Q3 2022 EPS Estimates for Chevron Co. Boosted by Analyst (NYSE:CVX)

Defense World · Aug 8, 2022 14:31

Chevron Co. (NYSE:CVX – Get Rating) – Equities research analysts at Jefferies Financial Group upped their Q3 2022 earnings estimates for shares of Chevron in a research report issued to clients and investors on Thursday, August 4th. Jefferies Financial Group analyst G. Romeo now anticipates that the oil and gas company will post earnings of $4.81 per share for the quarter, up from their prior forecast of $4.60. The consensus estimate for Chevron's current full-year earnings is $17.51 per share. Jefferies Financial Group also issued estimates for Chevron's Q4 2022 earnings at $4.78 EPS, FY2023 earnings at $17.03 EPS and FY2024 earnings at $14.43 EPS.

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A number of other research analysts also recently weighed in on CVX. Truist Financial lowered their price objective on shares of Chevron from $170.00 to $166.00 and set a "hold" rating on the stock in a research report on Tuesday, July 19th. HSBC upgraded Chevron from a "hold" rating to a "buy" rating and dropped their price target for the stock from $183.00 to $167.00 in a research note on Wednesday, July 20th. Barclays increased their target price on Chevron from $183.00 to $196.00 and gave the company an "overweight" rating in a report on Tuesday, May 31st. Bank of America boosted their price target on Chevron from $178.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, August 1st. Finally, Piper Sandler dropped their price objective on shares of Chevron from $213.00 to $189.00 and set an "overweight" rating on the stock in a report on Tuesday, July 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $173.00.

Chevron Price Performance

CVX opened at $153.64 on Monday. The company's 50-day simple moving average is $154.37 and its two-hundred day simple moving average is $155.73. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.22 and a current ratio of 1.43. The stock has a market capitalization of $301.87 billion, a P/E ratio of 10.25, a P/E/G ratio of 0.62 and a beta of 1.15. Chevron has a 52-week low of $92.86 and a 52-week high of $182.40.

Chevron (NYSE:CVX – Get Rating) last posted its quarterly earnings results on Friday, July 29th. The oil and gas company reported $5.82 earnings per share for the quarter, topping the consensus estimate of $4.66 by $1.16. Chevron had a return on equity of 20.19% and a net margin of 13.45%. The firm had revenue of $68.76 billion during the quarter, compared to analysts' expectations of $57.69 billion. During the same quarter in the previous year, the business earned $1.71 earnings per share. The company's revenue was up 82.9% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CVX. Norges Bank purchased a new position in shares of Chevron during the fourth quarter valued at approximately $3,111,594,000. Vanguard Group Inc. boosted its holdings in Chevron by 2.7% during the 1st quarter. Vanguard Group Inc. now owns 167,767,288 shares of the oil and gas company's stock valued at $27,317,547,000 after acquiring an additional 4,367,157 shares during the period. 1832 Asset Management L.P. boosted its holdings in Chevron by 1,886.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,346,162 shares of the oil and gas company's stock valued at $376,786,000 after acquiring an additional 2,228,072 shares during the period. Dimensional Fund Advisors LP increased its stake in Chevron by 17.3% in the first quarter. Dimensional Fund Advisors LP now owns 9,763,275 shares of the oil and gas company's stock worth $1,589,915,000 after purchasing an additional 1,437,047 shares during the period. Finally, Swiss National Bank lifted its position in shares of Chevron by 13.6% during the first quarter. Swiss National Bank now owns 8,349,332 shares of the oil and gas company's stock worth $1,359,522,000 after purchasing an additional 998,700 shares during the last quarter. 65.89% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Wanda M. Austin sold 11,432 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the completion of the transaction, the director now directly owns 3,560 shares in the company, valued at approximately $574,762. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Wanda M. Austin sold 11,432 shares of the company's stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $161.45, for a total transaction of $1,845,696.40. Following the sale, the director now directly owns 3,560 shares in the company, valued at approximately $574,762. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wanda M. Austin sold 12,039 shares of Chevron stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $177.29, for a total value of $2,134,394.31. Following the completion of the transaction, the director now owns 3,543 shares of the company's stock, valued at approximately $628,138.47. The disclosure for this sale can be found here. Over the last three months, insiders have sold 399,043 shares of company stock worth $67,010,843. Corporate insiders own 0.32% of the company's stock.

Chevron Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 12th. Stockholders of record on Friday, August 19th will be issued a $1.42 dividend. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $5.68 annualized dividend and a dividend yield of 3.70%. Chevron's dividend payout ratio (DPR) is 37.89%.

Chevron Company Profile

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Chevron Corporation, through its subsidiaries, engages in integrated energy and chemicals operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation 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.