Chevron (NYSE:CVX) Stock Price Down 2.3% – Here’s Why

Chevron Corporation (NYSE:CVX) shares traded down 2.3% during trading on Thursday . The company traded as low as $172.23 and last traded at $173.5090. Approximately 18,308,951 shares traded hands during trading, an increase of 56% from the average daily volume of 11,757,553 shares. The stock had previously closed at $177.58.

Key Headlines Impacting Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron announced a new offshore exploration deal in Greece, agreeing to acquire a 70% stake and operatorship in Block 10 in the Southern Ionian Sea with HELLENiQ ENERGY. The move expands Chevron’s deepwater footprint in the Eastern Mediterranean and adds a new long-cycle exploration opportunity. Article Title
• Positive Sentiment: Analysts and market commentary remain constructive on Chevron’s fundamentals, noting the company’s strong recent performance, solid quarterly results, and ongoing dividend appeal. Article Title
• Positive Sentiment: Jefferies reiterated a Buy rating on Chevron, reinforcing the view that the stock remains attractive despite volatility in energy prices. Article Title
• Neutral Sentiment: Chevron CEO Mike Wirth has been emphasizing that the investment case is about more than near-term oil prices, pointing investors toward dividends, capital discipline, and long-term strategy rather than just commodity swings. Article Title
• Negative Sentiment: Multiple energy-market headlines highlight easing geopolitical risk and falling crude prices, which can pressure Chevron’s upstream earnings and explain the weaker trading action in CVX today. Article Title
• Negative Sentiment: Commentary about big oil “running on fumes” suggests the recent market rotation away from energy could continue if lower fuel costs persist. Article Title

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CVX shares. Morgan Stanley lifted their price target on Chevron from $212.00 to $214.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. BNP Paribas Exane upgraded shares of Chevron from a “neutral” rating to an “outperform” rating and set a $174.00 target price for the company in a report on Friday, April 17th. Bank of America upped their price target on shares of Chevron from $188.00 to $206.00 and gave the company a “buy” rating in a report on Monday, March 2nd. TD Cowen increased their price target on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a research report on Friday, May 8th. Finally, Piper Sandler raised their price objective on shares of Chevron from $179.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Eighteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $205.70.

Chevron Trading Down 2.3%

The business has a 50-day moving average of $187.58 and a 200 day moving average of $178.90. The stock has a market cap of $345.56 billion, a PE ratio of 30.07, a PEG ratio of 0.59 and a beta of 0.48. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.84 and a current ratio of 1.09.

Chevron (NYSE:CVX) last released its 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 for the quarter, compared to analyst estimates of $51.86 billion. During the same period in the prior year, the firm earned $2.18 EPS. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts predict that Chevron Corporation will post 15.88 EPS for the current fiscal year.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Tuesday, May 19th were given a $1.78 dividend. This represents a $7.12 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, May 19th. Chevron’s payout ratio is currently 123.40%.

Insider Activity at Chevron

In related news, insider R. Hewitt Pate sold 40,200 shares of the firm’s stock in a transaction that occurred on Monday, March 30th. The shares were sold at an average price of $213.30, for a total transaction of $8,574,660.00. Following the sale, the insider owned 8,638 shares in the company, valued at approximately $1,842,485.40. This trade represents a 82.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John B. Hess sold 380,000 shares of Chevron stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following the completion of the sale, the director directly owned 278,045 shares of the company’s stock, valued at $53,718,294. The trade was a 57.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 615,200 shares of company stock worth $118,022,760 in the last three months. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Chevron

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Chevron in the 4th quarter worth about $3,727,586,000. State Street Corp grew its holdings in Chevron by 9.1% in the 3rd quarter. State Street Corp now owns 152,605,988 shares of the oil and gas company’s stock valued at $23,698,184,000 after buying an additional 12,789,399 shares during the period. Berkshire Hathaway Inc increased its stake in shares of Chevron by 6.6% during the 4th quarter. Berkshire Hathaway Inc now owns 130,156,362 shares of the oil and gas company’s stock valued at $19,837,131,000 after acquiring an additional 8,091,570 shares during the last quarter. Primecap Management Co. CA acquired a new position in shares of Chevron during the 3rd quarter valued at about $988,083,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Chevron by 822.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 6,211,258 shares of the oil and gas company’s stock worth $946,658,000 after acquiring an additional 5,537,580 shares during the period. Hedge funds and other institutional investors own 72.42% of the company’s stock.

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.