Scotiabank Has Bearish Estimate for Chevron FY2024 Earnings

Chevron Co. (NYSE:CVX) – Equities research analysts at Scotiabank reduced their FY2024 earnings per share estimates for shares of Chevron in a report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and gas company will post earnings of $10.20 per share for the year, down from their previous estimate of $11.20. Scotiabank currently 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.

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

CVX has been the subject of a number of other reports. Royal Bank of Canada increased their price objective on Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, November 4th. Bank of America began coverage on shares of Chevron in a research note on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. Piper Sandler cut their price objective on shares of Chevron from $184.00 to $173.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Truist Financial raised their target price on shares of Chevron from $160.00 to $164.00 and gave the company a “hold” rating in a research report on Monday. Finally, Barclays lifted their price target on shares of Chevron from $168.00 to $174.00 and gave the company an “overweight” rating in a research note on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Chevron presently has a consensus rating of “Moderate Buy” and an average price target of $174.87.

Chevron Price Performance

CVX stock opened at $155.07 on Monday. The stock has a 50-day moving average price of $153.71 and a two-hundred day moving average price of $150.94. Chevron has a 1 year low of $135.37 and a 1 year high of $167.11. The stock has a market cap of $278.67 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Rational Advisors LLC acquired a new position in Chevron in the third quarter valued at about $29,000. Legacy Investment Solutions LLC bought a new position in Chevron in the 3rd quarter valued at about $29,000. Darwin Wealth Management LLC acquired a new position in shares of Chevron in the 3rd quarter valued at approximately $30,000. RPg Family Wealth Advisory LLC bought a new stake in shares of Chevron during the 3rd quarter worth approximately $31,000. Finally, Cyrus J. Lawrence LLC boosted its position in shares of Chevron by 66.7% during the 2nd quarter. Cyrus J. Lawrence LLC now owns 250 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 100 shares in the last quarter. 72.42% of the stock is owned by institutional investors.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of the business’s stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the completion of the sale, the chief executive officer now owns 4,280 shares of the company’s stock, valued at approximately $685,356.40. The trade was a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.20% of the stock is owned by company insiders.

Chevron Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Investors 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 4.20%. The ex-dividend date was Monday, November 18th. Chevron’s payout ratio is 71.65%.

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.