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

Chevron Co. (NYSE:CVX) announced a quarterly dividend on Monday, November 4th, Wall Street Journal reports. Shareholders of record on Monday, November 18th will be paid a dividend of 1.63 per share by the oil and gas company on Tuesday, December 10th. This represents a $6.52 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Monday, November 18th.

Chevron has increased its dividend payment by an average of 5.4% annually over the last three years and has increased its dividend every year for the last 37 years. Chevron has a dividend payout ratio of 55.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Chevron to earn $12.64 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 51.6%.

Chevron Price Performance

Shares of NYSE CVX traded up $0.56 during mid-day trading on Monday, reaching $153.63. The company’s stock had a trading volume of 4,405,817 shares, compared to its average volume of 7,648,169. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.16 and a quick ratio of 0.85. Chevron has a 52 week low of $135.37 and a 52 week high of $167.11. The stock has a fifty day moving average of $146.96 and a two-hundred day moving average of $152.93. The firm has a market capitalization of $280.98 billion, a PE ratio of 16.91, a P/E/G ratio of 3.29 and a beta of 1.09.

Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, August 2nd. The oil and gas company reported $2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.38). Chevron had a net margin of 9.31% and a return on equity of 13.70%. The company had revenue of $51.18 billion for the quarter, compared to analysts’ expectations of $48.68 billion. During the same period last year, the business earned $3.08 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chevron will post 10.74 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CVX. Mizuho dropped their price objective on shares of Chevron from $205.00 to $189.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Bank of America began coverage on Chevron in a research note on Thursday, October 17th. They issued a “buy” rating and a $168.00 price objective on the stock. Truist Financial increased their target price on Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a research report on Monday. Scotiabank decreased their price target on shares of Chevron from $180.00 to $163.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Finally, Royal Bank of Canada boosted their target price on shares of Chevron from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Chevron currently has a consensus rating of “Moderate Buy” and an average target price of $174.27.

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.