$32.34 Billion in Sales Expected for Chevron Co. (NYSE:CVX) This Quarter


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Wall Street analysts predict that Chevron Co. (NYSE:CVX) will report sales of $32.34 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Chevron’s earnings, with the highest sales estimate coming in at $33.93 billion and the lowest estimate coming in at $29.65 billion. Chevron reported sales of $13.49 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 139.7%. The business is scheduled to announce its next quarterly earnings results on Friday, July 30th.

According to Zacks, analysts expect that Chevron will report full year sales of $127.60 billion for the current year, with estimates ranging from $117.97 billion to $135.95 billion. For the next fiscal year, analysts expect that the firm will post sales of $132.44 billion, with estimates ranging from $115.93 billion to $144.53 billion. Zacks’ sales averages are an average based on a survey of research firms that that provide coverage for Chevron.

Chevron (NYSE:CVX) last announced its earnings results on Thursday, April 29th. The oil and gas company reported $0.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.02). The business had revenue of $32.03 billion for the quarter, compared to the consensus estimate of $31.82 billion. Chevron had a negative net margin of 10.86% and a positive return on equity of 1.75%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.29 earnings per share.

Several analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Chevron from a “hold” rating to a “strong-buy” rating and set a $102.00 target price for the company in a research report on Friday, January 29th. Piper Sandler lifted their price target on shares of Chevron from $113.00 to $126.00 and gave the company an “overweight” rating in a report on Thursday, April 1st. Scotiabank reaffirmed a “sector perform” rating and set a $115.00 price target on shares of Chevron in a report on Tuesday, March 16th. Wells Fargo & Company lowered their price target on shares of Chevron from $105.00 to $99.00 and set an “equal weight” rating on the stock in a report on Monday, February 1st. Finally, Morgan Stanley lifted their price target on shares of Chevron from $113.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, March 17th. Ten analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $110.68.

NYSE CVX traded up $0.58 during trading hours on Thursday, hitting $106.11. 8,683,553 shares of the company’s stock traded hands, compared to its average volume of 10,677,410. The business’s fifty day moving average price is $104.12 and its two-hundred day moving average price is $92.56. The company has a current ratio of 1.26, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $204.59 billion, a P/E ratio of -17.28, a P/E/G ratio of 5.74 and a beta of 1.33. Chevron has a 52 week low of $65.16 and a 52 week high of $112.70.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 10th. Shareholders of record on Wednesday, May 19th will be given a dividend of $1.34 per share. This is a boost from Chevron’s previous quarterly dividend of $1.29. The ex-dividend date of this dividend is Tuesday, May 18th. This represents a $5.36 dividend on an annualized basis and a yield of 5.05%. Chevron’s payout ratio is 82.30%.

A number of hedge funds have recently bought and sold shares of the business. LGL Partners LLC bought a new position in Chevron during the first quarter valued at $234,000. Beaumont Financial Partners LLC grew its holdings in shares of Chevron by 2.5% in the first quarter. Beaumont Financial Partners LLC now owns 6,343 shares of the oil and gas company’s stock worth $665,000 after purchasing an additional 155 shares during the last quarter. Bingham Osborn & Scarborough LLC bought a new position in shares of Chevron in the first quarter worth about $348,000. Dean Investment Associates LLC grew its holdings in shares of Chevron by 6.9% in the first quarter. Dean Investment Associates LLC now owns 46,675 shares of the oil and gas company’s stock worth $4,891,000 after purchasing an additional 3,025 shares during the last quarter. Finally, Ford Financial Group LLC grew its holdings in shares of Chevron by 1.3% in the first quarter. Ford Financial Group LLC now owns 11,020 shares of the oil and gas company’s stock worth $1,154,000 after purchasing an additional 141 shares during the last quarter. Institutional investors and hedge funds own 62.27% of the company’s stock.

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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