Chevron (NYSE:CVX) announced its quarterly earnings results on Friday. The oil and gas company reported $2.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.05, Briefing.com reports. The company had revenue of $43.99 billion during the quarter, compared to analysts’ expectations of $47.17 billion. Chevron had a return on equity of 6.89% and a net margin of 7.87%. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.03 earnings per share.
CVX stock traded up $3.56 during mid-day trading on Friday, hitting $114.73. 9,890,350 shares of the stock were exchanged, compared to its average volume of 6,852,908. The company has a quick ratio of 0.87, a current ratio of 1.08 and a debt-to-equity ratio of 0.20. Chevron has a 12 month low of $107.54 and a 12 month high of $133.88. The firm has a market cap of $213.94 billion, a P/E ratio of 31.01, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be paid a dividend of $1.12 per share. This represents a $4.48 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, November 15th. Chevron’s dividend payout ratio (DPR) is currently 121.08%.
Several equities research analysts recently issued reports on the company. Goldman Sachs Group reissued a “buy” rating and set a $141.00 price objective on shares of Chevron in a research note on Tuesday, July 31st. Barclays lifted their price objective on Chevron from $145.00 to $148.00 and gave the company an “overweight” rating in a research note on Wednesday, July 11th. ValuEngine lowered Chevron from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Redburn Partners lowered Chevron from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $130.00 to $115.00 in a research note on Wednesday, October 3rd. Finally, Zacks Investment Research raised Chevron from a “hold” rating to a “buy” rating and set a $137.00 price objective for the company in a research note on Monday, October 1st. Nine analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $137.65.
In other Chevron news, insider James William Johnson sold 4,750 shares of Chevron stock in a transaction dated Thursday, October 11th. The stock was sold at an average price of $119.97, for a total transaction of $569,857.50. Following the completion of the sale, the insider now owns 4,750 shares of the company’s stock, valued at $569,857.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.38% of the company’s stock.
A number of hedge funds have recently modified their holdings of CVX. Live Your Vision LLC lifted its stake in shares of Chevron by 308.0% in the 2nd quarter. Live Your Vision LLC now owns 816 shares of the oil and gas company’s stock valued at $101,000 after acquiring an additional 616 shares during the last quarter. Litman Gregory Asset Management LLC increased its holdings in Chevron by 566.9% during the 1st quarter. Litman Gregory Asset Management LLC now owns 1,147 shares of the oil and gas company’s stock valued at $131,000 after purchasing an additional 975 shares during the period. Canton Hathaway LLC purchased a new position in Chevron during the 3rd quarter valued at about $141,000. Point72 Asia Hong Kong Ltd increased its holdings in Chevron by 20,716.7% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,249 shares of the oil and gas company’s stock valued at $142,000 after purchasing an additional 1,243 shares during the period. Finally, Signature Estate & Investment Advisors LLC purchased a new position in Chevron during the 3rd quarter valued at about $144,000. 64.60% of the stock is owned by hedge funds and other institutional investors.
Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production 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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