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

Chevron Co. (NYSE:CVX) declared a quarterly dividend on Friday, November 1st,Wall Street Journal reports. Shareholders of record on Monday, November 18th will be given 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 4.04%. The ex-dividend date of this dividend 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 annually for the last 37 consecutive years. Chevron has a payout ratio of 56.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Chevron to earn $12.28 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 53.1%.

Chevron Stock Performance

CVX stock opened at $161.42 on Friday. The stock’s 50 day simple moving average is $149.39 and its 200 day simple moving average is $152.68. Chevron has a 12-month low of $135.37 and a 12-month high of $167.11. The firm has a market cap of $290.09 billion, a P/E ratio of 17.74, a P/E/G ratio of 3.57 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13.

Chevron (NYSE:CVX) last issued its earnings results on Friday, November 1st. The oil and gas company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.47 by $0.04. The company had revenue of $50.67 billion during the quarter, compared to the consensus estimate of $48.86 billion. Chevron had a return on equity of 13.15% and a net margin of 8.44%. Chevron’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.05 earnings per share. As a group, equities research analysts predict that Chevron will post 10.55 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on CVX. Bank of America started coverage on Chevron in a research report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target for the company. DZ Bank raised shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 price objective for the company in a report on Tuesday, November 5th. Royal Bank of Canada raised their target price on shares of Chevron from $170.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, November 4th. Scotiabank dropped 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 report on Thursday, October 10th. Finally, Truist Financial increased their price objective on shares of Chevron from $150.00 to $155.00 and gave the company a “hold” rating in a report on Monday, November 4th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Chevron currently has an average rating of “Moderate Buy” and an average price target of $174.93.

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.