Shares of Chevron Corporation (NYSE:CVX) are down in early morning trading today after the company reported a surprise adjusted loss of 31 cents per share. Analysts were expecting the energy giant to report a profit of $0.46 per share. While the company missed on earnings, they did narrowly beat expectations on revenue, reporting 29.25 billion vs $28.72 billion for the quarter.
For the quarter Chevron Corporation (NYSE:CVX) produced 2.67 million barrels of oil per day on average, vs the 2.58 million barrels a day from a year ago. The headwind, however, was the $35 average saes price per barrel.
Shares of Chevron Corporation (NYSE:CVX) have felt the pain from the drop in oil prices over the last couple months, but not as badly as some other companies in the sector. The stock has fallen 1.55% or $1.33 following this negative news, hitting $84.59 per share. Approximately 1.08M shares traded hands. CVX shares have declined 13.45% since June 24, 2015 and are currently downtrending. It has underperformed the S&P500 by 4.58%.
From a total of 19 analysts covering Chevron Corporation (NYSE:CVX) stock, 12 rate it a “Buy”, 0 a “Sell”, and 7 a “Hold”. This means that 63% of the ratings are positive. The highest target price is $122 while the lowest target price is $65. The mean of all analyst targets is $96.67 which is 14.28% above today’s ($84.59) stock price. Chevron Corporation was the topic of 32 analyst reports since August 4, 2015 according to the firm StockzIntelligence Inc. Barclays Capital maintained shares on January 12 with a “Equal Weight” rating. Howard Weil upgraded shares to a”Sector Outperform” rating and a $101 target share price in their report from a December 14. Argus Research upgraded CVX stock in a recent report from December 16 to a “Buy” rating. Credit Suisse maintained the rating on November 2. Credit Suisse has a “Neutral” rating and a $100 price target on shares. Finally, Credit Agricole initiated the stock with a “Outperform” rating in a report they issued on a December 15.
The institutional sentiment decreased to 0.81 in Q2 2015. It’s down 0.32, from 1.13 in 2015Q2. The ratio dived, as 118 funds sold all their Chevron Corporation shares they owned while 760 reduced their positions. 70 funds bought stakes while 645 increased their total positions. Institutions now own 1.15 billion shares which is 1.28% more than the previous share count of 1.14 billion in 2015Q2.
Adams Natural Resources Fund Inc. holds 10.08% of its total portfolio in Chevron Corporation, equating to 743,200 shares. R. G. Niederhoffer Capital Management Inc owns 22,700 shares representing 8.84% of their total US portfolio. Moreover, Reservoir Operations L.P. has 6.84% of their total portfolio invested in the company, equating to 170,319 shares. The Alabama-based Lakeshore Capital Llc has a total of 6.79% of their portfolio invested in the stock. American Investment Services Inc., a Massachusetts-based fund reported 143,149 shares owned.
Chevron Corporation manages its investments in subsidiaries and affiliates. The company has a market cap of $159.31 billion. The Firm operates through two divisions: Upstream and Downstream. It has 18.38 P/E ratio. Upstream activities consist primarily of exploring for, developing and producing natural gas and crude oil; processing, liquefaction, transportation and regasification associated with liquefied natural gas (LNG); transporting crude oil through international oil export pipelines; transporting, storing and marketing natural gas, and operating a gas-to-liquids plant.