Q3 2016 Earnings Estimate for Chevron Corp. Issued By Jefferies Group (CVX)
Chevron Corp. (NYSE:CVX) – Stock analysts at Jefferies Group lowered their Q3 2016 earnings estimates for Chevron Corp. in a report issued on Tuesday. Jefferies Group analyst J. Gammel now anticipates that the firm will post earnings per share of $0.39 for the quarter, down from their prior forecast of $0.40. Jefferies Group currently has a “Buy” rating on the stock.
Chevron Corp. (NYSE:CVX) last announced its quarterly earnings results on Friday, July 29th. The company reported ($0.78) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $1.10. The firm had revenue of $29.28 billion for the quarter, compared to analyst estimates of $25.78 billion. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The business’s revenue was down 27.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.30 earnings per share.
Other analysts have also recently issued research reports about the company. Vetr raised Chevron Corp. from a “hold” rating to a “buy” rating and set a $107.24 target price for the company in a research report on Tuesday, August 9th. Barclays PLC reaffirmed an “equal weight” rating and issued a $125.00 target price on shares of Chevron Corp. in a research report on Thursday, July 28th. Zacks Investment Research cut Chevron Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. BMO Capital Markets initiated coverage on Chevron Corp. in a research report on Monday, September 12th. They set an “outperform” rating and a $120.00 price objective for the company. Finally, Simmons raised Chevron Corp. from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $117.00 in a research report on Tuesday, August 9th. Thirteen investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Chevron Corp. presently has a consensus rating of “Buy” and an average price target of $105.09.
Chevron Corp. (NYSE:CVX) traded down 1.42% during midday trading on Thursday, hitting $100.70. The stock had a trading volume of 3,994,583 shares. The stock’s market cap is $189.97 billion. The company’s 50-day moving average price is $101.07 and its 200 day moving average price is $101.23. Chevron Corp. has a 12-month low of $75.33 and a 12-month high of $107.58.
In other news, insider Pierre R. Breber sold 21,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total value of $2,074,170.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael K. Wirth sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $100.47, for a total value of $12,558,750.00. Following the completion of the transaction, the insider now directly owns 4,222 shares in the company, valued at $424,184.34. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. CHURCHILL MANAGEMENT Corp bought a new position in Chevron Corp. during the second quarter valued at $2,118,000. Chevy Chase Trust Holdings Inc. boosted its position in Chevron Corp. by 0.7% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 1,644,631 shares of the company’s stock valued at $172,407,000 after buying an additional 11,249 shares during the period. Howard Capital Management boosted its position in Chevron Corp. by 1.2% in the second quarter. Howard Capital Management now owns 136,346 shares of the company’s stock valued at $14,293,000 after buying an additional 1,676 shares during the period. Arizona State Retirement System boosted its position in Chevron Corp. by 1.8% in the first quarter. Arizona State Retirement System now owns 730,403 shares of the company’s stock valued at $69,680,000 after buying an additional 13,100 shares during the period. Finally, First Quadrant L P CA boosted its position in Chevron Corp. by 0.8% in the second quarter. First Quadrant L P CA now owns 245,387 shares of the company’s stock valued at $25,724,000 after buying an additional 2,042 shares during the period. 62.24% of the stock is currently owned by institutional investors and hedge funds.
About Chevron Corp.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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