Chevron Co. (NYSE:CVX – Free Report) – Investment analysts at Zacks Research lifted their Q2 2024 EPS estimates for shares of Chevron in a report released on Friday, September 8th. Zacks Research analyst N. Choudhury now forecasts that the oil and gas company will post earnings per share of $3.57 for the quarter, up from their previous estimate of $3.48. The consensus estimate for Chevron’s current full-year earnings is $13.19 per share. Zacks Research also issued estimates for Chevron’s Q4 2024 earnings at $3.28 EPS, FY2024 earnings at $14.12 EPS, Q1 2025 earnings at $3.78 EPS and FY2025 earnings at $14.44 EPS.
CVX has been the subject of several other research reports. UBS Group lifted their price target on shares of Chevron from $202.00 to $209.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. Royal Bank of Canada raised shares of Chevron from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $165.00 to $180.00 in a research note on Thursday, June 1st. Mizuho raised shares of Chevron from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $205.00 to $209.00 in a research note on Wednesday, August 16th. HSBC lifted their price objective on shares of Chevron from $180.00 to $184.00 in a research note on Wednesday, August 9th. Finally, StockNews.com started coverage on shares of Chevron in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $190.28.
Chevron Stock Up 0.3 %
Shares of NYSE:CVX opened at $167.21 on Monday. Chevron has a one year low of $140.46 and a one year high of $189.68. The company has a 50 day moving average of $159.75 and a 200-day moving average of $160.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.43 and a quick ratio of 1.13. The stock has a market cap of $312.22 billion, a price-to-earnings ratio of 10.60, a P/E/G ratio of 0.89 and a beta of 1.18.
Chevron (NYSE:CVX – Get Free Report) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported $3.08 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.13. Chevron had a net margin of 13.54% and a return on equity of 19.48%. The firm had revenue of $48.90 billion during the quarter, compared to analysts’ expectations of $48 billion. During the same quarter last year, the company posted $5.82 EPS. The company’s quarterly revenue was down 28.9% compared to the same quarter last year.
Hedge Funds Weigh In On Chevron
A number of institutional investors have recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC increased its holdings in shares of Chevron by 247.8% in the second quarter. NorthCrest Asset Manangement LLC now owns 3,400 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 5,700 shares during the last quarter. Rebalance LLC acquired a new position in shares of Chevron in the fourth quarter valued at $26,000. NewSquare Capital LLC increased its holdings in shares of Chevron by 52.3% in the first quarter. NewSquare Capital LLC now owns 195 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 67 shares during the last quarter. Artemis Wealth Advisors LLC acquired a new position in shares of Chevron in the first quarter valued at $33,000. Finally, Worth Asset Management LLC acquired a new position in shares of Chevron in the first quarter valued at $36,000. 68.87% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Chevron
In other news, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $160.88, for a total value of $603,300.00. Following the sale, the vice president now owns 1,718 shares of the company’s stock, valued at $276,391.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Pierre R. Breber sold 25,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $164.00, for a total transaction of $4,100,000.00. Following the transaction, the chief financial officer now directly owns 6,021 shares in the company, valued at $987,444. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Jeff B. Gustavson sold 3,750 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $160.88, for a total transaction of $603,300.00. Following the transaction, the vice president now owns 1,718 shares in the company, valued at $276,391.84. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by insiders.
Chevron Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be given a $1.51 dividend. This represents a $6.04 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend is Thursday, August 17th. Chevron’s dividend payout ratio is presently 38.30%.
About Chevron
Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.
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