Chevron (NYSE:CVX) Stock Falls 1.9% – Here’s What Happened

Chevron Corporation (NYSE:CVX)’s stock price dropped 1.9% during trading on Thursday. The company traded as low as $212.61 and last traded at $212.9180. Approximately 10,153,325 shares were traded during mid-day trading, a decline of 1% from the average session volume of 10,265,658 shares. The stock had previously closed at $216.96.

Trending Headlines about Chevron

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Chevron’s record natural gas production topped 9 billion cubic feet per day in the third quarter, supported by operations in Australia and the Eastern Mediterranean. Higher output could strengthen its position in the liquefied natural gas market. Can Chevron’s Record Natural Gas Output Strengthen Its LNG Position?
• Positive Sentiment: Chevron has advanced negotiations for Iraq’s West Qurna 2 oilfield and is pursuing additional projects, offering potential longer-term upstream growth. Chevron Advances Iraq Oilfield Deal, Expands Growth Prospects
• Neutral Sentiment: A Chevron executive reported an exercise-and-sell transaction involving 24,439 shares. The transaction may attract investor attention, but the headline alone does not establish a change in the company’s outlook. Chevron’s Jeff Gustavson Sells 24,439 CVX Shares in Exercise-and-Sell
• Negative Sentiment: The main near-term headwind is a political shift that triggered an oil selloff and pulled energy shares lower. A separate analysis flags Texas permitting uncertainty around Chevron’s planned power project for a Microsoft data center as a risk to its 2028 target. Chevron Has Become Very Interesting Again Following the Midterms
• Negative Sentiment: DZ Bank lowered its rating on CVX, adding to cautious sentiment, though the report provided here does not specify the rationale. Chevron Stock Rating Lowered by DZ Bank

Analyst Upgrades and Downgrades

CVX has been the subject of a number of research reports. Argus lifted their target price on Chevron from $206.00 to $211.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. UBS Group raised their target price on shares of Chevron from $235.00 to $265.00 and gave the stock a “buy” rating in a report on Monday. BMO Capital Markets lifted their price target on Chevron from $210.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, September 3rd. William Blair started coverage on Chevron in a report on Wednesday, October 28th. They set an “outperform” rating on the stock. Finally, JPMorgan Chase & Co. upped their price target on Chevron from $190.00 to $222.00 and gave the company an “overweight” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and a consensus target price of $222.04.

Chevron Trading Down 1.9%

The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.19. The company has a market cap of $420.68 billion, a PE ratio of 15.58, a P/E/G ratio of 0.53 and a beta of 0.47. The business’s 50-day simple moving average is $214.40 and its 200-day simple moving average is $193.93.

Chevron (NYSE:CVX) last issued its earnings results on Friday, October 30th. The oil and gas company reported $5.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.87 by $0.41. Chevron had a net margin of 11.56% and a return on equity of 14.64%. The company had revenue of $65.24 billion during the quarter, compared to analyst estimates of $61.82 billion. During the same quarter last year, the business posted $1.85 EPS. The company’s revenue for the quarter was up 36.3% on a year-over-year basis. As a group, analysts expect that Chevron Corporation will post 18.26 EPS for the current fiscal year.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 18th will be given a $1.78 dividend. This represents a $7.12 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, November 18th. Chevron’s dividend payout ratio is presently 52.08%.

Insider Transactions at Chevron

In related news, CEO Michael K. Wirth sold 317,100 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $200.46, for a total value of $63,565,866.00. Following the completion of the sale, the chief executive officer owned 26,308 shares of the company’s stock, valued at approximately $5,273,701.68. The trade was a 92.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider R. Pate sold 40,700 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $226.65, for a total value of $9,224,655.00. Following the completion of the transaction, the insider owned 8,791 shares in the company, valued at $1,992,480.15. This represents a 82.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 379,470 shares of company stock valued at $77,216,415 in the last three months. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Chevron

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gemmer Asset Management LLC lifted its position in shares of Chevron by 1.1% in the third quarter. Gemmer Asset Management LLC now owns 4,254 shares of the oil and gas company’s stock worth $869,000 after buying an additional 47 shares during the last quarter. Livet Wealth LLC increased its holdings in shares of Chevron by 4.0% during the 3rd quarter. Livet Wealth LLC now owns 1,268 shares of the oil and gas company’s stock valued at $259,000 after acquiring an additional 49 shares during the last quarter. Uhlmann Price Securities LLC increased its holdings in shares of Chevron by 3.1% during the 3rd quarter. Uhlmann Price Securities LLC now owns 1,639 shares of the oil and gas company’s stock valued at $335,000 after acquiring an additional 49 shares during the last quarter. First PREMIER Bank increased its holdings in shares of Chevron by 0.8% during the 2nd quarter. First PREMIER Bank now owns 6,450 shares of the oil and gas company’s stock valued at $1,070,000 after acquiring an additional 50 shares during the last quarter. Finally, Vanguard Capital Wealth Advisors raised its stake in shares of Chevron by 1.8% in the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,818 shares of the oil and gas company’s stock valued at $467,000 after acquiring an additional 50 shares in the last quarter. Institutional investors own 72.42% of the company’s stock.

About Chevron

Chevron Corporation (NYSE:CVX) is an integrated energy company engaged in the exploration, development, production, transportation and sale of crude oil and natural gas. Its upstream operations include oil and gas exploration and production, while its downstream business includes refining crude oil, marketing fuels and manufacturing and distributing lubricants, petrochemicals and fuel additives.

The company also invests in lower-carbon businesses and technologies, including renewable fuels, carbon capture and storage, hydrogen and other opportunities intended to reduce emissions from its operations and energy products.