Chevron Corporation’s (CVX) Buy Rating Reaffirmed at Jefferies Group LLC
Jefferies Group LLC reiterated their buy rating on shares of Chevron Corporation (NYSE:CVX) in a research note released on Monday. They currently have a $137.00 price objective on the oil and gas company’s stock, up from their previous price objective of $113.54. Jefferies Group also issued estimates for Chevron Corporation’s Q1 2018 earnings at $1.32 EPS, Q2 2018 earnings at $1.42 EPS, Q3 2018 earnings at $1.61 EPS, FY2018 earnings at $5.89 EPS, FY2019 earnings at $6.99 EPS and FY2020 earnings at $8.45 EPS.
A number of other research firms have also recently issued reports on CVX. Piper Jaffray Companies reiterated a buy rating on shares of Chevron Corporation in a report on Thursday, August 3rd. BidaskClub cut Chevron Corporation from a sell rating to a strong sell rating in a report on Monday, July 24th. Wells Fargo & Company cut Chevron Corporation to an outperform rating and lowered their target price for the stock from $124.00 to $102.00 in a report on Monday, July 17th. Goldman Sachs Group, Inc. (The) reiterated a buy rating and set a $123.00 target price (up previously from $118.00) on shares of Chevron Corporation in a report on Tuesday, September 19th. Finally, Wolfe Research upgraded Chevron Corporation from a market perform rating to an outperform rating in a report on Monday, October 16th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company. Chevron Corporation presently has an average rating of Buy and a consensus price target of $120.45.
Shares of Chevron Corporation (NYSE:CVX) traded up 1.25% on Monday, hitting $115.82. The stock had a trading volume of 4,174,346 shares. The company has a market capitalization of $219.48 billion, a P/E ratio of 37.56 and a beta of 1.24. Chevron Corporation has a one year low of $100.95 and a one year high of $120.89. The firm has a 50 day moving average price of $117.19 and a 200 day moving average price of $109.10.
Chevron Corporation (NYSE:CVX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.04. The firm had revenue of $36.21 billion during the quarter, compared to analysts’ expectations of $34.06 billion. Chevron Corporation had a return on equity of 4.59% and a net margin of 4.79%. The company’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.68 EPS. On average, equities research analysts predict that Chevron Corporation will post $4.01 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Stockholders of record on Friday, November 17th will be given a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 dividend on an annualized basis and a dividend yield of 3.78%. Chevron Corporation’s payout ratio is 125.95%.
In related news, VP R. Hewitt Pate sold 25,500 shares of Chevron Corporation stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $120.00, for a total value of $3,060,000.00. Following the transaction, the vice president now directly owns 25,500 shares of the company’s stock, valued at $3,060,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Patricia E. Yarrington sold 39,000 shares of Chevron Corporation stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $111.00, for a total transaction of $4,329,000.00. Following the completion of the transaction, the chief financial officer now directly owns 43,838 shares in the company, valued at $4,866,018. The disclosure for this sale can be found here. Over the last quarter, insiders sold 97,812 shares of company stock valued at $11,068,343. 0.38% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in CVX. HPM Partners LLC grew its stake in shares of Chevron Corporation by 197.0% during the first quarter. HPM Partners LLC now owns 38,735 shares of the oil and gas company’s stock worth $4,159,000 after buying an additional 25,691 shares during the last quarter. Lincoln National Corp grew its stake in shares of Chevron Corporation by 33.3% during the first quarter. Lincoln National Corp now owns 82,502 shares of the oil and gas company’s stock worth $8,859,000 after buying an additional 20,615 shares during the last quarter. Adams Natural Resources Fund Inc. grew its stake in shares of Chevron Corporation by 8.8% during the second quarter. Adams Natural Resources Fund Inc. now owns 596,800 shares of the oil and gas company’s stock worth $62,264,000 after buying an additional 48,100 shares during the last quarter. Strategic Financial Group LLC grew its stake in shares of Chevron Corporation by 6.0% during the first quarter. Strategic Financial Group LLC now owns 8,979 shares of the oil and gas company’s stock worth $964,000 after buying an additional 510 shares during the last quarter. Finally, Korea Investment CORP grew its stake in shares of Chevron Corporation by 5.1% during the second quarter. Korea Investment CORP now owns 1,476,610 shares of the oil and gas company’s stock worth $154,055,000 after buying an additional 72,173 shares during the last quarter. 62.90% of the stock is currently owned by institutional investors and hedge funds.
Chevron Corporation Company Profile
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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