Chevron Corp. (NYSE:CVX) – Equities research analysts at Jefferies Group cut their Q3 2016 earnings per share estimates for Chevron Corp. in a research report issued to clients and investors on Tuesday. Jefferies Group analyst J. Gammel now expects that the brokerage will post earnings of $0.39 per share for the quarter, down from their prior forecast of $0.40. Jefferies Group currently has a “Buy” rating on the stock.
Several other equities research analysts have also recently issued reports on the stock. Vetr cut shares of Chevron Corp. from a “strong-buy” rating to a “buy” rating and set a $112.29 price objective for the company. in a research report on Monday. Barclays PLC reiterated an “equal weight” rating and set a $125.00 price target on shares of Chevron Corp. in a research note on Monday. Exane BNP Paribas assumed coverage on shares of Chevron Corp. in a research note on Monday. They set a “neutral” rating and a $102.00 price target on the stock. Zacks Investment Research lowered shares of Chevron Corp. from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 5th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $117.00 price target on shares of Chevron Corp. in a research note on Monday, September 26th. Thirteen investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $105.09.
Shares of Chevron Corp. (NYSE:CVX) opened at 100.79 on Thursday. The stock’s market capitalization is $190.14 billion. The stock’s 50 day moving average is $101.02 and its 200 day moving average is $101.23. Chevron Corp. has a 1-year low of $75.33 and a 1-year high of $107.58.
Chevron Corp. (NYSE:CVX) last posted its earnings results on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $1.10. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The firm had revenue of $29.28 billion for the quarter, compared to analysts’ expectations of $25.78 billion. During the same period in the previous year, the company earned $0.30 earnings per share. The company’s revenue was down 27.4% compared to the same quarter last year.
A number of institutional investors have recently modified their holdings of CVX. CHURCHILL MANAGEMENT Corp bought a new position in shares of Chevron Corp. during the second quarter valued at approximately $2,118,000. Chevy Chase Trust Holdings Inc. raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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 raised its position in shares of 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 owned by hedge funds and other institutional investors.
In related news, insider Michael K. Wirth sold 125,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $100.47, for a total transaction of $12,558,750.00. Following the completion of the transaction, the insider now owns 4,222 shares of the company’s stock, valued at $424,184.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Pierre R. Breber sold 21,000 shares of the company’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 transaction of $2,074,170.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.
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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