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Chevron (CVX) Down on Q2 Earnings Miss, Plans Repurchase
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An Earnings Miss:U.S. energy giant Chevron Corporation (CVX - Free Report) reported earnings per share of 1.78, lower than the Zacks Consensus Estimate of $2.06. The underperformance primarily stems from lower downstream results.
Shares of Chevron, meanwhile, fell 2% 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 seven days.
Nonetheless, Chevron has a good earnings surprise history. Before posting the earnings miss in Q2, the company delivered positive surprises in three of the prior four quarters, as shown in the chart below:
Revenue Came in Higher than Expected: Chevron posted revenues of $42,236 million, above the Zacks Consensus Estimate of $40,780 million.
Key Stats: Chevron’s total production of crude oil and natural gas increased 1.7% compared with last year’s corresponding period to 2,826 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output rose 5.4% year over year to 701 MBOE/d but the company’s international operations (accounting for 74% of the total) remained essentially flat at 2,087 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 $853 million in the year-earlier quarter to $3,295 million.
Chevron’s downstream segment achieved earnings of $838 million, 29.9% lower than the profit of $1,195 million last year. The decline primarily underlined a fall in refined products sales margins in its international operations.
Buyback Plans: The company approved a plan to buy back $3 billion in common stock per year.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
Check back later for our full write up on this Chevron earnings report later!
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Chevron (CVX) Down on Q2 Earnings Miss, Plans Repurchase
An Earnings Miss:U.S. energy giant Chevron Corporation (CVX - Free Report) reported earnings per share of 1.78, lower than the Zacks Consensus Estimate of $2.06. The underperformance primarily stems from lower downstream results.
Shares of Chevron, meanwhile, fell 2% 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 seven days.
Nonetheless, Chevron has a good earnings surprise history. Before posting the earnings miss in Q2, 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
Revenue Came in Higher than Expected: Chevron posted revenues of $42,236 million, above the Zacks Consensus Estimate of $40,780 million.
Key Stats: Chevron’s total production of crude oil and natural gas increased 1.7% compared with last year’s corresponding period to 2,826 thousand oil-equivalent barrels per day (MBOE/d). The U.S. output rose 5.4% year over year to 701 MBOE/d but the company’s international operations (accounting for 74% of the total) remained essentially flat at 2,087 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 $853 million in the year-earlier quarter to $3,295 million.
Chevron’s downstream segment achieved earnings of $838 million, 29.9% lower than the profit of $1,195 million last year. The decline primarily underlined a fall in refined products sales margins in its international operations.
Buyback Plans: The company approved a plan to buy back $3 billion in common stock per year.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.
(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!
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>