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Chevron (CVX) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Chevron (CVX - Free Report) closed at $153.53, marking a -0.31% move from the previous day. This change lagged the S&P 500's daily gain of 1.15%. Meanwhile, the Dow gained 0.63%, and the Nasdaq, a tech-heavy index, added 7.23%.
Coming into today, shares of the oil company had lost 0.05% in the past month. In that same time, the Oils-Energy sector gained 2.12%, while the S&P 500 gained 3.08%.
Chevron will be looking to display strength as it nears its next earnings release, which is expected to be July 28, 2023. In that report, analysts expect Chevron to post earnings of $3.19 per share. This would mark a year-over-year decline of 45.19%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $52.08 billion, down 24.26% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $13.83 per share and revenue of $214.1 billion. These totals would mark changes of -26.55% and -13.06%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Chevron. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 2.82% lower. Chevron is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Chevron has a Forward P/E ratio of 11.14 right now. For comparison, its industry has an average Forward P/E of 5.38, which means Chevron is trading at a premium to the group.
Also, we should mention that CVX has a PEG ratio of 0.78. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - International industry currently had an average PEG ratio of 0.75 as of yesterday's close.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 98, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Chevron (CVX - Free Report) closed at $153.53, marking a -0.31% move from the previous day. This change lagged the S&P 500's daily gain of 1.15%. Meanwhile, the Dow gained 0.63%, and the Nasdaq, a tech-heavy index, added 7.23%.
Coming into today, shares of the oil company had lost 0.05% in the past month. In that same time, the Oils-Energy sector gained 2.12%, while the S&P 500 gained 3.08%.
Chevron will be looking to display strength as it nears its next earnings release, which is expected to be July 28, 2023. In that report, analysts expect Chevron to post earnings of $3.19 per share. This would mark a year-over-year decline of 45.19%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $52.08 billion, down 24.26% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $13.83 per share and revenue of $214.1 billion. These totals would mark changes of -26.55% and -13.06%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Chevron. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 2.82% lower. Chevron is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that Chevron has a Forward P/E ratio of 11.14 right now. For comparison, its industry has an average Forward P/E of 5.38, which means Chevron is trading at a premium to the group.
Also, we should mention that CVX has a PEG ratio of 0.78. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - International industry currently had an average PEG ratio of 0.75 as of yesterday's close.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 98, putting it in the top 39% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.