Scotiabank Issues Pessimistic Outlook for Chevron Earnings

Chevron Co. (NYSE:CVX) – Research analysts at Scotiabank lowered their FY2024 earnings per share estimates for shares of Chevron in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now anticipates that the oil and gas company will earn $10.20 per share for the year, down from their previous estimate of $11.20. Scotiabank has a “Sector Outperform” rating and a $163.00 price target on the stock. The consensus estimate for Chevron’s current full-year earnings is $10.50 per share. Scotiabank also issued estimates for Chevron’s FY2025 earnings at $9.20 EPS and FY2026 earnings at $10.20 EPS.

Other equities research analysts also recently issued reports about the company. DZ Bank raised Chevron from a “hold” rating to a “buy” rating and set a $170.00 price target for the company in a research note on Tuesday, November 5th. Bank of America assumed coverage on Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Wells Fargo & Company raised their price objective on Chevron from $171.00 to $188.00 and gave the company an “overweight” rating in a research note on Monday, December 9th. Piper Sandler cut their price objective on Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Truist Financial raised their price objective on Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.87.

Chevron Stock Up 1.0 %

CVX opened at $156.85 on Monday. Chevron has a fifty-two week low of $135.37 and a fifty-two week high of $167.11. The business has a 50-day moving average of $153.78 and a 200-day moving average of $150.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $281.87 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12.

Chevron (NYSE:CVX) last posted its quarterly earnings results on Friday, November 1st. The oil and gas company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.04. Chevron had a return on equity of 13.15% and a net margin of 8.44%. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. During the same period last year, the business earned $3.05 EPS. The business’s quarterly revenue was down 6.3% on a year-over-year basis.

Chevron Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 18th were issued a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 4.16%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is presently 71.65%.

Insider Transactions at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $160.13, for a total transaction of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. This trade represents a 97.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by insiders.

Institutional Trading of Chevron

Several institutional investors have recently bought and sold shares of the stock. Mason & Associates Inc boosted its stake in Chevron by 7.7% in the 4th quarter. Mason & Associates Inc now owns 2,386 shares of the oil and gas company’s stock valued at $346,000 after buying an additional 171 shares in the last quarter. StrongBox Wealth LLC boosted its stake in Chevron by 3.0% in the 4th quarter. StrongBox Wealth LLC now owns 32,372 shares of the oil and gas company’s stock valued at $4,689,000 after buying an additional 930 shares in the last quarter. Flywheel Private Wealth LLC acquired a new stake in Chevron in the 4th quarter valued at $277,000. Brady Family Wealth LLC boosted its stake in Chevron by 1.4% in the 4th quarter. Brady Family Wealth LLC now owns 14,369 shares of the oil and gas company’s stock valued at $2,081,000 after buying an additional 199 shares in the last quarter. Finally, Winch Advisory Services LLC boosted its stake in Chevron by 10.8% in the 4th quarter. Winch Advisory Services LLC now owns 6,189 shares of the oil and gas company’s stock valued at $896,000 after buying an additional 601 shares in the last quarter. Institutional investors and hedge funds own 72.42% of the company’s stock.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.