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

Chevron Co. (NYSE:CVX) announced a quarterly dividend on Friday, April 26th, Zacks reports. Stockholders of record on Friday, May 17th will be given a dividend of 1.63 per share by the oil and gas company on Monday, June 10th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date is Thursday, May 16th.

Chevron has increased 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 payout ratio of 45.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Chevron to earn $15.66 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 41.6%.

Chevron Stock Performance

Shares of CVX traded up $0.61 during mid-day trading on Friday, reaching $165.89. The company’s stock had a trading volume of 9,736,350 shares, compared to its average volume of 7,082,480. Chevron has a 1-year low of $139.62 and a 1-year high of $171.70. The stock has a market cap of $308.10 billion, a P/E ratio of 14.60, a PEG ratio of 2.43 and a beta of 1.12. The business has a 50-day simple moving average of $156.58 and a two-hundred day simple moving average of $151.83. The company has a current ratio of 1.27, a quick ratio of 1.01 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last released its quarterly earnings data on Friday, April 26th. The oil and gas company reported $2.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Chevron had a return on equity of 15.24% and a net margin of 10.63%. The company had revenue of $48.72 billion during the quarter, compared to analysts’ expectations of $48.42 billion. During the same period last year, the firm posted $3.55 earnings per share. The business’s revenue was down 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Chevron will post 13.58 earnings per share for the current fiscal year.

Insider Activity

In other news, VP Alana K. Knowles sold 2,800 shares of Chevron stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $160.09, for a total value of $448,252.00. Following the transaction, the vice president now owns 276 shares in the company, valued at approximately $44,184.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CVX shares. TD Cowen cut Chevron from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $170.00 to $150.00 in a research report on Tuesday, January 23rd. Barclays assumed coverage on Chevron in a report on Wednesday, April 10th. They set an “overweight” rating and a $203.00 price target for the company. Wells Fargo & Company lifted their price target on Chevron from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Thursday, April 4th. Truist Financial dropped their price target on Chevron from $168.00 to $156.00 and set a “hold” rating for the company in a report on Friday, April 5th. Finally, UBS Group lifted their price target on Chevron from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Tuesday, April 9th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $184.75.

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.