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Stock Update (NYSE:CVX): Investors stand firm on Chevron

[Reuters] – Oil and gas producer Chevron had a tough time selling debt in the high-grade bond market this week in the wake of heavy supply, the weak performance of some newly minted energy bonds and a lack of conviction about the recent rally in the sector’s credits. Chevron sold one of the biggest bond deals of this week – a US$6.8bn issue to refinance existing debt. Chevron priced the six-part deal at the same levels as initial guidance – an unusual occurrence in what is a relatively buoyant market for the majority of high-grade borrowers. Read more on this. Chevron Corporation (CVX) , with a current market cap of $191.21B, opened at $101.63. Looking at the stock, its one day range is $100.84 to $102.03 and has traded between $69.58 and $108.33 over the past year. CVX shares are currently priced at 88.03x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 2.56x earnings multiple for the same period. The company pays shareholders $4.28 per share in dividend income per year, for a current yield of 4.27%. According to a consensus of 16 analysts, the earnings estimate of $0.24 per share would be $0.59 worse than the year-ago quarter and a $0.01 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $1.16 would be a $2.22 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $25.78 Billion. If reported, that would be a 36.12% decrease over the year-ago quarter. Recently, Raymond James downgraded CVX from Outperform to Mkt Perform (Mar 22, 2016). Previously, Nomura Initiated CVX at to Neutral. The average price target for CVX shares by the analysts covering the stock is $103.09, which is 1.44% above where the stock opened this morning. See more in (NYSE:CVX) Similar Articles: Market Update: Chevron Corporation (NYSE:CVX) – Norway’s wealth fund backs shareholder proposals at Exxon, Chevron Stock Update (NYSE:CVX): Chevron plans to slash budget in next two years to save cash Company Update: Chevron Corporation (NYSE:CVX) – Chevron in talks for LNG supplies to China
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