Chevron (NYSE:CVX) Stock Price Down 0.9% on Disappointing Earnings

Chevron Co. (NYSE:CVX)’s share price was down 0.9% on Friday following a weaker than expected earnings announcement. The company traded as low as $163.30 and last traded at $163.83. Approximately 3,409,788 shares traded hands during trading, a decline of 59% from the average daily volume of 8,400,170 shares. The stock had previously closed at $165.28.

The oil and gas company reported $2.93 EPS for the quarter, missing the consensus estimate of $3.06 by ($0.13). Chevron had a return on equity of 15.24% and a net margin of 10.63%. The business had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same quarter in the prior year, the firm earned $3.55 earnings per share. Chevron’s quarterly revenue was down 4.1% on a year-over-year basis.

Chevron Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 11th. Investors of record on Friday, February 16th were given a dividend of $1.63 per share. This is an increase from Chevron’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend was Thursday, February 15th. Chevron’s payout ratio is currently 57.39%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company raised their price target on Chevron from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Thursday, April 4th. DZ Bank downgraded shares of Chevron from a “buy” rating to a “hold” rating and set a $160.00 target price for the company. in a research note on Tuesday, February 6th. UBS Group raised their price target on shares of Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Tuesday, April 9th. Raymond James lifted their price target on shares of Chevron from $170.00 to $174.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Finally, Piper Sandler upped their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $184.75.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 2,800 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now owns 276 shares of the company’s stock, valued at approximately $44,184.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On Chevron

Institutional investors and hedge funds have recently modified their holdings of the stock. Picton Mahoney Asset Management purchased a new position in Chevron in the 3rd quarter valued at about $26,000. Bare Financial Services Inc acquired a new position in shares of Chevron in the fourth quarter worth about $27,000. Valley Forge Investment Consultants Inc. ADV boosted its holdings in Chevron by 80.0% in the third quarter. Valley Forge Investment Consultants Inc. ADV now owns 180 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 80 shares during the last quarter. Frank Rimerman Advisors LLC acquired a new stake in Chevron during the 4th quarter valued at approximately $30,000. Finally, Valued Wealth Advisors LLC purchased a new stake in Chevron during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 72.42% of the company’s stock.

Chevron Stock Performance

The company has a market capitalization of $307.99 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 2.41 and a beta of 1.12. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. The stock has a 50-day simple moving average of $156.58 and a 200-day simple moving average of $151.83.

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.