Chevron (NYSE:CVX) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Chevron (NYSE:CVX) announced its quarterly earnings data on Friday. The oil and gas company reported $2.93 EPS for the quarter, beating the consensus estimate of $2.84 by $0.09, RTT News reports. The firm had revenue of $48.72 billion for the quarter, compared to the consensus estimate of $48.42 billion. Chevron had a net margin of 10.63% and a return on equity of 15.24%. The company’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the firm earned $3.55 EPS.

Chevron Trading Up 0.4 %

Shares of CVX stock traded up $0.61 during trading hours on Friday, reaching $165.89. 9,736,350 shares of the stock were exchanged, compared to its average volume of 7,082,480. Chevron has a 12-month low of $139.62 and a 12-month high of $171.70. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average price is $156.58 and its 200-day moving average price is $151.73. The firm has a market capitalization of $308.10 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 2.44 and a beta of 1.12.

Chevron Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be paid a dividend of $1.63 per share. The ex-dividend date is Thursday, May 16th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.93%. Chevron’s dividend payout ratio is presently 59.98%.

Insider Buying and Selling

In related news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $160.09, for a total transaction of $448,252.00. Following the completion of the transaction, the vice president now directly owns 276 shares of the company’s stock, valued at approximately $44,184.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.18% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on CVX. Scotiabank upgraded shares of Chevron from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $170.00 to $195.00 in a research report on Thursday, April 11th. The Goldman Sachs Group restated a “buy” rating on shares of Chevron in a research report on Monday, April 1st. Piper Sandler raised their price objective on shares of Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research report on Thursday, April 18th. Jefferies Financial Group upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $184.00 price objective on the stock in a research report on Monday, January 8th. Finally, Wells Fargo & Company lifted their price target on shares of Chevron from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Thursday, April 4th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $184.75.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. 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 of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.