Chevron (NYSE:CVX) Stock Price Down 2.3% on Analyst Downgrade

Chevron Co. (NYSE:CVX)’s stock price was down 2.3% on Monday after UBS Group lowered their price target on the stock from $194.00 to $185.00. UBS Group currently has a buy rating on the stock. Chevron traded as low as $137.29 and last traded at $139.99. Approximately 5,375,634 shares changed hands during trading, a decline of 30% from the average daily volume of 7,689,106 shares. The stock had previously closed at $143.28.

A number of other research analysts have also weighed in on the stock. Truist Financial cut their price target on shares of Chevron from $164.00 to $160.00 and set a “hold” rating on the stock in a research note on Tuesday, February 4th. Raymond James reduced their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating for the company in a research note on Monday, February 3rd. Piper Sandler cut their price target on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Wells Fargo & Company reduced their price objective on Chevron from $188.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, February 3rd. Finally, Barclays cut their target price on Chevron from $174.00 to $171.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 5th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $173.53.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $152.50, for a total value of $1,422,062.50. Following the completion of the sale, the vice president now owns 1,057 shares of the company’s stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. First County Bank CT increased its holdings in Chevron by 1.2% in the 1st quarter. First County Bank CT now owns 7,253 shares of the oil and gas company’s stock valued at $1,213,000 after buying an additional 84 shares during the period. GoalVest Advisory LLC increased its stake in Chevron by 6.6% in the first quarter. GoalVest Advisory LLC now owns 7,822 shares of the oil and gas company’s stock valued at $1,309,000 after acquiring an additional 482 shares during the last quarter. GAMMA Investing LLC raised its position in Chevron by 21,191.5% during the first quarter. GAMMA Investing LLC now owns 5,408,248 shares of the oil and gas company’s stock valued at $904,746,000 after purchasing an additional 5,382,847 shares in the last quarter. Howard Financial Services LTD. lifted its stake in Chevron by 11.6% during the first quarter. Howard Financial Services LTD. now owns 4,924 shares of the oil and gas company’s stock worth $824,000 after purchasing an additional 512 shares during the last quarter. Finally, Nexus Investment Management ULC increased its stake in shares of Chevron by 14.8% in the 1st quarter. Nexus Investment Management ULC now owns 7,576 shares of the oil and gas company’s stock valued at $1,267,000 after purchasing an additional 976 shares during the last quarter. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The company has a market cap of $246.15 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 1.46 and a beta of 0.93. The business has a fifty day moving average price of $157.04 and a 200 day moving average price of $154.21.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 EPS for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same period last year, the company posted $3.45 EPS. As a group, research analysts anticipate that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 14th were paid a $1.71 dividend. This is an increase from Chevron’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend was Friday, February 14th. This represents a $6.84 annualized dividend and a yield of 4.89%. Chevron’s dividend payout ratio is presently 70.37%.

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.