Chevron (NYSE:CVX) Stock Price Down 3.2% Following Weak Earnings

Shares of Chevron Co. (NYSE:CVX) fell 3.2% during mid-day trading on Monday following a dissappointing earnings announcement. The company traded as low as $143.48 and last traded at $143.82. 3,885,953 shares were traded during mid-day trading, a decline of 50% from the average session volume of 7,831,322 shares. The stock had previously closed at $148.55.

The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.93 by ($0.38). The business had revenue of $51.18 billion during the quarter, compared to analysts’ expectations of $48.68 billion. Chevron had a return on equity of 14.40% and a net margin of 10.21%. The firm’s revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the company posted $3.08 earnings per share.

Chevron Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Shareholders of record on Monday, August 19th will be given a $1.63 dividend. This represents a $6.52 annualized dividend and a yield of 4.55%. The ex-dividend date is Monday, August 19th. Chevron’s payout ratio is currently 59.98%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVX shares. UBS Group upped their target price on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Truist Financial dropped their target price on Chevron from $156.00 to $154.00 and set a “hold” rating on the stock in a research report on Monday. Barclays dropped their target price on Chevron from $203.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday. HSBC upped their target price on Chevron from $175.00 to $178.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Finally, Raymond James upped their target price on Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $183.82.

Insiders Place Their Bets

In other Chevron news, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total value of $421,196.76. Following the transaction, the director now directly owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of Chevron stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total value of $600,862.50. Following the transaction, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the transaction, the director now directly owns 27,725 shares in the company, valued at $4,581,279. The disclosure for this sale can be found here. Company insiders own 0.20% of the company’s stock.

Institutional Trading of Chevron

Several institutional investors have recently modified their holdings of CVX. Norges Bank acquired a new stake in shares of Chevron during the 4th quarter worth approximately $2,902,007,000. Berkshire Hathaway Inc grew its holdings in shares of Chevron by 14.4% during the 4th quarter. Berkshire Hathaway Inc now owns 126,093,326 shares of the oil and gas company’s stock worth $18,808,081,000 after purchasing an additional 15,845,037 shares in the last quarter. Capital World Investors grew its holdings in shares of Chevron by 43.5% during the 4th quarter. Capital World Investors now owns 15,513,887 shares of the oil and gas company’s stock worth $2,314,070,000 after purchasing an additional 4,700,289 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Chevron by 73,888.2% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 4,602,805 shares of the oil and gas company’s stock worth $686,554,000 after purchasing an additional 4,596,584 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Chevron by 8.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 26,235,473 shares of the oil and gas company’s stock worth $3,886,821,000 after purchasing an additional 1,999,332 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

Chevron Price Performance

The company has a market cap of $263.88 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 2.39 and a beta of 1.10. The company has a fifty day moving average price of $156.10 and a two-hundred day moving average price of $156.11. The company has a current ratio of 1.23, a quick ratio of 0.93 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.