$32.90 Billion in Sales Expected for Chevron Corporation (NYSE:CVX) This Quarter
Equities analysts expect that Chevron Corporation (NYSE:CVX) will post sales of $32.90 billion for the current quarter, according to Zacks. Four analysts have issued estimates for Chevron Corporation’s earnings, with the highest sales estimate coming in at $34.36 billion and the lowest estimate coming in at $30.49 billion. Chevron Corporation posted sales of $30.14 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 9.2%. The firm is scheduled to announce its next quarterly earnings report on Friday, October 27th.
On average, 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 business 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 calculations are a mean average based on a survey of research analysts that cover Chevron Corporation.
Chevron Corporation (NYSE:CVX) last released its quarterly earnings data 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. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The company had revenue of $34.48 billion for the quarter, compared to the consensus estimate of $32.77 billion. During the same quarter last year, the business posted ($0.78) EPS. Chevron Corporation’s revenue for the quarter was up 17.8% on a year-over-year basis.
A number of research analysts recently commented on CVX shares. TheStreet raised Chevron Corporation from a “c” rating to a “b” rating in a research note on Tuesday, May 2nd. Bank of America Corporation reissued a “buy” rating and issued a $135.00 target price (down previously from $145.00) on shares of Chevron Corporation in a research note on Thursday, May 11th. Jefferies Group LLC reissued a “buy” rating and issued a $147.00 target price on shares of Chevron Corporation in a research note on Tuesday, April 11th. Scotiabank set a $114.00 target price on Chevron Corporation and gave the company a “buy” rating in a research note on Monday, May 1st. Finally, HSBC Holdings plc raised Chevron Corporation from a “hold” rating to a “buy” rating and reduced their target price for the company from $124.00 to $119.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Chevron Corporation has a consensus rating of “Buy” and an average price target of $116.22.
Shares of Chevron Corporation (CVX) opened at 110.35 on Wednesday. The firm has a market cap of $209.06 billion, a P/E ratio of 35.78 and a beta of 1.23. Chevron Corporation has a 12-month low of $97.53 and a 12-month high of $119.00. The company’s 50 day moving average price is $105.46 and its 200 day moving average price is $107.95.
The company also recently announced 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 3.91%. Chevron Corporation’s dividend payout ratio is currently 140.26%.
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In other Chevron Corporation news, insider James William Johnson sold 31,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total value of $3,431,080.00. Following the completion of the sale, the insider now directly owns 11,000 shares in the company, valued at $1,217,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Patricia E. Yarrington sold 39,000 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the completion of the sale, the chief financial officer now owns 43,838 shares of the company’s stock, valued at $4,866,018. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.
A number of hedge funds have recently modified their holdings of the company. Kentucky Retirement Systems bought a new stake in shares of Chevron Corporation during the fourth quarter valued at approximately $16,123,000. Rothschild Investment Corp IL raised its stake in shares of Chevron Corporation by 2.3% in the first quarter. Rothschild Investment Corp IL now owns 41,232 shares of the oil and gas company’s stock valued at $4,427,000 after buying an additional 919 shares during the period. First PREMIER Bank raised its stake in shares of Chevron Corporation by 4.7% in the first quarter. First PREMIER Bank now owns 4,241 shares of the oil and gas company’s stock valued at $456,000 after buying an additional 190 shares during the period. Merriman Wealth Management LLC bought a new stake in shares of Chevron Corporation during the first quarter valued at approximately $224,000. Finally, Guggenheim Capital LLC raised its stake in shares of Chevron Corporation by 2.1% in the fourth quarter. Guggenheim Capital LLC now owns 988,896 shares of the oil and gas company’s stock valued at $116,394,000 after buying an additional 20,383 shares during the period. Institutional investors and hedge funds own 62.58% of the company’s stock.
About Chevron Corporation
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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