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Chevron (CVX) Gains As Market Dips: What You Should Know
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Chevron (CVX - Free Report) closed the most recent trading day at $180.49, moving +1.65% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.2%. Elsewhere, the Dow lost 1.14%, while the tech-heavy Nasdaq added 1.39%.
Coming into today, shares of the oil company had gained 4.52% in the past month. In that same time, the Oils-Energy sector gained 6.66%, while the S&P 500 gained 4.01%.
Chevron will be looking to display strength as it nears its next earnings release, which is expected to be January 27, 2023. On that day, Chevron is projected to report earnings of $4.27 per share, which would represent year-over-year growth of 66.8%. Meanwhile, our latest consensus estimate is calling for revenue of $53.56 billion, up 11.29% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Chevron. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.63% lower. Chevron is currently a Zacks Rank #3 (Hold).
Digging into valuation, Chevron currently has a Forward P/E ratio of 11.19. This valuation marks a premium compared to its industry's average Forward P/E of 5.41.
Also, we should mention that CVX has a PEG ratio of 0.79. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 0.75 at yesterday's closing price.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 62, which puts it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CVX in the coming trading sessions, be sure to utilize Zacks.com.
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Chevron (CVX) Gains As Market Dips: What You Should Know
Chevron (CVX - Free Report) closed the most recent trading day at $180.49, moving +1.65% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.2%. Elsewhere, the Dow lost 1.14%, while the tech-heavy Nasdaq added 1.39%.
Coming into today, shares of the oil company had gained 4.52% in the past month. In that same time, the Oils-Energy sector gained 6.66%, while the S&P 500 gained 4.01%.
Chevron will be looking to display strength as it nears its next earnings release, which is expected to be January 27, 2023. On that day, Chevron is projected to report earnings of $4.27 per share, which would represent year-over-year growth of 66.8%. Meanwhile, our latest consensus estimate is calling for revenue of $53.56 billion, up 11.29% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Chevron. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 4.63% lower. Chevron is currently a Zacks Rank #3 (Hold).
Digging into valuation, Chevron currently has a Forward P/E ratio of 11.19. This valuation marks a premium compared to its industry's average Forward P/E of 5.41.
Also, we should mention that CVX has a PEG ratio of 0.79. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 0.75 at yesterday's closing price.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 62, which puts it in the top 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CVX in the coming trading sessions, be sure to utilize Zacks.com.