The Jefferies Group Comments on Chevron Corp.’s Q3 2016 Earnings (CVX)

The Jefferies Group Comments on Chevron Corp.’s Q3 2016 Earnings (CVX)

Chevron Corp. (NYSE:CVX) – Investment analysts at Jefferies Group decreased their Q3 2016 EPS estimates for Chevron Corp. in a report issued on Tuesday. Jefferies Group analyst J. Gammel now expects that the firm will earn $0.39 per share for the quarter, down from their prior forecast of $0.40. Jefferies Group has a “Buy” rating on the stock.

A number of other research firms have also issued reports on CVX. Zacks Investment Research raised Chevron Corp. from a “hold” rating to a “buy” rating and set a $118.00 price target on the stock in a report on Tuesday, July 12th. Barclays PLC reissued an “equal weight” rating and set a $125.00 price target on shares of Chevron Corp. in a report on Monday, October 10th. Vetr lowered Chevron Corp. from a “strong-buy” rating to a “buy” rating and set a $112.29 price target on the stock. in a report on Monday, October 10th. Exane BNP Paribas began coverage on Chevron Corp. in a report on Monday, October 10th. They set a “neutral” rating and a $102.00 price target on the stock. Finally, BMO Capital Markets began coverage on Chevron Corp. in a report on Monday, September 12th. They set an “outperform” rating and a $120.00 price target on the stock. Thirteen equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Chevron Corp. presently has a consensus rating of “Buy” and an average target price of $105.09.

Chevron Corp. (NYSE:CVX) opened at 101.08 on Thursday. The firm’s 50 day moving average price is $101.00 and its 200-day moving average price is $101.27. The firm’s market cap is $190.69 billion. Chevron Corp. has a one year low of $75.33 and a one year high of $107.58.

Chevron Corp. (NYSE:CVX) last announced its earnings results on Friday, July 29th. The company reported ($0.78) EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $1.10. Chevron Corp. had a negative net margin of 0.64% and a positive return on equity of 1.07%. The firm had revenue of $29.28 billion for the quarter, compared to analyst estimates of $25.78 billion. During the same period in the previous year, the company earned $0.30 EPS. Chevron Corp.’s revenue was down 27.4% compared to the same quarter last year.

In other Chevron Corp. news, Director Inge G. Thulin purchased 487 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was purchased at an average cost of $102.87 per share, with a total value of $50,097.69. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Pierre R. Breber sold 21,000 shares of the company’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $98.77, for a total transaction of $2,074,170.00. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Chevron Corp. by 2.3% in the second quarter. Vanguard Group Inc. now owns 124,845,759 shares of the company’s stock worth $13,087,581,000 after buying an additional 2,824,724 shares in the last quarter. State Street Corp raised its position in shares of Chevron Corp. by 1.2% in the first quarter. State Street Corp now owns 110,199,640 shares of the company’s stock worth $10,513,045,000 after buying an additional 1,318,854 shares in the last quarter. FMR LLC raised its position in shares of Chevron Corp. by 0.5% in the second quarter. FMR LLC now owns 49,878,624 shares of the company’s stock worth $5,228,775,000 after buying an additional 250,410 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Chevron Corp. by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 49,644,363 shares of the company’s stock worth $4,736,072,000 after buying an additional 987,259 shares in the last quarter. Finally, Capital World Investors raised its position in shares of Chevron Corp. by 0.8% in the second quarter. Capital World Investors now owns 40,135,747 shares of the company’s stock worth $4,207,430,000 after buying an additional 321,100 shares in the last quarter. Hedge funds and other institutional investors own 62.24% of the company’s stock.

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