Chevron Corporation [NYSE: CVX] loss -0.03% on the last trading session, reaching $101.52 price per share at the time. The company report on April 23, 2021 that Cushing® Asset Management and Swank Capital Announce a Constituent Change to The Cushing® 30 MLP Index.
Cushing® Asset Management, LP, and Swank Capital, LLC, announce an upcoming interim change to the constituents of The Cushing® 30 MLP Index (the “Index”). On March 4, 2021, Index constituent Noble Midstream Partners LP (NASDAQ: NBLX) entered into an Agreement and Plan of Merger (“Merger Agreement”) with Chevron Corporation (NYSE: CVX) that would result in NBLX common units ceasing to be publicly traded, subject to the approval of the holders of NBLX common units. Entities representing a majority of NBLX common units have agreed to deliver written consents approving the Merger Agreement, and the merger closing may occur as early as May 3, 2021. Per the Index’s methodology guide, this event will result in a constituent replacement. Accordingly, after the market closes on April 30, 2021, and effective on May 3, 2021, Altus Midstream Company (NASDAQ: ALTM) will replace NBLX as a constituent of the Index at NBLX’s then-current weight.
There will be no changes to the remaining constituents of the Index due to this event.
Chevron Corporation represents 1.91 billion in outstanding shares, while the company has a total market value of $194.58 billion with the latest information. CVX stock price has been found in the range of $101.26 to $102.67.
If compared to the average trading volume of 10.90M shares, CVX reached a trading volume of 5633163 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Chevron Corporation [CVX]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CVX shares is $119.74 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CVX stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Goldman have made an estimate for Chevron Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 06, 2021. The new note on the price target was released on March 11, 2021, representing the official price target for Chevron Corporation stock. Previously, the target price had yet another raise to $105, while Citigroup analysts kept a Neutral rating on CVX stock. On March 10, 2021, analysts increased their price target for CVX shares from 111 to 113.
The Average True Range (ATR) for Chevron Corporation is set at 2.10, with the Price to Sales ratio for CVX stock in the period of the last 12 months amounting to 2.07. The Price to Book ratio for the last quarter was 1.47, with the Price to Cash per share for the same quarter was set at 2.94.
Trading performance analysis for CVX stock
Chevron Corporation [CVX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.69. With this latest performance, CVX shares dropped by -3.38% in over the last four-week period, additionally plugging by 38.31% over the last 6 months – not to mention a rise of 16.68% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CVX stock in for the last two-week period is set at 44.61, with the RSI for the last a single of trading hit 41.70, and the three-weeks RSI is set at 47.81 for Chevron Corporation [CVX]. The present Moving Average for the last 50 days of trading for this stock 103.48, while it was recorded at 101.62 for the last single week of trading, and 88.75 for the last 200 days.
Chevron Corporation [CVX]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and Chevron Corporation [CVX] shares currently have an operating margin of -3.56 and a Gross Margin at +6.42. Chevron Corporation’s Net Margin is presently recorded at -5.87.
Return on Total Capital for CVX is now -1.88, given the latest momentum, and Return on Invested Capital for the company is -3.19. Return on Equity for this stock declined to -4.02, with Return on Assets sitting at -2.32. When it comes to the capital structure of this company, Chevron Corporation [CVX] has a Total Debt to Total Equity ratio set at 36.62. Additionally, CVX Total Debt to Total Capital is recorded at 26.80, with Total Debt to Total Assets ending up at 20.11. Long-Term Debt to Equity for the company is recorded at 34.46, with the Long-Term Debt to Total Capital now at 25.22.
Reflecting on the efficiency of the workforce at the company, Chevron Corporation [CVX] managed to generate an average of -$116,118 per employee. Receivables Turnover for the company is 7.61 with a Total Asset Turnover recorded at a value of 0.40.Chevron Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.20.
Chevron Corporation [CVX]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Chevron Corporation posted 1.29/share EPS, while the average EPS was predicted by analysts to be reported at 0.68/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 89.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CVX. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Chevron Corporation go to -4.90%.
An analysis of insider ownership at Chevron Corporation [CVX]
There are presently around $129,923 million, or 67.60% of CVX stock, in the hands of institutional investors. The top three institutional holders of CVX stocks are: VANGUARD GROUP INC with ownership of 157,790,935, which is approximately -3.655% of the company’s market cap and around 0.04% of the total institutional ownership; STATE STREET CORP, holding 127,915,455 shares of the stock with an approximate value of $12.99 billion in CVX stocks shares; and BLACKROCK INC., currently with $12.87 billion in CVX stock with ownership of nearly -5.162% of the company’s market capitalization.
Positions in Chevron Corporation stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 1,252 institutional holders increased their position in Chevron Corporation [NYSE:CVX] by around 76,287,503 shares. Additionally, 1,205 investors decreased positions by around 80,151,705 shares, while 181 investors held positions by with 1,123,341,083 shares. The mentioned changes placed institutional holdings at 1,279,780,291 shares, according to the latest SEC report filing. CVX stock had 268 new institutional investments in for a total of 4,446,194 shares, while 141 institutional investors sold positions of 15,268,903 shares during the same period.