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Chevron (CVX) Rises As Market Takes a Dip: Key Facts
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In the latest market close, Chevron (CVX - Free Report) reached $167.59, with a +1.32% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.01%. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq lost 0.25%.
The oil company's stock has dropped by 1.09% in the past month, falling short of the Oils-Energy sector's loss of 0.43% and outpacing the S&P 500's loss of 1.6%.
Market participants will be closely following the financial results of Chevron in its upcoming release. The company plans to announce its earnings on October 27, 2023. The company's earnings per share (EPS) are projected to be $3.46, reflecting a 37.77% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $54.11 billion, showing a 18.8% drop compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $13.74 per share and revenue of $208.02 billion, indicating changes of -27.03% and -15.52%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Chevron. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.51% increase. As of now, Chevron holds a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Chevron has a Forward P/E ratio of 12.04 right now. This represents a premium compared to its industry's average Forward P/E of 7.01.
It is also worth noting that CVX currently has a PEG ratio of 0.84. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Integrated - International industry had an average PEG ratio of 0.86 as trading concluded yesterday.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 103, placing it within the top 41% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Chevron (CVX) Rises As Market Takes a Dip: Key Facts
In the latest market close, Chevron (CVX - Free Report) reached $167.59, with a +1.32% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.01%. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq lost 0.25%.
The oil company's stock has dropped by 1.09% in the past month, falling short of the Oils-Energy sector's loss of 0.43% and outpacing the S&P 500's loss of 1.6%.
Market participants will be closely following the financial results of Chevron in its upcoming release. The company plans to announce its earnings on October 27, 2023. The company's earnings per share (EPS) are projected to be $3.46, reflecting a 37.77% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $54.11 billion, showing a 18.8% drop compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $13.74 per share and revenue of $208.02 billion, indicating changes of -27.03% and -15.52%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for Chevron. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.51% increase. As of now, Chevron holds a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Chevron has a Forward P/E ratio of 12.04 right now. This represents a premium compared to its industry's average Forward P/E of 7.01.
It is also worth noting that CVX currently has a PEG ratio of 0.84. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Integrated - International industry had an average PEG ratio of 0.86 as trading concluded yesterday.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 103, placing it within the top 41% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.