Equities analysts forecast that Chevron Co. (NYSE:CVX) will post $42.79 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Chevron’s earnings, with the highest sales estimate coming in at $44.90 billion and the lowest estimate coming in at $40.73 billion. Chevron posted sales of $36.21 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 18.2%. The business is expected to announce its next quarterly earnings results before the market opens on Friday, November 2nd.
According to Zacks, analysts expect that Chevron will report full year sales of $168.21 billion for the current fiscal year, with estimates ranging from $163.28 billion to $175.38 billion. For the next year, analysts expect that the company will report sales of $180.13 billion, with estimates ranging from $166.92 billion to $193.31 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Chevron.
Chevron (NYSE:CVX) last issued its earnings results on Friday, July 27th. The oil and gas company reported $1.78 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.31). Chevron had a net margin of 7.87% and a return on equity of 6.89%. The firm had revenue of $42.24 billion during the quarter, compared to analysts’ expectations of $46.62 billion. During the same quarter last year, the firm earned $0.77 EPS. The business’s revenue for the quarter was up 22.5% compared to the same quarter last year.
Several research firms have recently issued reports on CVX. Goldman Sachs Group upgraded Chevron from a “buy” rating to a “conviction-buy” rating in a research note on Tuesday, October 2nd. Royal Bank of Canada set a $150.00 price target on Chevron and gave the stock a “hold” rating in a research note on Thursday, September 20th. Zacks Investment Research upgraded Chevron from a “hold” rating to a “buy” rating and set a $137.00 price target for the company in a research note on Monday, October 1st. Bank of America downgraded Chevron from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $150.00 to $135.00 in a research note on Thursday, September 6th. Finally, HSBC upgraded Chevron from a “hold” rating to a “buy” rating in a research note on Tuesday, September 11th. Nine equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Chevron currently has a consensus rating of “Buy” and an average target price of $137.17.
In related news, insider James William Johnson sold 4,750 shares of the business’s 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 transaction, the insider now owns 4,750 shares of the company’s stock, valued at approximately $569,857.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of CVX. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Chevron during the 2nd quarter worth about $413,622,000. Standard Life Aberdeen plc lifted its position in shares of Chevron by 78.9% during the 2nd quarter. Standard Life Aberdeen plc now owns 6,790,689 shares of the oil and gas company’s stock worth $858,547,000 after purchasing an additional 2,994,612 shares during the last quarter. Cornerstone Wealth Management LLC lifted its position in shares of Chevron by 12,404.4% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,938,051 shares of the oil and gas company’s stock worth $15,598,000 after purchasing an additional 1,922,552 shares during the last quarter. Millennium Management LLC lifted its position in shares of Chevron by 478.5% during the 2nd quarter. Millennium Management LLC now owns 2,015,778 shares of the oil and gas company’s stock worth $254,855,000 after purchasing an additional 1,667,339 shares during the last quarter. Finally, PointState Capital LP acquired a new position in shares of Chevron during the 2nd quarter worth about $208,402,000. 64.60% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE CVX opened at $118.14 on Monday. The company has a current ratio of 1.08, a quick ratio of 0.87 and a debt-to-equity ratio of 0.20. Chevron has a one year low of $108.02 and a one year high of $133.88. The stock has a market capitalization of $226.37 billion, a price-to-earnings ratio of 31.93, a PEG ratio of 2.04 and a beta of 1.07.
Chevron Company Profile
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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