Chevron’s Profit Declines; Raises Dividend (CVX)
Energy company, Chevron Corporation (CVX) saw a dip in its first quarter earnings on Friday, but beat analysts estimates..
The San Ramon, CA based company reported first quarter net income of $6.18 billion, or $3.18 per share, down -4% from $6.47 billion, or $3.27 per share last year. On average, analysts expected to see earnings of $3.07 per share.
Revenue for the quarter declined by -6% to $56.82 billion from $60.71 billion last year. Analysts expected to see earnings of $67.73 billion.
The company’s upstream business, declined -4% to $5.92 billion, due to weak earnings in the U.S. an lower crude oils prices. The downstream business dropped by -13% during the quarter to $701 million on higher expenses.
Additionally, the company reported that its board has authorized an 11.1% dividend increase to $1 per share. The next dividend will be payable in June 2013.
Chevron shares were up $1.29, or 1.09% during Friday morning trading. The stock has increased 13% in the past year.
The Bottom Line
Shares of Chevron Corporation (CVX) have a 3.34% yield, based on Friday morning’s price of $119.59.
Chevron Corporation (CVX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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