Chevron (NYSE:CVX) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Chevron (NYSE:CVX - Get Free Report) announced its earnings results on Friday. The oil and gas company reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.03, Zacks reports. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The company had revenue of $47.61 billion during the quarter, compared to analyst estimates of $49.05 billion. During the same quarter last year, the firm posted $2.93 earnings per share. Chevron's revenue was down 2.3% compared to the same quarter last year.

Chevron Stock Up 1.7 %

Shares of CVX traded up $2.27 during midday trading on Friday, reaching $138.53. The stock had a trading volume of 12,386,040 shares, compared to its average volume of 7,969,291. The company has a market cap of $243.90 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 1.46 and a beta of 0.93. The company's fifty day simple moving average is $149.76 and its two-hundred day simple moving average is $152.56. Chevron has a 1-year low of $132.04 and a 1-year high of $168.96. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 0.80.

Chevron Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 19th will be issued a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.94%. Chevron's dividend payout ratio (DPR) is presently 70.37%.

Wall Street Analysts Forecast Growth

CVX has been the subject of a number of research analyst reports. Barclays cut shares of Chevron from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $171.00 to $152.00 in a research report on Wednesday, April 23rd. Scotiabank lowered Chevron from a "sector outperform" rating to a "sector perform" rating and lowered their price target for the stock from $160.00 to $143.00 in a research report on Friday, April 11th. BNP Paribas downgraded Chevron to a "cautious" rating in a report on Tuesday, April 15th. Royal Bank of Canada reissued an "outperform" rating and set a $175.00 target price on shares of Chevron in a research note on Monday, February 3rd. Finally, Truist Financial dropped their target price on Chevron from $164.00 to $160.00 and set a "hold" rating for the company in a research report on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $165.27.

Insider Buying and Selling

In other Chevron news, VP Jeff B. Gustavson sold 9,325 shares of Chevron stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $152.50, for a total transaction of $1,422,062.50. Following the completion of the sale, the vice president now directly owns 1,057 shares of the company's stock, valued at $161,192.50. The trade was a 89.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% 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.