Q3 2016 Earnings Estimate for Chevron Corp. Issued By Jefferies Group (CVX)
Chevron Corp. (NYSE:CVX) – Analysts at Jefferies Group cut their Q3 2016 earnings estimates for shares of Chevron Corp. in a note issued to investors on Tuesday. Jefferies Group analyst J. Gammel now forecasts that the brokerage will post earnings of $0.39 per share for the quarter, down from their previous forecast of $0.40. Jefferies Group has a “Buy” rating on the stock.
CVX has been the topic of several other research reports. Zacks Investment Research upgraded shares of Chevron Corp. from a “hold” rating to a “strong-buy” rating and set a $118.00 price objective on the stock in a report on Monday, October 3rd. Vetr upgraded shares of Chevron Corp. from a “buy” rating to a “strong-buy” rating and set a $119.79 price objective on the stock in a report on Wednesday, September 28th. Exane BNP Paribas initiated coverage on shares of Chevron Corp. in a report on Monday. They set a “neutral” rating and a $102.00 price objective on the stock. JPMorgan Chase & Co. restated an “overweight” rating and set a $117.00 price objective on shares of Chevron Corp. in a report on Monday, September 26th. Finally, Barclays PLC restated an “equal weight” rating and set a $125.00 price objective on shares of Chevron Corp. in a report on Monday. Thirteen equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $105.09.
Shares of Chevron Corp. (NYSE:CVX) traded down 1.42% on Thursday, hitting $100.70. 3,994,583 shares of the company traded hands. Chevron Corp. has a 1-year low of $75.33 and a 1-year high of $107.58. The firm’s 50-day moving average is $101.07 and its 200 day moving average is $101.23. The firm’s market capitalization is $189.97 billion.
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Chevron Corp. (NYSE:CVX) last issued its quarterly earnings results on Friday, July 29th. The company reported ($0.78) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $1.10. The business earned $29.28 billion during the quarter, compared to the consensus estimate of $25.78 billion. Chevron Corp. had a positive return on equity of 1.07% and a negative net margin of 0.64%. The firm’s revenue was down 27.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.30 earnings per share.
Hedge funds have recently modified their holdings of the company. Carl Domino Inc increased its stake in shares of Chevron Corp. by 11.9% in the first quarter. Carl Domino Inc now owns 6,799 shares of the company’s stock worth $649,000 after buying an additional 725 shares during the last quarter. Benin Management CORP increased its stake in shares of Chevron Corp. by 53.8% in the first quarter. Benin Management CORP now owns 14,014 shares of the company’s stock worth $1,337,000 after buying an additional 4,900 shares during the last quarter. FirstMerit Bank N A Trustee increased its stake in shares of Chevron Corp. by 1.6% in the first quarter. FirstMerit Bank N A Trustee now owns 182,689 shares of the company’s stock worth $17,428,000 after buying an additional 2,793 shares during the last quarter. Peddock Capital Advisors LLC increased its stake in shares of Chevron Corp. by 1.4% in the first quarter. Peddock Capital Advisors LLC now owns 47,454 shares of the company’s stock worth $4,527,000 after buying an additional 671 shares during the last quarter. Finally, Oliver Luxxe Assets LLC boosted its position in shares of Chevron Corp. by 1.0% in the first quarter. Oliver Luxxe Assets LLC now owns 29,840 shares of the company’s stock worth $2,847,000 after buying an additional 281 shares during the period. 62.24% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Pierre R. Breber sold 21,000 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total transaction of $2,074,170.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Inge G. Thulin acquired 487 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were acquired at an average cost of $102.87 per share, with a total value of $50,097.69. The disclosure for this purchase can be found here. Corporate insiders own 0.40% of the company’s stock.
About Chevron Corp.
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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