Chevron (NYSE:CVX) Stock Price Down 0.9% Following Weak Earnings

Shares of Chevron Co. (NYSE:CVX) dropped 0.9% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $163.30 and last traded at $163.83. Approximately 3,409,788 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 8,400,170 shares. The stock had previously closed at $165.28.

The oil and gas company reported $2.93 earnings per share for the quarter, missing the consensus estimate of $3.06 by ($0.13). Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $48.72 billion for the quarter, compared to analyst estimates of $48.42 billion. During the same quarter in the prior year, the firm earned $3.55 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 11th. Stockholders of record on Friday, February 16th were paid a $1.63 dividend. This is a boost from Chevron’s previous quarterly dividend of $1.51. The ex-dividend date was Thursday, February 15th. This represents a $6.52 annualized dividend and a dividend yield of 3.96%. Chevron’s dividend payout ratio is 57.39%.

Analysts Set New Price Targets

Several research analysts recently weighed in on CVX shares. UBS Group increased their price objective on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Jefferies Financial Group upgraded Chevron from a “hold” rating to a “buy” rating and set a $184.00 price target for the company in a report on Monday, January 8th. Truist Financial reduced their price objective on shares of Chevron from $168.00 to $156.00 and set a “hold” rating on the stock in a report on Friday, April 5th. Piper Sandler increased their target price on shares of Chevron from $180.00 to $204.00 and gave the stock an “overweight” rating in a research note on Thursday, April 18th. Finally, Royal Bank of Canada boosted their price target on shares of Chevron from $185.00 to $190.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $184.75.

Insider Activity

In other Chevron news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total transaction of $448,252.00. Following the transaction, the vice president now owns 276 shares of the company’s stock, valued at $44,184.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On Chevron

Several hedge funds have recently made changes to their positions in the business. Pacifica Partners Inc. increased its holdings in shares of Chevron by 1.8% in the first quarter. Pacifica Partners Inc. now owns 3,492 shares of the oil and gas company’s stock valued at $546,000 after purchasing an additional 63 shares during the period. Sweet Financial Partners LLC grew its position in Chevron by 0.7% in the 3rd quarter. Sweet Financial Partners LLC now owns 8,761 shares of the oil and gas company’s stock valued at $1,477,000 after buying an additional 65 shares during the last quarter. Strategic Investment Advisors MI increased its stake in Chevron by 3.8% in the 3rd quarter. Strategic Investment Advisors MI now owns 1,758 shares of the oil and gas company’s stock valued at $296,000 after buying an additional 65 shares during the period. Ellenbecker Investment Group raised its position in Chevron by 1.5% during the 1st quarter. Ellenbecker Investment Group now owns 4,346 shares of the oil and gas company’s stock worth $686,000 after buying an additional 65 shares during the last quarter. Finally, Mayfair Advisory Group LLC lifted its stake in shares of Chevron by 0.7% in the 1st quarter. Mayfair Advisory Group LLC now owns 9,407 shares of the oil and gas company’s stock worth $1,484,000 after acquiring an additional 65 shares during the period. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Trading Down 0.4 %

The firm has a market cap of $305.80 billion, a PE ratio of 14.42, a P/E/G ratio of 2.41 and a beta of 1.12. The company’s fifty day moving average price is $156.35 and its two-hundred day moving average price is $151.84. The company has a quick ratio of 1.01, a current ratio of 1.27 and a debt-to-equity ratio of 0.13.

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.