Chevron Co. (NYSE:CVX) Plans Quarterly Dividend of $1.63

Chevron Co. (NYSE:CVX) announced a quarterly dividend on Friday, August 2nd, Zacks reports. Stockholders of record on Monday, August 19th will be given a dividend of 1.63 per share by the oil and gas company on Tuesday, September 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 4.39%. The ex-dividend date of this dividend is Monday, August 19th.

Chevron has raised its dividend by an average of 5.4% annually over the last three years and has raised its dividend every year for the last 37 years. Chevron has a dividend payout ratio of 46.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Chevron to earn $14.99 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 43.5%.

Chevron Price Performance

Chevron stock traded down $4.07 during midday trading on Friday, hitting $148.55. The company’s stock had a trading volume of 13,278,618 shares, compared to its average volume of 6,585,736. Chevron has a 12 month low of $139.62 and a 12 month high of $171.70. The company has a quick ratio of 0.93, a current ratio of 1.23 and a debt-to-equity ratio of 0.13. The stock’s 50-day moving average price is $156.37 and its 200-day moving average price is $155.92. The company has a market capitalization of $273.77 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 2.45 and a beta of 1.10.

Chevron (NYSE:CVX) last released its earnings results on Friday, August 2nd. The oil and gas company reported $2.55 EPS for the quarter, missing the consensus estimate of $2.88 by ($0.33). The business had revenue of $51.18 billion for the quarter, compared to analyst estimates of $48.68 billion. Chevron had a net margin of 10.21% and a return on equity of 14.40%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the company earned $3.08 earnings per share. Analysts anticipate that Chevron will post 12.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CVX shares. TD Cowen boosted their price target on shares of Chevron from $155.00 to $160.00 and gave the company a “hold” rating in a report on Monday, April 29th. Sanford C. Bernstein cut Chevron from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $183.00 to $167.00 in a research report on Wednesday, July 17th. Truist Financial lowered their price target on Chevron from $166.00 to $156.00 and set a “hold” rating on the stock in a report on Monday, July 22nd. Mizuho raised their price objective on Chevron from $200.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Piper Sandler lifted their target price on Chevron from $180.00 to $204.00 and gave the company an “overweight” rating in a research note on Thursday, April 18th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.59.

Insider Transactions at Chevron

In other Chevron news, VP Jeff B. Gustavson sold 3,750 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the transaction, the vice president now directly owns 477 shares in the company, valued at $76,429.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Jeff B. Gustavson sold 3,750 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $160.23, for a total transaction of $600,862.50. Following the completion of the sale, the vice president now directly owns 477 shares of the company’s stock, valued at approximately $76,429.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Enrique Hernandez, Jr. sold 2,549 shares of Chevron stock in a transaction on Friday, May 10th. The shares were sold at an average price of $165.24, for a total value of $421,196.76. Following the completion of the transaction, the director now owns 27,725 shares of the company’s stock, valued at approximately $4,581,279. The disclosure for this sale can be found here. In the last three months, insiders sold 11,397 shares of company stock valued at $1,855,582. Company insiders own 0.20% of the company’s stock.

Chevron Company Profile

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.