Chevron (NYSE:CVX) Stock Price Down 4.1% After Earnings Miss

Chevron Co. (NYSE:CVX)’s stock price traded down 4.1% during trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $148.65 and last traded at $149.98. 5,537,765 shares were traded during trading, a decline of 25% from the average session volume of 7,424,063 shares. The stock had previously closed at $156.32.

The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.42 by ($0.36). Chevron had a return on equity of 13.15% and a net margin of 8.44%. During the same period last year, the business posted $3.45 EPS.

Analysts Set New Price Targets

Several research firms have commented on CVX. Scotiabank lowered their target price on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Truist Financial raised their price objective on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Barclays upped their target price on Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research report on Monday, November 4th. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, November 5th. Finally, Raymond James boosted their price objective on Chevron from $175.00 to $180.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $175.27.

Insider Buying and Selling at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the completion of the transaction, the chief executive officer now directly owns 4,280 shares in the company, valued at $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Hedge Funds Weigh In On Chevron

Hedge funds have recently modified their holdings of the stock. Life Planning Partners Inc acquired a new stake in shares of Chevron during the fourth quarter worth $25,000. Rational Advisors LLC bought a new stake in Chevron in the third quarter valued at approximately $29,000. Legacy Investment Solutions LLC acquired a new stake in shares of Chevron during the 3rd quarter worth about $29,000. Darwin Wealth Management LLC bought a new stake in Chevron in the 3rd quarter valued at $30,000. Finally, RPg Family Wealth Advisory LLC bought a new position in Chevron during the third quarter worth about $31,000. 72.42% of the stock is owned by institutional investors and hedge funds.

Chevron Price Performance

The company’s fifty day moving average price is $153.46 and its 200 day moving average price is $151.20. The company has a market capitalization of $268.14 billion, a P/E ratio of 16.40, a PEG ratio of 1.35 and a beta of 1.12. The company has a quick ratio of 0.80, a current ratio of 1.07 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.