The increase was primarily due to the absence of a first quarter 2016 asset impairment, lower operating expenses as a result of decreased planned turnaround activity, and higher margins on refined product sales. Analysts polled by Thomson Reuters expected Chevron to report earnings of 86 cents a share. Analysts are forecasting earnings of $0.85 on a per share basis this quarter.
Chevron (NYSE:CVX) last issued its earnings results on Friday, January 27th. Global upstream also swung to profit, of US$1.4 billion, from a loss of US$609 million a year earlier, in part due to a US$600-million gain from the sale of the Indonesia geothermal business, along with higher natural gas sale volumes and lower operating expenses.
Quarterly revenue of $33,421 million surpassed the Zacks Consensus Estimate of $32,008.7 million and were up 42% year over year. Chevron had a negative net margin of 0.43% and a positive return on equity of 1.26%. Operating revenues totaled $31.52 billion in the quarter, up from $23.07 billion in the year-ago quarter. Looking at the stock's movement on the chart, Chevron Corporation recorded a 52-week high of $117.87.
Several equities analysts have commented on the stock. Jefferies Group LLC reiterated a "buy" rating and issued a $147.00 price objective on shares of Chevron in a research report on Tuesday, April 11th.
The number of shares now held by investors is 1.89 Billion. Finally, TheStreet cut shares of Chevron from a "b-" rating to a "c" rating in a research note on Friday, February 3rd.
German FM: Netanyahu cancellation would be 'regrettable'
There was no immediate comment from the Israeli Foreign Ministry as to whether the German government has responded. Later Tuesday, the Prime Minister's Office followed through on the threat.
And rumors have circulated that the company could be the next US oil and natural gas producer to sell off its assets in the landlocked and costly Canadian oil sands.
Now the shares of Chevron Corporation (CVX) has a trading volume of 6.65 Million shares, with an average trading volume of 5110 shares - with shares dropping to a 52 week low of $95.02, and the company's shares hitting a 52 week high of $ 117.87. Shares are down 10.4% in 2017, while the S&P 500 has gained 6.7%. The firm has a 50-day moving average price of $107.48 and a 200-day moving average price of $110.39.
Chevron Co. has a 52-week low of $83.07 and a 52-week high of $119.00.
In other Chevron news, insider Pierre R. Breber sold 45,000 shares of the company's stock in a transaction on Thursday, February 2nd. The transaction was disclosed in a document filed with the SEC, which is available through this link. Russell Investments Group Ltd. purchased a new position in Chevron during the fourth quarter valued at about $168,660,000. Refined product sales of 1.15 million barrels per day decreased 5 percent from first quarter 2016. Pacific Global Investment Management CO now owns 25,486 shares of the oil and gas company's stock worth $3,000,000 after buying an additional 877 shares in the last quarter. Fusion Family Wealth LLC bought a new position in Chevron during the fourth quarter valued at about $160,000. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Arthur M. Cohen & Associates LLC purchased a new position in Chevron during the fourth quarter valued at about $596,000.
With its market value over its outstanding shares, Chevron Corporation (NYSE:CVX) Major Integrated Oil & Gas has a market capitalization valued at Major Integrated Oil & Gas.