Brokers Offer Predictions for Chevron Corporation’s FY2017 Earnings (CVX)
Chevron Corporation (NYSE:CVX) – Stock analysts at Jefferies Group dropped their FY2017 earnings per share (EPS) estimates for shares of Chevron Corporation in a research report issued to clients and investors on Tuesday. Jefferies Group analyst J. Gammel now expects that the oil and gas company will post earnings of $4.29 per share for the year, down from their previous forecast of $4.86. Jefferies Group has a “Buy” rating and a $130.00 price objective on the stock. Jefferies Group also issued estimates for Chevron Corporation’s FY2018 earnings at $5.81 EPS and FY2019 earnings at $6.78 EPS.
A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Chevron Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 17th. BidaskClub lowered shares of Chevron Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. HSBC Holdings plc raised shares of Chevron Corporation from a “hold” rating to a “buy” rating and dropped their target price for the stock from $124.00 to $119.00 in a report on Monday, June 5th. They noted that the move was a valuation call. BMO Capital Markets set a $120.00 target price on shares of Chevron Corporation and gave the stock a “buy” rating in a report on Sunday, July 30th. Finally, Macquarie lowered shares of Chevron Corporation from an “outperform” rating to a “neutral” rating and set a $105.00 target price for the company. in a report on Wednesday, June 21st. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $116.97.
Shares of Chevron Corporation (NYSE:CVX) opened at 108.11 on Thursday. The company has a market capitalization of $204.87 billion, a P/E ratio of 35.06 and a beta of 1.23. Chevron Corporation has a 1-year low of $97.53 and a 1-year high of $119.00. The firm has a 50-day moving average of $106.68 and a 200 day moving average of $107.28.
Chevron Corporation (NYSE:CVX) last posted its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.02. The business had revenue of $34.48 billion during the quarter, compared to the consensus estimate of $32.77 billion. Chevron Corporation had a net margin of 4.50% and a return on equity of 4.13%. The firm’s revenue for the quarter was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.78) earnings per share.
Hedge funds have recently modified their holdings of the company. Kentucky Retirement Systems acquired a new stake in shares of Chevron Corporation during the fourth quarter valued at about $16,123,000. Rothschild Investment Corp IL boosted its stake in shares of Chevron Corporation by 2.3% in the first quarter. Rothschild Investment Corp IL now owns 41,232 shares of the oil and gas company’s stock valued at $4,427,000 after buying an additional 919 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Chevron Corporation by 7.7% in the first quarter. Janney Montgomery Scott LLC now owns 504,112 shares of the oil and gas company’s stock valued at $54,127,000 after buying an additional 36,257 shares in the last quarter. Ronna Sue Cohen boosted its stake in shares of Chevron Corporation by 1.5% in the second quarter. Ronna Sue Cohen now owns 4,707 shares of the oil and gas company’s stock valued at $491,000 after buying an additional 68 shares in the last quarter. Finally, Court Place Advisors LLC boosted its stake in shares of Chevron Corporation by 0.6% in the first quarter. Court Place Advisors LLC now owns 5,968 shares of the oil and gas company’s stock valued at $641,000 after buying an additional 36 shares in the last quarter. 62.84% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider James William Johnson sold 31,000 shares of the stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $110.68, for a total transaction of $3,431,080.00. Following the sale, the insider now owns 11,000 shares of the company’s stock, valued at $1,217,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Linnet F. Deily sold 2,312 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $107.38, for a total transaction of $248,262.56. The disclosure for this sale can be found here. Insiders have sold 72,312 shares of company stock worth $8,008,343 in the last three months. Corporate insiders own 0.38% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, August 18th will be given a dividend of $1.08 per share. The ex-dividend date is Wednesday, August 16th. This represents a $4.32 annualized dividend and a dividend yield of 4.01%. Chevron Corporation’s dividend payout ratio is presently 140.26%.
About Chevron Corporation
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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