Investing in Chevron (NYSE:CVX) Three Years Ago Would Have Delivered You a 48% Gain
Investing in Chevron (NYSE:CVX) Three Years Ago Would Have Delivered You a 48% Gain
By buying an index fund, investors can approximate the average market return. But many of us dare to dream of bigger returns, and build a portfolio ourselves. For example, Chevron Corporation (NYSE:CVX) shareholders have seen the share price rise 32% over three years, well in excess of the market return (14%, not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 7.7% in the last year, including dividends.
通過購買指數基金,投資者可以接近平均市場回報。但我們很多人敢於夢想獲得更大的回報,並自己構建投資組合。例如,雪佛龍公司(紐交所:CVX)股東在過去三年中看到股價上漲了32%,遠遠超過市場回報(14%,不包括分紅派息)。然而,最近的回報並沒有那麼令人印象深刻,股票在過去一年中僅回報了7.7%,包括分紅派息。
So let's investigate and see if the longer term performance of the company has been in line with the underlying business' progress.
那麼,讓我們調查一下並查看公司的長期表現是否符合基本業務的進展。
There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
不可否認的是,市場有時是高效的,但價格並不總是反映潛在的商業表現。一個不完美但簡單的方法來考慮公司市場感知如何改變是比較每股收益(EPS)變化和股價變動。
Chevron was able to grow its EPS at 76% per year over three years, sending the share price higher. This EPS growth is higher than the 10% average annual increase in the share price. Therefore, it seems the market has moderated its expectations for growth, somewhat.
雪佛龍公司三年內每年將EPS增長率提高了76%,推高了股價。這一EPS增長率高於股價平均每年增長率10%。因此,市場似乎已經適度降低了對增長的預期。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下圖顯示了EPS隨時間變化的情況(點擊圖像以顯示確切值)。
We know that Chevron has improved its bottom line over the last three years, but what does the future have in store? It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
我們知道雪佛龍在過去三年裏改善了其底線,但未來如何?看看我們關於其財務狀況如何隨時間改變的免費報告可能是非常值得的。
What About Dividends?
那麼分紅怎麼樣呢?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. In the case of Chevron, it has a TSR of 48% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
對於任何給定的股票,考慮總股東回報以及股價回報是很重要的。TSR是一種回報計算,考慮了現金分紅的價值(假設任何獲得的股息都被再投資)以及任何折扣資本增發和分拆的計算價值。可以說TSR爲支付股息的股票提供了更完整的圖片。在雪佛龍的情況下,過去3年的TSR爲48%。這超過了我們先前提到的股價回報。公司支付的股息因此提高了總股東回報。
A Different Perspective
不同的觀點
Chevron provided a TSR of 7.7% over the last twelve months. Unfortunately this falls short of the market return. If we look back over five years, the returns are even better, coming in at 9% per year for five years. It may well be that this is a business worth popping on the watching, given the continuing positive reception, over time, from the market. It's always interesting to track share price performance over the longer term. But to understand Chevron better, we need to consider many other factors. To that end, you should be aware of the 1 warning sign we've spotted with Chevron .
在過去12個月中,雪佛龍提供的TSR爲7.7%。不幸的是,這低於市場回報。如果我們回顧五年,回報甚至更好,爲每年9%的五年。考慮到市場長期以來持續積極的接受,這可能是一個值得關注的業務。跟蹤股價表現長期下來總是有趣的。但爲了更好地了解雪佛龍,我們需要考慮許多其他因素。爲此,您應該注意我們發現的雪佛龍的1個警示標誌。
But note: Chevron may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但請注意:雪佛龍可能不是最好的股票選擇。因此,請查看這份免費的有過盈利增長(並有進一步增長預測)的有趣公司清單。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。