Chevron (NYSE:CVX) Shares Down 1.1% – What’s Next?

Chevron Corporation (NYSE:CVX) shares traded down 1.1% during mid-day trading on Thursday . The company traded as low as $173.90 and last traded at $174.05. Approximately 6,565,375 shares were traded during trading, a decline of 43% from the average daily volume of 11,596,687 shares. The stock had previously closed at $175.97.

More Chevron News

Here are the key news stories impacting Chevron this week:

• Positive Sentiment: Rising crude prices tied to the fraying U.S.-Iran ceasefire and concern over the Strait of Hormuz are boosting Chevron and other oil stocks, since higher oil prices can lift upstream earnings and cash flow. Ceasefire Cracks, Oil Bounces: Why Exxon, Chevron Stocks Are Hot Again
• Positive Sentiment: Chevron announced a technology licensing deal with ZL Chemicals to commercialize its enhanced oil recovery and surfactant technology, which could improve shale output and extend well life, a potentially supportive long-term growth story. Chevron offers rival drillers its chemical technology to boost shale oil output
• Positive Sentiment: Analyst coverage remains constructive, with RBC reiterating a Buy rating and a $220 target, reinforcing the view that Chevron still has upside despite recent volatility. Chevron’s (CVX) Data Center Ambitions Are A Great Way To Play The AI Power Bottleneck
• Neutral Sentiment: Articles highlighting Chevron as a strong dividend and blue-chip energy holding may support investor interest, but they are mostly reiterations of existing investment themes rather than new catalysts. Chevron (CVX) – Among the 14 Best Blue Chip Dividend Stocks to Buy According to Hedge Funds
• Neutral Sentiment: Broad market commentary about expensive U.S. stocks and energy-sector technical indicators is more relevant to sector allocation than to a direct Chevron-specific catalyst. Are Energy Stocks Still A Long-Term Buy (Technical Analysis)?
• Negative Sentiment: Chevron is facing renewed political scrutiny as the U.S. government reportedly explores a DOJ probe into possible price gouging, which could weigh on sentiment if the investigation broadens. Chevron (CVX) Faces DOJ Probe As Iran Tensions Raise Record Profit Stakes
• Negative Sentiment: The tanker drone attack in the Black Sea adds operational risk around Chevron-linked shipping activity, even if the direct financial impact is unclear for now. Chevron tanker used for CPC oil hit by drone in Black Sea

Wall Street Analyst Weigh In

A number of analysts have recently commented on CVX shares. HSBC raised Chevron from a “hold” rating to a “buy” rating and set a $215.00 price target for the company in a research note on Friday, March 20th. TD Cowen boosted their price objective on shares of Chevron from $204.00 to $205.00 and gave the company a “hold” rating in a report on Friday, May 8th. Wolfe Research upgraded shares of Chevron from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Thursday, July 2nd. Scotiabank upped their target price on shares of Chevron from $168.00 to $187.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Wells Fargo & Company increased their target price on shares of Chevron from $204.00 to $222.00 and gave the stock an “overweight” rating in a report on Thursday, April 9th. Nineteen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $205.71.

Chevron Price Performance

The company has a current ratio of 1.09, a quick ratio of 0.84 and a debt-to-equity ratio of 0.21. The company has a 50 day simple moving average of $182.51 and a 200 day simple moving average of $181.14. The stock has a market cap of $346.64 billion, a P/E ratio of 30.16, a PEG ratio of 0.59 and a beta of 0.50.

Chevron (NYSE:CVX) last issued its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.41 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $51.86 billion. During the same period last year, the business earned $2.18 EPS. The business’s quarterly revenue was up 2.1% on a year-over-year basis. Sell-side analysts forecast that Chevron Corporation will post 15.28 earnings per share for the current fiscal year.

Chevron Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th were issued a dividend of $1.78 per share. The ex-dividend date was Tuesday, May 19th. This represents a $7.12 annualized dividend and a yield of 4.1%. Chevron’s dividend payout ratio is presently 123.40%.

Insiders Place Their Bets

In other Chevron news, Director John B. Hess sold 380,000 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $193.20, for a total transaction of $73,416,000.00. Following 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 position. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Midwest Capital Advisors LLC acquired a new position in Chevron during the first quarter valued at approximately $25,000. Core Wealth Advisors LLC bought a new position in Chevron in the fourth quarter valued at approximately $26,000. Phillip James Consulting Co. acquired a new position in shares of Chevron during the 4th quarter worth approximately $26,000. Basso Capital Management L.P. acquired a new position in shares of Chevron during the 4th quarter worth approximately $27,000. Finally, Karpus Management Inc. bought a new stake in shares of Chevron during the 4th quarter worth approximately $27,000. Institutional investors and hedge funds 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.