$41.33 Billion in Sales Expected for Chevron Co. (NYSE:CVX) This Quarter

Equities research analysts expect that Chevron Co. (NYSE:CVX) will post sales of $41.33 billion for the current quarter, according to Zacks. Three analysts have issued estimates for Chevron’s earnings, with the highest sales estimate coming in at $46.07 billion and the lowest estimate coming in at $37.89 billion. Chevron reported sales of $43.99 billion during the same quarter last year, which indicates a negative year over year growth rate of 6%. The firm is scheduled to announce its next quarterly earnings report on Friday, November 1st.

According to Zacks, analysts expect that Chevron will report full-year sales of $157.55 billion for the current financial year, with estimates ranging from $150.94 billion to $167.32 billion. For the next fiscal year, analysts expect that the firm will post sales of $177.18 billion, with estimates ranging from $150.62 billion to $232.04 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Chevron.

Chevron (NYSE:CVX) last announced its quarterly earnings results on Friday, August 2nd. The oil and gas company reported $2.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.53. Chevron had a net margin of 9.18% and a return on equity of 9.58%. The company had revenue of $38.85 billion for the quarter, compared to analysts’ expectations of $40.14 billion. During the same quarter in the previous year, the company earned $1.78 earnings per share. Chevron’s quarterly revenue was down 8.0% on a year-over-year basis.

A number of equities research analysts have weighed in on CVX shares. Barclays started coverage on shares of Chevron in a report on Monday. They issued an “overweight” rating and a $145.00 price objective on the stock. Zacks Investment Research cut shares of Chevron from a “buy” rating to a “hold” rating in a report on Tuesday, May 7th. BMO Capital Markets started coverage on shares of Chevron in a report on Tuesday. They issued an “outperform” rating and a $165.00 price objective on the stock. Morgan Stanley cut their price objective on shares of Chevron from $146.00 to $144.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. Finally, Citigroup started coverage on shares of Chevron in a report on Monday, May 13th. They issued a “buy” rating and a $135.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Chevron presently has an average rating of “Buy” and an average price target of $136.78.

In other news, Chairman Michael K. Wirth sold 33,750 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $125.60, for a total transaction of $4,239,000.00. Following the sale, the chairman now owns 33,750 shares in the company, valued at $4,239,000. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph C. Geagea sold 8,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $122.50, for a total transaction of $980,000.00. Following the transaction, the insider now owns 9,243 shares in the company, valued at approximately $1,132,267.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,750 shares of company stock worth $6,448,700. Corporate insiders own 0.31% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Chevron by 1.0% during the second quarter. Vanguard Group Inc. now owns 157,513,617 shares of the oil and gas company’s stock valued at $19,600,995,000 after purchasing an additional 1,572,940 shares during the period. BlackRock Inc. raised its position in Chevron by 3.5% in the second quarter. BlackRock Inc. now owns 131,522,440 shares of the oil and gas company’s stock worth $16,366,651,000 after acquiring an additional 4,401,622 shares during the period. Northern Trust Corp raised its position in Chevron by 2.8% in the second quarter. Northern Trust Corp now owns 28,068,068 shares of the oil and gas company’s stock worth $3,492,791,000 after acquiring an additional 769,941 shares during the period. Morgan Stanley raised its position in Chevron by 7.9% in the second quarter. Morgan Stanley now owns 16,262,708 shares of the oil and gas company’s stock worth $2,023,732,000 after acquiring an additional 1,184,133 shares during the period. Finally, Nuveen Asset Management LLC raised its position in Chevron by 2,073.6% in the second quarter. Nuveen Asset Management LLC now owns 14,886,232 shares of the oil and gas company’s stock worth $1,852,443,000 after acquiring an additional 14,201,379 shares during the period. Institutional investors own 66.45% of the company’s stock.

Shares of NYSE CVX traded down $2.16 during midday trading on Friday, hitting $115.57. 3,754,873 shares of the company traded hands, compared to its average volume of 6,296,626. The firm has a market cap of $220.46 billion, a P/E ratio of 14.01, a P/E/G ratio of 2.80 and a beta of 1.00. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.91 and a current ratio of 1.15. Chevron has a 12-month low of $100.22 and a 12-month high of $127.60. The stock has a 50-day moving average price of $122.30 and a 200 day moving average price of $121.40.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th will be issued a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 4.12%. The ex-dividend date of this dividend is Friday, August 16th. Chevron’s payout ratio is 57.70%.

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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