Chevron Co. to Report Fiscal 2023 Earnings of $10.42 Per Share, Truist Financial Forecast (NYSE:CVX)

Chevron Co. (NYSE:CVX – Get Rating) – Equity analysts at Truist Financial raised their fiscal year 2023 EPS estimates for Chevron shares in a research note released to investors on Wednesday, March 2. Truist Financial analyst N. Dingmann now expects the oil and gas company to post earnings per share of $10.42 for the year, up from its previous forecast of $9.79.

Other research analysts have also recently published research reports on the company. Wells Fargo & Company upgraded Chevron from a “weighted” rating to an “overweight” rating in a Wednesday, Jan. 5, report. Piper Sandler raised its price target on Chevron from $150.00 to $173.00 and gave the stock an “overweight” rating in a report on Wednesday. Tudor Pickering downgraded Chevron from a “hold” rating to a “buy” rating and set a target price of $114.00 on the stock in a Tuesday, Nov. 30, research report. Cowen raised its target price on Chevron from $140.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Citigroup raised its price target on Chevron from $124.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday. Six analysts gave the stock a hold rating, nineteen gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $144.75.

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NYSE: CVX opened at $156.22 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt ratio of 0.22. The company’s 50-day moving average is $131.34 and its two-hundred-day moving average is $115.93. Chevron has a 52-week low of $92.86 and a 52-week high of $157.12. The company has a market capitalization of $304.25 billion, a PE ratio of 19.19, a P/E/G ratio of 1.55 and a beta of 1.13. Chevron (NYSE:CVX – Get Rating) last released its results on Friday, January 28. The oil and gas company reported EPS of $2.56 for the quarter, missing analyst consensus estimates of $3.13 per ($0.57). Chevron had a return on equity of 11.50% and a net margin of 9.62%. The company posted revenue of $48.22 billion for the quarter, versus a consensus estimate of $45.22 billion. During the same period of the previous year, the company achieved EPS of ($0.01). The company’s quarterly revenue increased 91.0% year over year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 10. Investors of record on Wednesday, February 16 will receive a dividend of $1.42 per share. This is a boost from Chevron’s previous quarterly dividend of $1.34. The ex-dividend date is Tuesday, February 15. This represents a dividend of $5.68 on an annualized basis and a yield of 3.64%. Chevron’s dividend payout ratio (DPR) is currently 69.78%.

In related news, Vice Chairman R. Hewitt Pate sold 125,300 Chevron shares in a trade on Monday, February 7. The stock was sold at an average price of $137.59, for a total transaction of $17,240,027.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, Vice Chairman Colin E. Parfitt sold 31,000 shares of the company in a transaction dated Friday, February 25. The shares were sold at an average price of $140.00, for a total value of $4,340,000.00. The disclosure of this sale can be found here. In the past three months, insiders have sold 666,115 shares of the company valued at $88,941,132. Insiders hold 0.29% of the company’s shares.

A number of hedge funds and other institutional investors have been buying and selling shares of CVX recently. Renaissance Technologies LLC increased its stake in Chevron by 317.1% during the third quarter. Renaissance Technologies LLC now owns 2,523,725 shares of the oil and gas company valued at $256,032,000 after purchasing an additional 1,918,630 shares last quarter. Invesco Ltd. increased its holdings in Chevron by 16.0% during the third quarter. Invesco Ltd. now owns 13,482,487 shares of the oil and gas company valued at $1,367,797,000 after purchasing an additional 1,859,425 shares last quarter. Neuberger Berman Group LLC increased its stake in Chevron by 137.2% during the third quarter. Neuberger Berman Group LLC now owns 2,658,662 shares of the oil and gas company valued at $267,659,000 after purchasing an additional 1,537,886 shares last quarter. Morgan Stanley increased its stake in Chevron shares by 6.9% in the second quarter. Morgan Stanley now owns 23,302,417 shares of the oil and gas company worth $2,440,693,000 after purchasing an additional 1,513,296 shares during the period. Finally, Geode Capital Management LLC increased its stake in Chevron shares by 3.4% in the third quarter. Geode Capital Management LLC now owns 31,582,362 shares of the oil and gas company worth $3,196,349,000 after purchasing an additional 1,037,882 shares during the period. Institutional investors hold 65.32% of the company’s shares.

About Herringbone (Get a rating)

Chevron Corp. engages in the provision of administrative, financial and technological support for energy and chemical operations. It operates through the Upstream and Downstream segments. The Upstream segment includes exploration, development and production of crude oil and natural gas, liquefaction, transportation and regasification associated with liquefied natural gas, transportation of crude oil through major international oil export pipelines , processing, transportation, storage, and marketing of natural gas, and a gas-to-liquids conversion plant.

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