Chevron Corporation (CVX) Expected to Post Quarterly Sales of $32.90 Billion
Equities analysts expect that Chevron Corporation (NYSE:CVX) will post $32.90 billion in sales for the current quarter, according to Zacks. Four analysts have made estimates for Chevron Corporation’s earnings, with the lowest sales estimate coming in at $30.49 billion and the highest estimate coming in at $34.36 billion. Chevron Corporation posted sales of $30.14 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 9.2%. The company is scheduled to announce its next quarterly earnings report on Friday, October 27th.
According to Zacks, analysts expect that Chevron Corporation will report full-year sales of $32.90 billion for the current year, with estimates ranging from $122.72 billion to $140.68 billion. For the next year, analysts anticipate that the firm will post sales of $140.04 billion per share, with estimates ranging from $125.37 billion to $167.26 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Chevron Corporation.
Chevron Corporation (NYSE:CVX) last released its earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.02. The firm had revenue of $34.48 billion for the quarter, compared to the consensus estimate of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The company’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.78) EPS.
A number of research analysts have weighed in on the company. Piper Jaffray Companies reissued a “buy” rating on shares of Chevron Corporation in a research note on Thursday, August 3rd. Zacks Investment Research raised Chevron Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. BNP Paribas raised Chevron Corporation from an “underperform” rating to a “neutral” rating and set a $105.00 price target on the stock in a research note on Monday, August 7th. TheStreet lowered Chevron Corporation from a “b” rating to a “c+” rating in a research note on Friday, July 28th. Finally, Scotiabank set a $115.00 price target on Chevron Corporation and gave the stock a “buy” rating in a research note on Monday, July 31st. Three analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $117.22.
Chevron Corporation (NYSE:CVX) opened at 108.23 on Monday. Chevron Corporation has a 52-week low of $97.53 and a 52-week high of $119.00. The company has a market cap of $205.10 billion, a P/E ratio of 35.09 and a beta of 1.23. The stock’s 50 day moving average price is $106.68 and its 200 day moving average price is $107.28.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.99%. Chevron Corporation’s dividend payout ratio (DPR) is presently 140.26%.
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In related news, insider James William Johnson sold 31,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the sale, the insider now owns 11,000 shares of the company’s stock, valued at $1,217,480. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Patricia E. Yarrington sold 39,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $111.00, for a total value of $4,329,000.00. Following the sale, the chief financial officer now directly owns 43,838 shares in the company, valued at approximately $4,866,018. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,312 shares of company stock worth $8,008,343. Corporate insiders own 0.38% of the company’s stock.
Large investors have recently made changes to their positions in the company. Lord Abbett & CO. LLC boosted its stake in shares of Chevron Corporation by 11.3% in the second quarter. Lord Abbett & CO. LLC now owns 3,949,441 shares of the oil and gas company’s stock valued at $412,045,000 after buying an additional 401,842 shares during the last quarter. United Bank VA boosted its stake in shares of Chevron Corporation by 9.4% in the second quarter. United Bank VA now owns 36,169 shares of the oil and gas company’s stock valued at $3,773,000 after buying an additional 3,119 shares during the last quarter. Farmers National Bank boosted its stake in shares of Chevron Corporation by 16.2% in the second quarter. Farmers National Bank now owns 38,531 shares of the oil and gas company’s stock valued at $4,020,000 after buying an additional 5,359 shares during the last quarter. Kimelman & Baird LLC boosted its stake in shares of Chevron Corporation by 0.8% in the second quarter. Kimelman & Baird LLC now owns 68,768 shares of the oil and gas company’s stock valued at $7,175,000 after buying an additional 577 shares during the last quarter. Finally, RNC Capital Management LLC boosted its stake in shares of Chevron Corporation by 2.8% in the second quarter. RNC Capital Management LLC now owns 363,790 shares of the oil and gas company’s stock valued at $37,954,000 after buying an additional 9,763 shares during the last quarter. 62.84% of the stock is currently owned by hedge funds and other institutional investors.
Chevron Corporation Company Profile
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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