Chevron Co. (NYSE:CVX) Expected to Post Quarterly Sales of $40.79 Billion

Equities research analysts expect that Chevron Co. (NYSE:CVX) will report $40.79 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Chevron’s earnings, with the highest sales estimate coming in at $46.07 billion and the lowest estimate coming in at $36.25 billion. Chevron posted sales of $43.99 billion in the same quarter last year, which suggests a negative year-over-year growth rate of 7.3%. The business is expected to issue its next quarterly earnings results on Friday, November 1st.

On average, analysts expect that Chevron will report full-year sales of $156.62 billion for the current fiscal year, with estimates ranging from $147.21 billion to $167.32 billion. For the next year, analysts anticipate that the firm will post sales of $174.30 billion, with estimates ranging from $139.12 billion to $232.04 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Chevron.

Chevron (NYSE:CVX) last released its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.53. The company had revenue of $38.85 billion during the quarter, compared to analysts’ expectations of $40.14 billion. Chevron had a return on equity of 9.58% and a net margin of 9.18%. Chevron’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.78 EPS.

A number of brokerages have commented on CVX. Independent Research set a $127.00 target price on Chevron and gave the company a “neutral” rating in a report on Thursday, August 29th. Morgan Stanley reduced their target price on Chevron from $146.00 to $144.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Barclays began coverage on Chevron in a report on Monday, August 19th. They set an “overweight” rating and a $145.00 target price for the company. ValuEngine cut Chevron from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Cowen set a $140.00 target price on Chevron and gave the company a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $136.22.

In other news, EVP Joseph C. Geagea sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $122.97, for a total value of $1,229,700.00. Following the completion of the sale, the executive vice president now directly owns 11,243 shares in the company, valued at $1,382,551.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Michael K. Wirth sold 33,750 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.60, for a total value of $4,239,000.00. Following the completion of the sale, the chairman now owns 33,750 shares of the company’s stock, valued at $4,239,000. The disclosure for this sale can be found here. Insiders sold 71,750 shares of company stock valued at $8,793,900 over the last 90 days. Company insiders own 0.31% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Guidant Wealth Advisors grew its position in Chevron by 63.9% in the second quarter. Guidant Wealth Advisors now owns 259 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 101 shares during the period. Evolution Wealth Advisors LLC purchased a new position in Chevron in the second quarter worth approximately $34,000. Transamerica Financial Advisors Inc. purchased a new position in Chevron in the second quarter worth approximately $46,000. Cordasco Financial Network grew its position in Chevron by 55.3% in the second quarter. Cordasco Financial Network now owns 379 shares of the oil and gas company’s stock worth $47,000 after acquiring an additional 135 shares during the period. Finally, CKW Financial Group boosted its position in shares of Chevron by 154.0% during the second quarter. CKW Financial Group now owns 414 shares of the oil and gas company’s stock worth $51,000 after buying an additional 251 shares during the period. Institutional investors and hedge funds own 65.79% of the company’s stock.

Shares of Chevron stock traded up $0.08 during mid-day trading on Tuesday, reaching $121.50. 4,885,277 shares of the stock traded hands, compared to its average volume of 6,611,989. The business has a 50-day moving average of $119.43 and a 200 day moving average of $121.28. Chevron has a fifty-two week low of $100.22 and a fifty-two week high of $127.60. The stock has a market capitalization of $231.18 billion, a PE ratio of 14.73, a PEG ratio of 3.03 and a beta of 1.01. The company has a quick ratio of 0.91, a current ratio of 1.15 and a debt-to-equity ratio of 0.16.

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were given a $1.19 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.92%. Chevron’s dividend payout ratio (DPR) is presently 57.70%.

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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