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Stock Update (NYSE:CVX): Chevron plans to slash budget in next two years to save cash

[Reuters] – Oil and natural gas producer Chevron Corp said on Tuesday it will slash its budget by at least 17 percent for the next two years as it finishes construction on major expansion projects and works to save cash as oil prices sit near 10-year lows. Read more on this. Chevron Corporation (CVX) , currently valued at $170.66B, finished yesterday at $90.67. Looking at the stock, its one day range is $89.90 to $91.08 and has traded between $69.58 and $112.20 over the past year. CVX shares are currently priced at 60.85x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 2.90x forward p/e ratio. And for those looking to make a return holding the stock, the company pays shareholders $4.28 per share annually in dividends, yielding 4.87%. In a review of the consensus earnings estimate this quarter, 15 sell-side analysts are looking at $-0.04 per share, which would be $1.07 better than the year-ago quarter and a $0.62 sequential increase. The full-year EPS estimate is $1.49 which would be a $1.89 worse than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $22.09 Billion. If realized, that would be a 36.08% decrease over the year-ago quarter. Recently, Simmons downgraded CVX from Overweight to Neutral (Jan 21, 2016). Previously, Macquarie upgraded CVX from Neutral to Outperform. When considering if perhaps the stock is under or overvalued, the average price target is $94.05, which is 3.73% above where the stock opened this morning. See more in (NYSE:CVX) Similar Articles: Market Update: Chevron Corporation (NYSE:CVX) – Chevron Announces First Gas from the Chuandongbei Project in Southwest China Company Update: Chevron Corporation (NYSE:CVX) – Chevron in talks for LNG supplies to China Stock Update: Chevron Corporation (NYSE:CVX) – Chevron Announces Quarterly Dividend
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