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

Chevron Co. (NYSE:CVX) declared a quarterly dividend on Friday, August 2nd, Zacks reports. Shareholders 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 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend is Monday, August 19th.

Chevron has increased its dividend by an average of 5.4% per year over the last three years and has raised its dividend annually for the last 37 consecutive years. Chevron has a payout ratio of 46.1% meaning its dividend is sufficiently covered by earnings. 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

CVX traded down $4.07 during trading on Friday, hitting $148.55. 13,278,618 shares of the company traded hands, compared to its average volume of 6,585,736. The stock’s 50-day simple moving average is $156.37 and its two-hundred day simple moving average is $155.92. Chevron has a 1 year low of $139.62 and a 1 year high of $171.70. The company has a market cap of $273.77 billion, a PE ratio of 13.66, a P/E/G ratio of 2.45 and a beta of 1.10. The company has a current ratio of 1.23, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13.

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

Insiders Place Their Bets

In other Chevron news, Director Enrique Hernandez, Jr. sold 5,098 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $163.50, for a total transaction of $833,523.00. Following the transaction, the director now owns 2,549 shares of the company’s stock, valued at approximately $416,761.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Enrique Hernandez, Jr. sold 2,549 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $165.24, for a total transaction of $421,196.76. Following the completion of the sale, the director now directly owns 27,725 shares in the company, valued at approximately $4,581,279. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Enrique Hernandez, Jr. sold 5,098 shares of Chevron stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $163.50, for a total value of $833,523.00. Following the completion of the transaction, the director now owns 2,549 shares in the company, valued at approximately $416,761.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,397 shares of company stock worth $1,855,582. 0.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CVX has been the subject of a number of recent research reports. UBS Group raised their target price on shares of Chevron from $185.00 to $197.00 and gave the company a “buy” rating in a report on Tuesday, April 9th. Wells Fargo & Company boosted their target price on shares of Chevron from $198.00 to $206.00 and gave the stock an “overweight” rating in a report on Tuesday, April 30th. TD Cowen increased 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. Truist Financial reduced their price objective on Chevron from $166.00 to $156.00 and set a “hold” rating on the stock in a research note on Monday, July 22nd. Finally, Wolfe Research assumed coverage on Chevron in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $185.59.

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.