Chevron Corporation (NYSE:CVX – Get Free Report)’s stock price was down 2.3% during trading on Thursday . The stock traded as low as $172.23 and last traded at $173.5090. 18,308,951 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 11,757,553 shares. The stock had previously closed at $177.58.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on the stock. BNP Paribas Exane raised shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price on the stock in a research note on Friday, April 17th. Mizuho increased their price target on shares of Chevron from $225.00 to $230.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Morgan Stanley raised their price objective on shares of Chevron from $212.00 to $214.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $215.00 price objective on the stock in a research report on Friday, March 20th. Finally, Weiss Ratings downgraded Chevron from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 2nd. Eighteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $205.70.
Read Our Latest Research Report on CVX
Chevron Stock Down 0.1%
Chevron (NYSE:CVX – Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.41. Chevron had a net margin of 5.79% and a return on equity of 6.90%. The company had revenue of $47.56 billion during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period last year, the company posted $2.18 EPS. Chevron’s revenue was up 2.1% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 15.88 EPS for the current fiscal year.
Chevron Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Tuesday, May 19th were paid a dividend of $1.78 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. Chevron’s dividend payout ratio (DPR) is currently 123.40%.
Insider Buying and Selling
In other news, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the transaction, the director directly owned 278,045 shares in the company, valued at approximately $53,718,294. This trade represents a 57.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider R. Hewitt Pate sold 40,200 shares of the business’s stock in a transaction that occurred on Monday, March 30th. The stock was sold at an average price of $213.30, for a total value of $8,574,660.00. Following the completion of the sale, the insider directly owned 8,638 shares in the company, valued at approximately $1,842,485.40. This represents a 82.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 615,200 shares of company stock valued at $118,022,760 in the last ninety days. Insiders own 0.56% of the company’s stock.
Institutional Investors Weigh In On Chevron
A number of institutional investors have recently modified their holdings of CVX. Midwest Capital Advisors LLC bought a new position in Chevron in the 1st quarter worth about $25,000. Core Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter valued at about $26,000. Phillip James Consulting Co. bought a new stake in Chevron during the 4th quarter valued at about $26,000. Basso Capital Management L.P. bought a new stake in Chevron during the 4th quarter valued at about $27,000. Finally, Karpus Management Inc. purchased a new position in Chevron in the fourth quarter worth about $27,000. 72.42% of the stock is owned by hedge funds and other institutional investors.
About Chevron
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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