Chevron Co. Expected to Post FY2024 Earnings of $14.32 Per Share (NYSE:CVX)

Chevron Co. (NYSE:CVX – Get Rating) – Analysts at Jefferies Financial Group decreased their FY2024 earnings per share estimates for Chevron in a research report issued on Tuesday, January 17th. Jefferies Financial Group analyst L. Byrne now expects that the oil and gas company will earn $14.32 per share for the year, down from their prior forecast of $15.22. Jefferies Financial Group has a “Hold” rating on the stock. The consensus estimate for Chevron’s current full-year earnings is $19.03 per share.

Chevron (NYSE:CVX – Get Rating) last posted its earnings results on Friday, October 28th. The oil and gas company reported $5.56 EPS for the quarter, beating the consensus estimate of $5.02 by $0.54. The firm had revenue of $66.64 billion for the quarter, compared to analyst estimates of $61.44 billion. Chevron had a return on equity of 22.36% and a net margin of 14.36%. Chevron’s revenue for the quarter was up 49.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.96 earnings per share.

Several other brokerages have also issued reports on CVX. Wells Fargo & Company raised their price objective on Chevron from $199.00 to $202.00 and gave the stock an “overweight” rating in a report on Tuesday, January 10th. Cowen raised their price objective on Chevron from $160.00 to $185.00 and gave the stock an “outperform” rating in a report on Monday, October 31st. Raymond James increased their target price on shares of Chevron from $188.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, October 31st. Barclays increased their target price on shares of Chevron from $196.00 to $212.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Finally, HSBC increased their target price on shares of Chevron to $187.00 in a research note on Friday, December 2nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Chevron has an average rating of “Hold” and a consensus price target of $186.67.

Chevron Stock Performance

Shares of CVX stock opened at $180.90 on Thursday. The stock’s 50-day moving average is $177.65 and its two-hundred day moving average is $165.15. The firm has a market cap of $349.80 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 0.79 and a beta of 1.18. Chevron has a 1 year low of $122.84 and a 1 year high of $189.68. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.15 and a current ratio of 1.40.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. ICW Investment Advisors LLC increased its stake in shares of Chevron by 0.5% during the 3rd quarter. ICW Investment Advisors LLC now owns 10,931 shares of the oil and gas company’s stock worth $1,570,000 after purchasing an additional 55 shares in the last quarter. Childress Capital Advisors LLC increased its stake in shares of Chevron by 0.8% during the 3rd quarter. Childress Capital Advisors LLC now owns 7,314 shares of the oil and gas company’s stock worth $1,051,000 after purchasing an additional 57 shares in the last quarter. Howard Capital Management Group LLC increased its stake in shares of Chevron by 3.3% during the 4th quarter. Howard Capital Management Group LLC now owns 1,792 shares of the oil and gas company’s stock worth $322,000 after purchasing an additional 57 shares in the last quarter. Klingman & Associates LLC grew its stake in Chevron by 1.6% in the 3rd quarter. Klingman & Associates LLC now owns 3,736 shares of the oil and gas company’s stock worth $537,000 after acquiring an additional 58 shares during the period. Finally, Aries Wealth Management grew its stake in Chevron by 0.5% in the 4th quarter. Aries Wealth Management now owns 10,973 shares of the oil and gas company’s stock worth $1,970,000 after acquiring an additional 59 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP R. Hewitt Pate sold 32,391 shares of Chevron stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $180.00, for a total transaction of $5,830,380.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP R. Hewitt Pate sold 32,391 shares of Chevron stock in a transaction that occurred on Thursday, November 3rd. The shares were sold at an average price of $180.00, for a total transaction of $5,830,380.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Pierre R. Breber sold 25,000 shares of Chevron stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $179.64, for a total transaction of $4,491,000.00. Following the sale, the chief financial officer now owns 8 shares of the company’s stock, valued at $1,437.12. The disclosure for this sale can be found here. In the last three months, insiders sold 293,563 shares of company stock worth $53,186,421. Company insiders own 0.32% of the company’s stock.

Chevron Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 12th. Stockholders of record on Friday, November 18th were given a dividend of $1.42 per share. The ex-dividend date was Thursday, November 17th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.14%. Chevron’s payout ratio is 32.31%.

About Chevron

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Chevron Corp. engages in the provision of administrative, financial management, and technology support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment consists of the exploration, development, and production of crude oil and natural gas, the liquefaction, transportation, and regasification associated with liquefied natural gas, the transporting of crude oil by major international oil export pipelines, the processing, transporting, storage, and marketing of natural gas, and a gas-to-liquids plant.