Chevron Co. (NYSE:CVX) Sees Significant Decrease in Short Interest

Chevron Co. (NYSE:CVX) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 53,860,000 shares, a decline of 5.7% from the September 15th total of 57,130,000 shares. Currently, 2.9% of the company’s shares are sold short. Based on an average daily trading volume, of 7,470,000 shares, the days-to-cover ratio is currently 7.2 days.

Chevron Stock Performance

Shares of NYSE CVX traded up $0.89 during mid-day trading on Wednesday, hitting $148.62. The company had a trading volume of 865,589 shares, compared to its average volume of 7,707,713. The stock has a market cap of $273.90 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 2.72 and a beta of 1.09. The firm’s 50 day simple moving average is $145.70 and its two-hundred day simple moving average is $153.82. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron has a 12 month low of $135.37 and a 12 month high of $170.17.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. 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 firm had revenue of $51.18 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the firm posted $3.08 EPS. As a group, equities research analysts forecast that Chevron will post 11.09 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a dividend of $1.63 per share. The ex-dividend date was Monday, August 19th. This represents a $6.52 annualized dividend and a dividend yield of 4.39%. Chevron’s dividend payout ratio (DPR) is 59.98%.

Institutional Trading of Chevron

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Scarborough Advisors LLC acquired a new position in Chevron in the 4th quarter worth approximately $98,000. Campbell Capital Management Inc. grew its stake in Chevron by 12.1% in the first quarter. Campbell Capital Management Inc. now owns 32,551 shares of the oil and gas company’s stock valued at $5,135,000 after purchasing an additional 3,521 shares in the last quarter. GoalFusion Wealth Management LLC bought a new stake in shares of Chevron in the 1st quarter valued at approximately $207,000. Cullen Investment Group LTD. increased its holdings in Chevron by 22.6% in the first quarter. Cullen Investment Group LTD. now owns 33,985 shares of the oil and gas company’s stock worth $5,430,000 after buying an additional 6,257 shares during the last quarter. Finally, S. R. Schill & Associates raised its position in Chevron by 9.4% during the first quarter. S. R. Schill & Associates now owns 8,440 shares of the oil and gas company’s stock valued at $1,331,000 after acquiring an additional 728 shares in the last quarter. 72.42% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CVX has been the topic of several research analyst reports. Wells Fargo & Company decreased their target price on shares of Chevron from $196.00 to $169.00 and set an “overweight” rating on the stock in a research report on Friday, September 27th. Sanford C. Bernstein lowered shares of Chevron from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $183.00 to $167.00 in a report on Wednesday, July 17th. Truist Financial dropped their price objective on Chevron from $154.00 to $150.00 and set a “hold” rating for the company in a report on Monday, September 30th. Mizuho cut their target price on Chevron from $205.00 to $189.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, Scotiabank lowered their price target on Chevron from $180.00 to $163.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Chevron has an average rating of “Moderate Buy” and a consensus target price of $176.81.

About Chevron

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.