Shares of Chevron Co. (NYSE:CVX – Get Free Report) dropped 1.7% during trading on Tuesday . The stock traded as low as $137.19 and last traded at $137.86. Approximately 2,429,228 shares traded hands during trading, a decline of 69% from the average daily volume of 7,749,616 shares. The stock had previously closed at $140.30.
Analyst Ratings Changes
A number of equities analysts have recently commented on CVX shares. Royal Bank of Canada dropped their price target on shares of Chevron from $190.00 to $180.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Mizuho raised their price target on Chevron from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Wolfe Research assumed coverage on Chevron in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Barclays lowered their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $183.82.
Get Our Latest Research Report on CVX
Chevron Stock Performance
Chevron (NYSE:CVX – Get Free Report) last posted its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). The firm had revenue of $51.18 billion during the quarter, compared to the consensus estimate of $48.68 billion. Chevron had a net margin of 9.31% and a return on equity of 13.70%. The business’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $3.08 EPS. Equities analysts forecast that Chevron Co. will post 11.86 EPS for the current year.
Chevron Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.75%. The ex-dividend date is Monday, August 19th. Chevron’s payout ratio is presently 59.98%.
Institutional Investors Weigh In On Chevron
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVX. Eagle Capital Management LLC lifted its holdings in Chevron by 0.5% during the 1st quarter. Eagle Capital Management LLC now owns 34,455 shares of the oil and gas company’s stock worth $5,435,000 after buying an additional 163 shares in the last quarter. Lane & Associates LLC bought a new position in Chevron in the first quarter valued at about $345,000. Seven Mile Advisory increased its position in Chevron by 9.8% in the fourth quarter. Seven Mile Advisory now owns 2,766 shares of the oil and gas company’s stock worth $413,000 after purchasing an additional 247 shares during the period. KCM Investment Advisors LLC raised its holdings in Chevron by 2.5% during the 1st quarter. KCM Investment Advisors LLC now owns 331,550 shares of the oil and gas company’s stock worth $52,299,000 after purchasing an additional 8,168 shares during the last quarter. Finally, Livelsberger Financial Advisory acquired a new position in Chevron during the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 72.42% of the company’s stock.
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.
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