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Chevron (CVX) Up on Q1 Earnings Beat, Production Growth
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An Earnings Beat:U.S. energy giant Chevron Corporation (CVX - Free Report) reported earnings per share of 1.90, higher than the Zacks Consensus Estimate of $1.45. The outperformance primarily stems from higher oil prices and volumes.
Shares of Chevron, meanwhile, rose 1.6% in premarket trading.
Estimate Revision Trend & Surprise History: The stock had seen the Zacks Consensus Estimate for first-quarter earnings being revised 1.4% downward over the last seven days.
Nonetheless, Chevron has a good earnings surprise history. Before posting the earnings beat 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 7.41% in the trailing four quarters.
Revenue Came in Lower than Expected: Chevron posted revenues of $37,764 million, below the Zacks Consensus Estimate of $38,740 million.
Key Stats: Chevron’s total production of crude oil and natural gas increased 6.6% compared with last year’s corresponding period to 2,852 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output rose 9.1% year over year to 733 MBOE/d but the company’s international operations (accounting for 74% of the total) was up 5.7% to 2,119 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 $1,517 million in the year-earlier quarter to $3,352 million.
Chevron’s downstream segment achieved earnings of $728 million, 21.4% lower than the profit of $926 million last year. The decline primarily underlined a fall in refined products sales margins.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently 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!
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Chevron (CVX) Up on Q1 Earnings Beat, Production Growth
An Earnings Beat:U.S. energy giant Chevron Corporation (CVX - Free Report) reported earnings per share of 1.90, higher than the Zacks Consensus Estimate of $1.45. The outperformance primarily stems from higher oil prices and volumes.
Shares of Chevron, meanwhile, rose 1.6% in premarket trading.
Estimate Revision Trend & Surprise History: The stock had seen the Zacks Consensus Estimate for first-quarter earnings being revised 1.4% downward over the last seven days.
Nonetheless, Chevron has a good earnings surprise history. Before posting the earnings beat 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 7.41% in the trailing four quarters.
Revenue Came in Lower than Expected: Chevron posted revenues of $37,764 million, below the Zacks Consensus Estimate of $38,740 million.
Key Stats: Chevron’s total production of crude oil and natural gas increased 6.6% compared with last year’s corresponding period to 2,852 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output rose 9.1% year over year to 733 MBOE/d but the company’s international operations (accounting for 74% of the total) was up 5.7% to 2,119 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 $1,517 million in the year-earlier quarter to $3,352 million.
Chevron’s downstream segment achieved earnings of $728 million, 21.4% lower than the profit of $926 million last year. The decline primarily underlined a fall in refined products sales margins.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently 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!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>