Zacks: Brokerages Expect Chevron Co. (CVX) Will Announce Quarterly Sales of $42.75 Billion

Wall Street brokerages expect that Chevron Co. (NYSE:CVX) will announce $42.75 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Chevron’s earnings, with the highest sales estimate coming in at $44.63 billion and the lowest estimate coming in at $39.42 billion. Chevron posted sales of $42.24 billion in the same quarter last year, which suggests a positive year over year growth rate of 1.2%. The firm is scheduled to announce its next earnings report on Friday, July 26th.

On average, analysts expect that Chevron will report full year sales of $160.65 billion for the current financial year, with estimates ranging from $157.81 billion to $163.49 billion. For the next fiscal year, analysts expect that the firm will report sales of $170.97 billion, with estimates ranging from $165.55 billion to $176.39 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Chevron.

Chevron (NYSE:CVX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.26 by $0.13. Chevron had a net margin of 8.45% and a return on equity of 9.07%. The company had revenue of $35.20 billion for the quarter, compared to the consensus estimate of $38.42 billion. During the same quarter in the previous year, the company earned $1.90 EPS. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year.

Several equities research analysts have recently commented on the stock. Morgan Stanley reduced their target price on shares of Chevron from $150.00 to $149.00 and set an “overweight” rating on the stock in a research note on Thursday, May 16th. Citigroup assumed coverage on shares of Chevron in a research note on Monday, May 13th. They issued a “buy” rating and a $135.00 target price on the stock. Zacks Investment Research downgraded shares of Chevron from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. Cowen restated a “buy” rating and issued a $142.00 target price on shares of Chevron in a research note on Wednesday, April 17th. Finally, Bank of America raised Chevron from a “neutral” rating to a “buy” rating and set a $140.00 price target for the company in a report on Friday, April 12th. Seven analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $135.42.

In other Chevron news, insider James William Johnson sold 4,750 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $125.60, for a total transaction of $596,600.00. Following the completion of the sale, the insider now directly owns 4,750 shares of the company’s stock, valued at approximately $596,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Enrique Hernandez, Jr. sold 4,200 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $122.13, for a total value of $512,946.00. Following the sale, the director now directly owns 15,689 shares of the company’s stock, valued at $1,916,097.57. The disclosure for this sale can be found here. Insiders sold 13,700 shares of company stock valued at $1,702,536 over the last ninety days. 0.31% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in CVX. Oregon Public Employees Retirement Fund raised its holdings in Chevron by 10,867.9% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 55,998,891 shares of the oil and gas company’s stock worth $515,000 after purchasing an additional 55,488,319 shares during the last quarter. Norges Bank bought a new stake in shares of Chevron during the 4th quarter worth approximately $2,131,241,000. Capital International Investors raised its stake in shares of Chevron by 157.4% during the 3rd quarter. Capital International Investors now owns 23,757,783 shares of the oil and gas company’s stock worth $2,905,102,000 after purchasing an additional 14,528,219 shares in the last quarter. BlackRock Inc. raised its stake in shares of Chevron by 5.2% during the 4th quarter. BlackRock Inc. now owns 127,839,017 shares of the oil and gas company’s stock worth $13,907,606,000 after purchasing an additional 6,328,133 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Chevron by 320.3% during the 3rd quarter. Renaissance Technologies LLC now owns 2,855,084 shares of the oil and gas company’s stock worth $349,120,000 after purchasing an additional 2,175,800 shares in the last quarter. 65.90% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:CVX opened at $121.34 on Friday. Chevron has a 52 week low of $100.22 and a 52 week high of $130.39. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.90 and a current ratio of 1.12. The firm has a market capitalization of $231.33 billion, a PE ratio of 14.71, a PEG ratio of 2.58 and a beta of 1.00.

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 10th. Investors of record on Friday, May 17th will be issued a $1.19 dividend. The ex-dividend date of this dividend is Thursday, May 16th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.92%. Chevron’s dividend payout ratio is 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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Earnings History and Estimates for Chevron (NYSE:CVX)

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