Market Update: Chevron Corporation (NYSE:CVX) – Chevron Announces First Gas from the Chuandongbei Project in Southwest China

[Business Wire] – SAN RAMON, Calif.–(BUSINESSWIRE)– Chevron Corporation ( NYSE:CVX – News) announced today that its fully-owned subsidiary Unocal East China Sea, Ltd. began natural gas production from the first stage of the Chuandongbei Project in southwest China. Chuandongbei is one of the largest onshore gas projects developed by an international oil company and a national oil company in China. “First gas for the Chuandongbei Project represents a significant milestone and highlights Chevron’s leadership in the development of sour gas resources,” said Jay Johnson, executive vice president, Upstream. Read more on this. Chevron Corporation (CVX) , valued at $158.32B, started trading this morning at $81.97. A quick look at the market, the company’s stock traded between $81.35 and $84.50 and has traded between $69.58 and $112.93 over the past 12 months. CVX shares are currently priced at 23.31x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 10.59x 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 5.12%. Consensus earnings for the current quarter by the 19 sell-side analysts covering the stock is an estimate of $0.44 per share, which would be $1.41 worse than the year-ago quarter and a $0.03 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $3.47, which would be a $6.67 worse when compared to the last year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $28.72 Billion. If realized, that would be a 37.69% decrease over the year-ago quarter. More recently, Simmons downgraded CVX from Overweight to Neutral (Jan 21, 2016). Previously, Macquarie upgraded CVX from Neutral to Outperform. Given all the information above, we should disclose to readers that the average price target is $97.09, which is 18.45% above than it opened this morning. See more in (NYSE:CVX) Similar Articles: Company Update: Chevron Corporation (NYSE:CVX) – Chevron in talks for LNG supplies to China Stock Update: Chevron Corporation (NYSE:CVX) – Chevron Announces Quarterly Dividend Company Update: Chevron Corporation (NYSE:CVX) – Chevron’s 2015 Fuel Your School Program Launches with up to $8.8 Million Available for Education Projects in the U.S.