Is Chevron Running on Empty, or Just Treading Water?

Chevron Co. (NYSE: CVX) shares declined by 0.9% on Tuesday, with the price falling to as low as $154.95 and closing at $155.10. Trading volume reached 1,283,998 shares, marking an 85% decline from the average volume of 8,715,473 shares. Several brokerages have recently adjusted their ratings on Chevron, with TD Cowen downgrading it from "outperform" to "market perform," DZ Bank from "buy" to "hold," and Jefferies Financial Group upgrading it from "hold" to "buy."

Is Chevron Running on Empty?

Chevron Corporation (NYSE: CVX) shares took a tumble on Tuesday, dropping 0.9% as the company navigated market choppiness. The stock opened at a low of $154.95 and closed the day at $155.10, with a trading volume of 1,283,998 shares – a significant decline from the usual average of 8,715,473 shares.

Analyst Seesaw: Ups, Downs, and Holds

Brokerage firms have been weighing in on Chevron's performance. TD Cowen downgraded the stock from "outperform" to "market perform" and slashed their price target from $170.00 to $150.00. DZ Bank also took a step back, lowering their rating from "buy" to "hold" and setting a $160.00 price target.

However, Jefferies Financial Group boosted Chevron's rating from "hold" to "buy" and set a bullish $184.00 price objective. Mizuho raised its price target from $195.00 to $200.00 and maintained a "buy" recommendation. Piper Sandler, on the other hand, trimmed their price target from $188.00 to $180.00 but still labeled the stock as "overweight."

Consensus View: Moderate Buy, Moderate Price

Based on data from MarketBeat.com, Chevron has a current consensus rating of "Moderate Buy" among analysts, with a consensus target price of $180.39.

Technical Indicators: Treading Water

Chevron's 50-day simple moving average currently stands at $151.11, while the 200-day simple moving average is at $152.73. The company's financial health indicators remain relatively robust, with a market capitalization of $288.45 billion and a P/E ratio of 13.67.

Earnings and Dividends: Mixed Signals

Chevron reported mixed financial results in its latest earnings release. The company topped analysts' EPS estimates by $0.26, reporting $3.45 per share. However, revenue fell short of expectations, coming in at $47.18 billion compared to the $50.93 billion forecast. Chevron's dividend recently received a boost, with shareholders receiving $1.63 per share on March 11th, an increase from the previous dividend of $1.51.

Institutional Sentiment: A Tale of Two Quarters

Institutional investors and hedge funds have been adjusting their positions in Chevron. Picton Mahoney Asset Management and Bare Financial Services Inc acquired new shares in Q3 and Q4, respectively. Valley Forge Investment Consultants Inc. ADV and Frank Rimerman Advisors LLC also added to their holdings in the fourth quarter.

Company Overview: Energy Giant

Chevron Corporation is an integrated energy and chemicals conglomerate with global operations. The company's activities encompass exploration, production, transportation, processing, and marketing of oil and natural gas, as well as the production and sale of chemicals.

Five Better Options to Consider

While Chevron holds its ground as a Moderate Buy, MarketBeat has identified five stocks that top analysts believe offer more promising investment opportunities. Interested investors should explore these alternatives before making a decision on Chevron.

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