Chevron Corp. (NYSE: CVX) Loses -21.59% From High. Why That Could Change?

SSgA Funds Management, Inc. recently announced the acquisition of new stake in Chevron Corp. (NYSE:CVX). The institutional investor has increased its shareholding in the Energy company by 1.40% to 124.06 million shares with purchase of 1.71 million shares. This fresh investment now brings its stake to 6.59% valued currently at $18.51 billion. In addition, Geode Capital Management LLC raised its holdings by 0.61 million to 33.81 million shares. And Northern Trust Investments, Inc. has lifted its position by 0.52% or 0.11 million shares – to 20.79 million shares.

With over 9.3 million Chevron Corp. (CVX) shares trading Friday and a closing price of $147.27 on the day, the dollar volume was approximately $1.37 billion. The shares have shown a negative half year performance of -4.11% and its price on 01/12/24 gained nearly 1.37%. Currently, there are 1.92B common shares owned by the public and among those 1.88B shares have been available to trade.

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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for CVX have a consensus price objective of $177.61. The analysts have set the share’s price value over the next 12 months at a high of $194.00 and a low of $148.00. The average price target is 17.08% above its recent price level and an upside to the estimated low will see the stock gain 0.49% over that period. But an upside of 24.09% will see the stock hit the forecast high price target while median target price for the stock is $180.00.

Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 34 of these insider trades were purchases, accounting for 215,164 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 135,406 shares.

The top 3 mutual fund holders in Chevron Corp. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and SPDR Series – Energy Select Secto. Vanguard Total Stock Market ETF owns 55.6 million shares of the company’s stock, all valued at over $8.29 billion. The company bought an additional 75811.0 shares recently to bring their total holdings to about 2.95% of the shares outstanding. Vanguard 500 Index Fund bought 0.2 million shares to see its total holdings expand to 42.85 million shares valued at over $6.39 billion and representing 2.28% of the shares outstanding. SPDR Series – Energy Select Secto bought 0.17 million shares to bring its total holdings to over 42.31 million shares at a value of $6.31 billion. SPDR Series – Energy Select Secto now owns shares totaling to 2.25% of the shares outstanding.

Shares of Chevron Corp. (NYSE: CVX) opened at $147.83, up $2.55 from a prior closing price of $145.28. However, the script later moved the day high at 148.50, up 1.37%. The company’s stock has a 5-day price change of -2.08% and -8.66% over the past three months. CVX shares are trading -1.27% year to date (YTD), with the 12-month market performance down to -15.94% lower. It has a 12-month low price of $140.72 and touched a high of $187.81 over the same period. CVX has an average intraday trading volume of 10.84 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.44%, 0.63%, and -6.43% respectively.

Institutional ownership of Chevron Corp. (NYSE: CVX) shares accounts for 71.11% of the company’s 1.92B shares outstanding. Mutual fund holders own 34.12%, while other institutional holders and individual stakeholders account for 37.02% and 0.10% respectively.

It has a market capitalization of $277.17B and a beta (3y monthly) value of 1.13. The stock’s trailing 12-month PE ratio is 10.95, while the earnings-per-share (ttm) stands at $13.45. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.82% over the week and 1.74% over the month.

Analysts forecast that Chevron Corp. (CVX) will achieve an EPS of $3.26 for the current quarter, $3.22 for the next quarter and $13.11 for 2024. The lowest estimate earnings-per-share for the quarter is $2.95 while analysts give the company a high EPS estimate of $3.52. Comparatively, EPS for the current quarter was $4.09 a year ago. Earnings per share for the fiscal year are expected to decrease by -29.94%, and 0.64% over the next financial year. EPS should shrink at an annualized rate of -5.00% over the next five years, compared to 30.42% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Chevron Corp. (CVX) as a “Strong Buy” at a consensus score of 1.42. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 4 of the 26 advise that investors “hold,” and 0 rated it as a “Sell.”

Looking at the support for the CVX, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on January 08, 2024, with the firm’s price target at $184.

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