Brokerages Anticipate Chevron Corporation (CVX) Will Post Quarterly Sales of $33.80 Billion
Brokerages expect that Chevron Corporation (NYSE:CVX) will announce $33.80 billion in sales for the current quarter, Zacks reports. Four analysts have issued estimates for Chevron Corporation’s earnings. The lowest sales estimate is $32.07 billion and the highest is $35.55 billion. Chevron Corporation reported sales of $30.14 billion during the same quarter last year, which would suggest a positive year over year growth rate of 12.1%. The company is scheduled to issue its next quarterly earnings report before the market opens on Friday, October 27th.
On average, analysts expect that Chevron Corporation will report full year sales of $33.80 billion for the current year, with estimates ranging from $129.39 billion to $141.36 billion. For the next year, analysts anticipate that the firm will report sales of $146.43 billion per share, with estimates ranging from $133.67 billion to $167.26 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Chevron Corporation.
Chevron Corporation (NYSE:CVX) last released its earnings results on Friday, July 28th. The oil and gas company reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.02. The business had revenue of $34.48 billion for the quarter, compared to analysts’ expectations of $32.77 billion. Chevron Corporation had a return on equity of 4.13% and a net margin of 4.50%. The firm’s revenue was up 17.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.78) earnings per share.
CVX has been the topic of several research analyst reports. Piper Jaffray Companies reiterated a “buy” rating on shares of Chevron Corporation in a research note on Thursday, August 3rd. Jefferies Group LLC restated a “buy” rating and set a $130.00 target price on shares of Chevron Corporation in a research report on Tuesday, October 3rd. BidaskClub cut shares of Chevron Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Wells Fargo & Company cut shares of Chevron Corporation to an “outperform” rating and decreased their target price for the company from $124.00 to $102.00 in a research report on Monday, July 17th. Finally, Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $123.00 target price (up from $118.00) on shares of Chevron Corporation in a research report on Tuesday, September 19th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $119.66.
In other Chevron Corporation news, Director Linnet F. Deily sold 2,312 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $107.38, for a total value of $248,262.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP R. Hewitt Pate sold 25,500 shares of the company’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $120.00, for a total transaction of $3,060,000.00. Following the completion of the transaction, the vice president now owns 25,500 shares in the company, valued at $3,060,000. The disclosure for this sale can be found here. Insiders sold a total of 97,812 shares of company stock worth $11,068,343 over the last 90 days. Insiders own 0.38% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Pathstone Family Office LLC boosted its stake in shares of Chevron Corporation by 2.5% during the second quarter. Pathstone Family Office LLC now owns 813 shares of the oil and gas company’s stock valued at $2,170,000 after purchasing an additional 20 shares in the last quarter. Shine Investment Advisory Services Inc. bought a new position in shares of Chevron Corporation during the second quarter valued at approximately $106,000. Thompson Davis & CO. Inc. boosted its stake in shares of Chevron Corporation by 20.0% during the first quarter. Thompson Davis & CO. Inc. now owns 1,146 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 191 shares in the last quarter. Winfield Associates Inc. boosted its stake in shares of Chevron Corporation by 5.1% during the second quarter. Winfield Associates Inc. now owns 1,301 shares of the oil and gas company’s stock valued at $136,000 after purchasing an additional 63 shares in the last quarter. Finally, Daiwa SB Investments Ltd. boosted its stake in shares of Chevron Corporation by 438.5% during the second quarter. Daiwa SB Investments Ltd. now owns 1,400 shares of the oil and gas company’s stock valued at $146,000 after purchasing an additional 1,140 shares in the last quarter. Institutional investors and hedge funds own 62.72% of the company’s stock.
Chevron Corporation (NYSE CVX) opened at 118.935 on Monday. The company has a 50-day moving average price of $116.24 and a 200-day moving average price of $108.72. Chevron Corporation has a 1-year low of $99.87 and a 1-year high of $120.89. The company has a market cap of $225.38 billion, a PE ratio of 38.565 and a beta of 1.24.
COPYRIGHT VIOLATION WARNING: “Brokerages Anticipate Chevron Corporation (CVX) Will Post Quarterly Sales of $33.80 Billion” was originally reported by American Banking News and is the property of of American Banking News. If you are reading this piece of content on another website, it was copied illegally and republished in violation of U.S. & international copyright and trademark law. The original version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/23/brokerages-anticipate-chevron-corporation-cvx-will-post-quarterly-sales-of-33-80-billion.html.
Chevron Corporation Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Chevron Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chevron Corporation and related companies with MarketBeat.com's FREE daily email newsletter.