Analysts Expect Chevron Co. (NYSE:CVX) Will Announce Quarterly Sales of $18.10 Billion

Brokerages forecast that Chevron Co. (NYSE:CVX) will post sales of $18.10 billion for the current quarter, Zacks reports. Two analysts have provided estimates for Chevron’s earnings. The highest sales estimate is $21.16 billion and the lowest is $15.03 billion. Chevron posted sales of $38.85 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 53.4%. The firm is scheduled to issue its next earnings report on Friday, August 7th.

On average, analysts expect that Chevron will report full-year sales of $104.31 billion for the current financial year, with estimates ranging from $81.10 billion to $126.87 billion. For the next fiscal year, analysts anticipate that the company will post sales of $112.06 billion, with estimates ranging from $91.02 billion to $128.97 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Chevron.

Chevron (NYSE:CVX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $1.29. Chevron had a net margin of 2.71% and a return on equity of 8.28%. The business had revenue of $31.50 billion during the quarter, compared to analysts’ expectations of $30.46 billion. During the same period in the prior year, the company earned $1.47 earnings per share. The business’s revenue was down 10.5% compared to the same quarter last year.

A number of brokerages have recently issued reports on CVX. Citigroup dropped their price target on shares of Chevron from $120.00 to $100.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 4th. Argus restated a “buy” rating and set a $88.00 target price (down from $150.00) on shares of Chevron in a research report on Thursday, March 26th. Goldman Sachs Group downgraded shares of Chevron from a “conviction-buy” rating to a “buy” rating in a report on Monday, May 4th. Independent Research downgraded shares of Chevron to a “hold” rating in a report on Tuesday, April 14th. Finally, Bank of America upped their price objective on shares of Chevron from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Seven equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $113.05.

In other news, Director John Frank purchased 1,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average cost of $96.59 per share, with a total value of $96,590.00. Following the acquisition, the director now owns 5,114 shares in the company, valued at $493,961.26. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.31% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in CVX. Valicenti Advisory Services Inc. grew its holdings in Chevron by 8.6% during the 4th quarter. Valicenti Advisory Services Inc. now owns 26,038 shares of the oil and gas company’s stock worth $3,138,000 after acquiring an additional 2,058 shares in the last quarter. Capital Investment Advisors LLC lifted its position in shares of Chevron by 11.1% in the 4th quarter. Capital Investment Advisors LLC now owns 62,238 shares of the oil and gas company’s stock worth $7,500,000 after buying an additional 6,204 shares during the last quarter. Squar Milner Financial Services LLC lifted its position in shares of Chevron by 22.7% in the 4th quarter. Squar Milner Financial Services LLC now owns 6,035 shares of the oil and gas company’s stock worth $727,000 after buying an additional 1,118 shares during the last quarter. Bristlecone Advisors LLC lifted its position in shares of Chevron by 38.1% in the 4th quarter. Bristlecone Advisors LLC now owns 14,310 shares of the oil and gas company’s stock worth $1,725,000 after buying an additional 3,949 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in shares of Chevron by 8.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 700,231 shares of the oil and gas company’s stock worth $84,385,000 after buying an additional 55,529 shares during the last quarter. 66.54% of the stock is owned by institutional investors.

Shares of NYSE:CVX traded down $1.76 on Tuesday, reaching $90.28. The company’s stock had a trading volume of 8,560,026 shares, compared to its average volume of 12,674,729. The stock’s 50-day moving average is $86.38 and its two-hundred day moving average is $102.55. Chevron has a 52-week low of $51.60 and a 52-week high of $127.00. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.01 and a quick ratio of 0.78. The stock has a market capitalization of $173.63 billion, a P/E ratio of 44.04 and a beta of 1.31.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Tuesday, May 19th will be issued a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a yield of 5.72%. The ex-dividend date of this dividend is Monday, May 18th. Chevron’s payout ratio is 82.30%.

About Chevron

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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