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Company Update (NYSE:APC): Chevron plans to slash budget to save cash for dividend

[Reuters] – Oil and gas major Chevron Corp will slash its capital budget by as much as 36 percent in 2017 and 2018, a cash-saving bid to preserve its 90-year-old dividend as it copes with crude prices near 10-year lows. Already, Noble Energy Inc, ConocoPhillips and Anadarko Petroleum Corp have done so. Chevron’s dividend, like that of rival Exxon Mobil Corp , is considered near-sacrosanct by retail investors and wealth managers alike, being a steady source of cash in a time of low interest rates and stagnant wages. Read more on this. Anadarko Petroleum Corporation (APC) , currently valued at $20.93B, began trading this morning at $44.55. Shares have traded today between $41.00 and $44.64 per share with the price of the stock fluctuating between $28.16 to $95.94 over the last 52 weeks. APC shares are currently priced at -14.60x this year’s forecasted earnings, which makes them relatively inexpensive 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 $0.20 per share annually in dividends, yielding 0.44%. In a review of the consensus earnings estimate this quarter, 28 sell-side analysts are looking at $-1.04 per share, which would be $0.00 better than the year-ago quarter and a $0.00 sequential increase. Furthermore, our analysis shows the full-year EPS estimate to be $-3.09, which would be a $1.09 worse when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $1.85 Billion. If reported, that would be a 20.26% decrease over the year-ago quarter. More recently, Citigroup upgraded APC from Neutral to Buy (Jan 5, 2016). Previously, Scotia Howard Weil upgraded APC from Sector Outperform to Focus Stock. The average price target for APC shares is $57.32, which is 28.66% above where the stock opened this morning. See more in (NYSE:APC) Similar Articles: Stock Update (NYSE:CVX): Chevron plans to slash budget in next two years to save cash Market Update: Anadarko Petroleum Corporation (NYSE:APC) – Anadarko slashes quarterly dividend Company Update: Anadarko Petroleum Corporation (NYSE:APC) – Anadarko Announces Third-Quarter 2015 Results
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