Chevron Co. (NYSE:CVX - Free Report) - Research analysts at Scotiabank dropped their FY2024 earnings estimates for shares of Chevron in a research report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the oil and gas company will earn $10.20 per share for the year, down from their previous estimate of $11.20. Scotiabank has a "Sector Outperform" rating and a $163.00 price objective on the stock. The consensus estimate for Chevron's current full-year earnings is $10.50 per share. Scotiabank also issued estimates for Chevron's FY2025 earnings at $9.20 EPS and FY2026 earnings at $10.20 EPS.
Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.04. The business had revenue of $50.67 billion during the quarter, compared to analyst estimates of $48.86 billion. Chevron had a net margin of 8.44% and a return on equity of 13.15%. The company's quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business earned $3.05 EPS.
Other equities analysts have also recently issued research reports about the stock. Piper Sandler lowered their price objective on shares of Chevron from $184.00 to $173.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Citigroup upgraded Chevron from a "neutral" rating to a "buy" rating and lifted their target price for the company from $145.00 to $185.00 in a research report on Tuesday, November 26th. DZ Bank upgraded Chevron from a "hold" rating to a "buy" rating and set a $170.00 price target for the company in a research report on Tuesday, November 5th. Mizuho lowered their price objective on Chevron from $205.00 to $189.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. Finally, Truist Financial lifted their price target on shares of Chevron from $155.00 to $160.00 and gave the company a "hold" rating in a report on Friday, December 6th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $174.60.
Read Our Latest Stock Analysis on CVX
Chevron stock opened at $153.29 on Monday. Chevron has a one year low of $135.37 and a one year high of $167.11. The stock has a market cap of $275.48 billion, a PE ratio of 16.85, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.80 and a current ratio of 1.07. The stock has a fifty day moving average of $153.69 and a 200 day moving average of $150.95.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 4.25%. The ex-dividend date of this dividend was Monday, November 18th. Chevron's payout ratio is 71.65%.
In other Chevron news, CEO Michael K. Wirth sold 164,600 shares of the firm's stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company's stock, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.20% of the company's stock.
Several hedge funds and other institutional investors have recently modified their holdings of the business. International Assets Investment Management LLC lifted its position in shares of Chevron by 19,404.1% during the third quarter. International Assets Investment Management LLC now owns 4,901,390 shares of the oil and gas company's stock worth $7,218,280,000 after purchasing an additional 4,876,260 shares during the last quarter. Pathway Financial Advisers LLC grew its stake in Chevron by 15,750.1% in the third quarter. Pathway Financial Advisers LLC now owns 3,901,345 shares of the oil and gas company's stock worth $574,551,000 after purchasing an additional 3,876,731 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Chevron by 949.6% during the 3rd quarter. Pacer Advisors Inc. now owns 3,819,963 shares of the oil and gas company's stock worth $562,566,000 after purchasing an additional 3,456,008 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Chevron by 11.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 31,108,760 shares of the oil and gas company's stock worth $4,581,137,000 after buying an additional 3,203,899 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Chevron by 55.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 8,537,859 shares of the oil and gas company's stock worth $1,335,492,000 after buying an additional 3,048,819 shares in the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.
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.
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