Chevron (NYSE:CVX) Announces Earnings Results, Beats Estimates By $0.26 EPS

Chevron (NYSE:CVXGet Free Report) announced its quarterly earnings results on Friday. The oil and gas company reported $3.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.26, MarketWatch Earnings reports. Chevron had a net margin of 12.11% and a return on equity of 16.15%. The firm had revenue of $47.18 billion during the quarter, compared to the consensus estimate of $50.93 billion. During the same period last year, the firm posted $4.09 EPS. The firm’s quarterly revenue was down 16.5% on a year-over-year basis.

Chevron Stock Up 2.9 %

Shares of NYSE CVX opened at $152.24 on Friday. The stock has a market cap of $287.39 billion, a P/E ratio of 13.40, a P/E/G ratio of 0.82 and a beta of 1.13. The firm has a 50 day moving average price of $147.08 and a 200 day moving average price of $154.74. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.97 and a current ratio of 1.25. Chevron has a 52-week low of $139.62 and a 52-week high of $174.39.

Chevron Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 11th. Investors of record on Friday, February 16th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, February 15th. This represents a $6.52 dividend on an annualized basis and a yield of 4.28%. This is a boost from Chevron’s previous quarterly dividend of $1.51. Chevron’s payout ratio is currently 53.17%.

Wall Street Analyst Weigh In

CVX has been the subject of several analyst reports. Mizuho cut their price target on shares of Chevron from $215.00 to $195.00 and set a “buy” rating for the company in a report on Tuesday, November 14th. Sanford C. Bernstein raised shares of Chevron from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $184.00 to $182.00 in a research note on Thursday, November 2nd. TD Cowen downgraded shares of Chevron from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $170.00 to $150.00 in a research note on Tuesday, January 23rd. UBS Group dropped their target price on shares of Chevron from $194.00 to $185.00 and set a “buy” rating for the company in a research note on Thursday, December 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $180.00 target price on shares of Chevron in a research note on Tuesday, October 24th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $181.53.

Get Our Latest Stock Report on Chevron

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Morgan Stanley grew its holdings in Chevron by 12.7% during the fourth quarter. Morgan Stanley now owns 32,906,060 shares of the oil and gas company’s stock valued at $5,906,309,000 after purchasing an additional 3,711,923 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Chevron by 104,997.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 24,490,824 shares of the oil and gas company’s stock valued at $4,395,858,000 after buying an additional 24,467,521 shares during the period. Norges Bank acquired a new position in shares of Chevron in the fourth quarter valued at approximately $3,058,235,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 14,697,160 shares of the oil and gas company’s stock valued at $2,393,138,000 after buying an additional 189,762 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Chevron by 0.7% in the second quarter. Nuveen Asset Management LLC now owns 9,803,778 shares of the oil and gas company’s stock valued at $1,542,624,000 after buying an additional 68,907 shares during the period. Institutional investors and hedge funds own 68.87% of the company’s stock.

Chevron Company Profile

(Get Free Report)

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; liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and processing, transportation, storage, and marketing of natural gas, as well as a gas-to-liquids plant.

Further Reading

Earnings History for Chevron (NYSE:CVX)

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