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Chevron (CVX) Gains But Lags Market: What You Should Know
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Chevron (CVX - Free Report) closed the most recent trading day at $153.75, moving +0.2% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.71%. At the same time, the Dow added 1.06%, and the tech-heavy Nasdaq gained 4.62%.
Heading into today, shares of the oil company had lost 2.43% over the past month, lagging the Oils-Energy sector's loss of 0.2% and the S&P 500's gain of 2.65% in that time.
Wall Street will be looking for positivity from Chevron as it approaches its next earnings report date. This is expected to be July 28, 2023. In that report, analysts expect Chevron to post earnings of $3.11 per share. This would mark a year-over-year decline of 46.56%. Our most recent consensus estimate is calling for quarterly revenue of $53.07 billion, down 22.83% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $13.75 per share and revenue of $213.09 billion, which would represent changes of -26.98% and -13.47%, respectively, from the prior 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.6% lower. Chevron is currently a Zacks Rank #3 (Hold).
Investors should also note Chevron's current valuation metrics, including its Forward P/E ratio of 11.16. Its industry sports an average Forward P/E of 6.01, so we one might conclude that Chevron is trading at a premium comparatively.
Also, we should mention that CVX has a PEG ratio of 0.78. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. 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 group has a Zacks Industry Rank of 220, putting it in the bottom 13% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Chevron (CVX) Gains But Lags Market: What You Should Know
Chevron (CVX - Free Report) closed the most recent trading day at $153.75, moving +0.2% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.71%. At the same time, the Dow added 1.06%, and the tech-heavy Nasdaq gained 4.62%.
Heading into today, shares of the oil company had lost 2.43% over the past month, lagging the Oils-Energy sector's loss of 0.2% and the S&P 500's gain of 2.65% in that time.
Wall Street will be looking for positivity from Chevron as it approaches its next earnings report date. This is expected to be July 28, 2023. In that report, analysts expect Chevron to post earnings of $3.11 per share. This would mark a year-over-year decline of 46.56%. Our most recent consensus estimate is calling for quarterly revenue of $53.07 billion, down 22.83% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $13.75 per share and revenue of $213.09 billion, which would represent changes of -26.98% and -13.47%, respectively, from the prior 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.6% lower. Chevron is currently a Zacks Rank #3 (Hold).
Investors should also note Chevron's current valuation metrics, including its Forward P/E ratio of 11.16. Its industry sports an average Forward P/E of 6.01, so we one might conclude that Chevron is trading at a premium comparatively.
Also, we should mention that CVX has a PEG ratio of 0.78. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. 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 group has a Zacks Industry Rank of 220, putting it in the bottom 13% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.