Chevron (NYSE:CVX) Posts Quarterly Earnings Results, Beats Estimates By $0.53 EPS

Chevron (NYSE:CVX) posted its quarterly earnings data on Friday. The oil and gas company reported $2.27 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.53, Briefing.com reports. Chevron had a net margin of 8.45% and a return on equity of 9.07%. The company had revenue of $38.85 billion during the quarter, compared to analyst estimates of $40.14 billion. During the same period in the prior year, the firm earned $1.78 earnings per share. The business’s quarterly revenue was down 8.0% on a year-over-year basis.

NYSE CVX opened at $120.73 on Monday. The stock has a 50 day moving average of $124.02. The company has a quick ratio of 0.90, a current ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $229.96 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 2.97 and a beta of 1.00. Chevron has a 52-week low of $100.22 and a 52-week high of $127.60.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be given a $1.19 dividend. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date is Friday, August 16th. Chevron’s dividend payout ratio (DPR) is 57.70%.

In other news, Chairman Michael K. Wirth sold 33,750 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now directly owns 33,750 shares of the company’s stock, valued at $4,239,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Enrique Hernandez, Jr. sold 2,100 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $121.75, for a total transaction of $255,675.00. Following the completion of the sale, the director now directly owns 15,689 shares of the company’s stock, valued at $1,910,135.75. The disclosure for this sale can be found here. Insiders sold 40,050 shares of company stock valued at $5,007,621 over the last three months. 0.31% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of CVX. Thoroughbred Financial Services LLC raised its position in Chevron by 12,204.4% during the second quarter. Thoroughbred Financial Services LLC now owns 3,259,805 shares of the oil and gas company’s stock valued at $325,980,000 after acquiring an additional 3,233,312 shares in the last quarter. PGGM Investments bought a new position in Chevron during the second quarter valued at approximately $164,371,000. Nordea Investment Management AB raised its position in Chevron by 298.6% during the fourth quarter. Nordea Investment Management AB now owns 1,695,198 shares of the oil and gas company’s stock valued at $184,416,000 after acquiring an additional 1,269,889 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new position in Chevron during the second quarter valued at approximately $133,556,000. Finally, Royal London Asset Management Ltd. bought a new position in Chevron during the fourth quarter valued at approximately $88,758,000. 65.64% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have commented on CVX. Citigroup began coverage on shares of Chevron in a research note on Monday, May 13th. They set a “buy” rating and a $135.00 price objective for the company. Zacks Investment Research lowered shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Morgan Stanley reduced their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Bank of America raised shares of Chevron from a “neutral” rating to a “buy” rating and set a $140.00 price objective for the company in a research note on Friday, April 12th. Finally, Cowen reaffirmed a “buy” rating and set a $142.00 price objective on shares of Chevron in a research note on Wednesday, April 17th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Chevron currently has a consensus rating of “Buy” and a consensus target price of $135.41.

About Chevron

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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Earnings History for Chevron (NYSE:CVX)

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