Zacks: Analysts Expect Chevron Co. (NYSE:CVX) to Post $3.23 EPS

Brokerages predict that Chevron Co. (NYSE:CVXGet Rating) will report earnings per share of $3.23 for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Chevron’s earnings. The highest EPS estimate is $3.45 and the lowest is $2.88. Chevron reported earnings per share of $0.90 in the same quarter last year, which would suggest a positive year-over-year growth rate of 258.9%. The firm is expected to announce its next quarterly earnings results before the market opens on Monday, January 1st.

According to Zacks, analysts expect that Chevron will report full-year earnings of $14.84 per share for the current financial year, with EPS estimates ranging from $11.59 to $21.52. For the next year, analysts forecast that the business will report earnings of $12.95 per share, with EPS estimates ranging from $7.27 to $24.55. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Chevron.

Chevron (NYSE:CVXGet Rating) last announced its quarterly earnings data on Friday, January 28th. The oil and gas company reported $2.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.11 by ($0.55). The business had revenue of $48.22 billion during the quarter, compared to analysts’ expectations of $45.22 billion. Chevron had a return on equity of 11.50% and a net margin of 9.62%. The firm’s revenue was up 91.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.01) earnings per share.

A number of research firms have recently weighed in on CVX. Morgan Stanley downgraded Chevron from an “overweight” rating to an “equal weight” rating and set a $166.00 price target for the company. in a research note on Monday, March 14th. JPMorgan Chase & Co. downgraded Chevron from a “neutral” rating to an “underweight” rating and set a $169.00 price target for the company. in a research note on Friday, March 11th. Citigroup raised their price target on Chevron from $124.00 to $145.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 2nd. Piper Sandler raised their price target on Chevron from $150.00 to $173.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 2nd. Finally, Royal Bank of Canada raised their price target on Chevron from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, Chevron presently has an average rating of “Buy” and an average target price of $158.36.

In other news, insider David A. Inchausti sold 7,200 shares of Chevron stock in a transaction that occurred on Monday, January 31st. The stock was sold at an average price of $131.29, for a total transaction of $945,288.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP R. Hewitt Pate sold 300 shares of Chevron stock in a transaction that occurred on Tuesday, January 18th. The stock was sold at an average price of $130.00, for a total value of $39,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 551,615 shares of company stock worth $74,803,632 in the last three months. 0.28% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. F3Logic LLC boosted its stake in Chevron by 3.4% in the 3rd quarter. F3Logic LLC now owns 32,134 shares of the oil and gas company’s stock valued at $3,271,000 after buying an additional 1,048 shares in the last quarter. CastleArk Alternatives LLC bought a new position in Chevron in the 3rd quarter valued at $1,834,000. Zacks Investment Management raised its position in Chevron by 2.9% in the 3rd quarter. Zacks Investment Management now owns 854,830 shares of the oil and gas company’s stock valued at $86,723,000 after purchasing an additional 24,107 shares during the last quarter. CapWealth Advisors LLC raised its position in Chevron by 4.5% in the 3rd quarter. CapWealth Advisors LLC now owns 164,463 shares of the oil and gas company’s stock valued at $16,685,000 after purchasing an additional 7,016 shares during the last quarter. Finally, Invesco Ltd. raised its position in Chevron by 16.0% in the 3rd quarter. Invesco Ltd. now owns 13,482,487 shares of the oil and gas company’s stock valued at $1,367,797,000 after purchasing an additional 1,859,425 shares during the last quarter. 65.32% of the stock is currently owned by institutional investors and hedge funds.

Shares of CVX traded down $0.08 during midday trading on Friday, reaching $171.59. 9,421,052 shares of the stock were exchanged, compared to its average volume of 10,726,294. Chevron has a 12-month low of $92.86 and a 12-month high of $174.76. The firm has a 50 day simple moving average of $156.00 and a 200-day simple moving average of $131.02. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.22. The company has a market cap of $337.13 billion, a price-to-earnings ratio of 21.08, a P/E/G ratio of 0.88 and a beta of 1.14.

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 10th. Shareholders of record on Wednesday, February 16th were issued a $1.42 dividend. The ex-dividend date was Tuesday, February 15th. This represents a $5.68 dividend on an annualized basis and a yield of 3.31%. This is a positive change from Chevron’s previous quarterly dividend of $1.34. Chevron’s dividend payout ratio (DPR) is 69.78%.

About Chevron (Get Rating)

Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. 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; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Earnings History and Estimates for Chevron (NYSE:CVX)

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