Bet with More Oil Rigs
- Positive Sentiment: At the Gastech conference, Chevron and ExxonMobil emphasized expectations for continued long-term LNG demand. This supports Chevron’s strategy of expanding its natural-gas and LNG exposure, although the benefits are primarily longer term. Chevron and ExxonMobil Double Down on LNG
- Neutral Sentiment: Broader markets are being supported by optimism over U.S.-China discussions and upcoming high-level meetings. However, the macroeconomic and geopolitical implications for Chevron remain uncertain and do not appear to be the main driver of the stock’s move. Stock Market Today
- Neutral Sentiment: Recent commentary from Chevron’s leadership has highlighted the importance of oil prices to the economy and the company’s outlook. Analysts continue to frame the stock’s longer-term case around production growth, dividends and the possibility of stronger commodity prices. Chevron CEO Sends a Strong Message on Oil Price and the Economy
- Negative Sentiment: Global crude oil prices continued to decline, creating near-term pressure on Chevron’s realized prices, cash flow and upstream profitability. This commodity-price headwind is the clearest explanation for CVX underperforming while the major U.S. equity indexes advance. Why Is Chevron Stock Falling on Monday?
Analysts Set New Price Targets
Several equities research analysts have recently commented on the stock. Barclays lowered their price target on shares of Chevron from $216.00 to $208.00 and set an “equal weight” rating for the company in a research report on Monday, August 17th. Dbs Bank raised shares of Chevron to a “moderate buy” rating in a research note on Thursday, August 6th. Wolfe Research raised shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Thursday, July 2nd. Piper Sandler lifted their target price on shares of Chevron from $207.00 to $243.00 and gave the stock an “overweight” rating in a report on Thursday, September 3rd. Finally, TD Cowen upped their target price on shares of Chevron from $200.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 5th. Twenty analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $211.35.
View Our Latest Stock Analysis on CVX
Chevron Stock Performance
The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.98. The company has a market cap of $402.58 billion, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 0.61 and a beta of 0.50. The stock has a 50-day moving average price of $199.40 and a 200 day moving average price of $191.75.
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The oil and gas company reported $6.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.55 by $0.51. The business had revenue of $67.20 billion during the quarter, compared to analyst estimates of $62.72 billion. Chevron had a return on equity of 11.09% and a net margin of 9.57%.Chevron’s quarterly revenue was up 57.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.77 EPS. As a group, analysts anticipate that Chevron Corporation will post 16.51 EPS for the current fiscal year.
Chevron Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Wednesday, August 19th were given a dividend of $1.78 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $7.12 annualized dividend and a dividend yield of 3.5%. Chevron’s dividend payout ratio is currently 68.26%.
Insider Activity at Chevron
In other Chevron news, insider R. Pate sold 2,470 shares of the stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $205.11, for a total transaction of $506,621.70. Following the completion of the transaction, the insider owned 10,794 shares in the company, valued at approximately $2,213,957.34. This represents a 18.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John B. Hess sold 100,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $194.26, for a total value of $19,426,000.00. Following the transaction, the director owned 178,045 shares of the company’s stock, valued at approximately $34,587,021.70. This trade represents a 35.97% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 1,152,582 shares of company stock valued at $225,853,661. Insiders own 0.56% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Chevron in the second quarter valued at approximately $25,663,729,000. Berkshire Hathaway Inc boosted its holdings in Chevron by 6.6% during 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 purchasing an additional 8,091,570 shares during the last quarter. Geode Capital Management LLC grew its position in 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 valued at $6,620,187,000 after purchasing an additional 134,890 shares in the last quarter. Bank of America Corp DE grew its position in Chevron by 5.1% in the first quarter. Bank of America Corp DE now owns 27,630,227 shares of the oil and gas company’s stock valued at $5,716,694,000 after purchasing an additional 1,334,976 shares in the last quarter. Finally, Norges Bank acquired a new stake in Chevron in the 4th quarter valued at $3,727,586,000. 72.42% of the stock is currently owned by institutional investors.
Chevron Company Profile
Chevron Corporation is an integrated energy company engaged in the exploration, production, transportation and sale of crude oil and natural gas. The company also manufactures and markets transportation fuels, lubricants, petrochemicals and additives through operations and brands that include Chevron, Texaco and Caltex.
Chevron’s upstream activities include oil and natural gas exploration and production, while its downstream business includes refining, fuel marketing, transportation and related energy services.