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Chevron (CVX) Stock Falls as Q4 Earnings Miss Estimates
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An Earnings Miss: U.S. energy giant Chevron Corporation (CVX - Free Report) reported adjusted earnings per share of 73 cents, lower than the Zacks Consensus Estimate of $1.27. The underperformance primarily stems from a one-time tax adjustment related to the recent overhaul.
Shares of Chevron, meanwhile, fell 2.5% in premarket trading.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has been unchanged in the last 7 days.
Nonetheless, Chevron has a good earnings surprise history. Before posting the earnings miss in Q4, the company delivered positive surprises in three of the prior four quarters, as shown in the chart below:
Overall, the company has a positive earnings surprise of 1.77% in the trailing four quarters.
Revenue Came in Higher than Expected: Chevron posted revenues of $37,616 million, slightly above the Zacks Consensus Estimate of $37,549 million.
Key Stats: Chevron’s total production of crude oil and natural gas increased 2.7% compared with last year’s corresponding period to 2,740 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output fell 1.6% year over year to 671 MBOE/d but the company’s international operations (accounting for 76% of the total) was up 4.1% to 2,069 MBOE/d.
The rise in production was supported by higher oil realizations, the result being a healthy improvement in Chevron’s upstream segment profit – from $930 million in the year-earlier quarter to $5,291 million.
Chevron’s downstream segment achieved earnings of $1,279 million, a massive 258.3% higher than the profit of $357 million last year. The jump primarily underlined benefit from U.S. tax reforms and increase in domestic refined product sales.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently do not look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Chevron earnings report later!
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
Chevron (CVX) Stock Falls as Q4 Earnings Miss Estimates
An Earnings Miss: U.S. energy giant Chevron Corporation (CVX - Free Report) reported adjusted earnings per share of 73 cents, lower than the Zacks Consensus Estimate of $1.27. The underperformance primarily stems from a one-time tax adjustment related to the recent overhaul.
Shares of Chevron, meanwhile, fell 2.5% in premarket trading.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has been unchanged in the last 7 days.
Nonetheless, Chevron has a good earnings surprise history. Before posting the earnings miss in Q4, the company delivered positive surprises in three of the prior four quarters, as shown in the chart below:
Chevron Corporation Price and EPS Surprise
Chevron Corporation Price and EPS Surprise | Chevron Corporation Quote
Overall, the company has a positive earnings surprise of 1.77% in the trailing four quarters.
Revenue Came in Higher than Expected: Chevron posted revenues of $37,616 million, slightly above the Zacks Consensus Estimate of $37,549 million.
Key Stats: Chevron’s total production of crude oil and natural gas increased 2.7% compared with last year’s corresponding period to 2,740 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output fell 1.6% year over year to 671 MBOE/d but the company’s international operations (accounting for 76% of the total) was up 4.1% to 2,069 MBOE/d.
The rise in production was supported by higher oil realizations, the result being a healthy improvement in Chevron’s upstream segment profit – from $930 million in the year-earlier quarter to $5,291 million.
Chevron’s downstream segment achieved earnings of $1,279 million, a massive 258.3% higher than the profit of $357 million last year. The jump primarily underlined benefit from U.S. tax reforms and increase in domestic refined product sales.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently do not look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this Chevron earnings report later!
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>