According to Zacks, “Chevron is one of the largest integrated energy firms in the world with an impressive business model. Being one of the most oil-weighted majors, Chevron is poised to benefit from the recent OPEC deal and the subsequent advancement of crude oil. As it is, the company has been able to boost returns and remain competitive by embarking on aggressive cost reduction initiatives, exiting unprofitable markets and streamlining the organization. However, Chevron is still losing money from producing oil and gas, while the downstream segment is seeing its income erode on fuel oversupply and weak demand. Worse, Chevron is expected to be free-cash-flow negative this year too with profitability set to fall well short of spending. Considering these factors, we think that the current valuation is fair and adequately reflect the company's future growth prospects.”
CVX has been the topic of several other research reports. Vetr upgraded shares of Chevron Corp. from a buy rating to a strong-buy rating and set a $119.79 price objective on the stock in a research report on Wednesday, September 28th. JPMorgan Chase & Co. reiterated an overweight rating and set a $117.00 price objective on shares of Chevron Corp. in a research report on Monday, September 26th. Credit Suisse Group AG reiterated a neutral rating on shares of Chevron Corp. in a research report on Tuesday, September 6th. Jefferies Group reiterated a buy rating on shares of Chevron Corp. in a research report on Friday, August 5th. Finally, Morgan Stanley reiterated a hold rating and set a $85.00 price objective on shares of Chevron Corp. in a research report on Wednesday, June 8th. Thirteen equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $105.09.
Shares of Chevron Corp. (NYSE:CVX) opened at 103.98 on Wednesday. The firm’s 50-day moving average is $101.02 and its 200 day moving average is $101.21. Chevron Corp. has a 12 month low of $75.33 and a 12 month high of $107.58. The stock’s market cap is $196.16 billion.
Chevron Corp. (NYSE:CVX) last issued its quarterly earnings results on Friday, July 29th. The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of $0.32 by $1.10. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. 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 prior year, the firm earned $0.30 EPS. Chevron Corp.’s revenue for the quarter was down 27.4% compared to the same quarter last year. On average, equities analysts predict that Chevron Corp. will post $1.31 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 12th. Stockholders of record on Friday, August 19th were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $4.28 annualized dividend and a dividend yield of 4.12%. Chevron Corp.’s dividend payout ratio (DPR) is currently -1,097.44%.
In related news, insider Pierre R. Breber sold 21,000 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $98.77, for a total value of $2,074,170.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Inge G. Thulin purchased 487 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was acquired at an average price of $102.87 per share, for a total transaction of $50,097.69. The disclosure for this purchase can be found here. Insiders own 0.40% of the company’s stock.
Institutional investors have recently modified their holdings of the company. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Chevron Corp. during the second quarter valued at $2,118,000. Chevy Chase Trust Holdings Inc. increased 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 increased 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 increased 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 increased 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. Institutional investors own 62.24% 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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