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Chevron (CVX) Stock Slides as Market Rises: Facts to Know Before You Trade
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Chevron (CVX - Free Report) ended the recent trading session at $144.50, demonstrating a -0.82% swing from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.57%. On the other hand, the Dow registered a gain of 0.46%, and the technology-centric Nasdaq increased by 0.75%.
The the stock of oil company has risen by 2.25% in the past month, leading the Oils-Energy sector's gain of 1.25% and undershooting the S&P 500's gain of 3.4%.
Market participants will be closely following the financial results of Chevron in its upcoming release. The company plans to announce its earnings on February 2, 2024. In that report, analysts expect Chevron to post earnings of $3.54 per share. This would mark a year-over-year decline of 13.45%. Alongside, our most recent consensus estimate is anticipating revenue of $53.42 billion, indicating a 5.4% downward movement from the same quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Chevron. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.07% decrease. Chevron currently has a Zacks Rank of #3 (Hold).
In the context of valuation, Chevron is at present trading with a Forward P/E ratio of 10.04. This valuation marks a premium compared to its industry's average Forward P/E of 6.82.
It's also important to note that CVX currently trades at a PEG ratio of 0.7. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 0.84.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Chevron (CVX) Stock Slides as Market Rises: Facts to Know Before You Trade
Chevron (CVX - Free Report) ended the recent trading session at $144.50, demonstrating a -0.82% swing from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.57%. On the other hand, the Dow registered a gain of 0.46%, and the technology-centric Nasdaq increased by 0.75%.
The the stock of oil company has risen by 2.25% in the past month, leading the Oils-Energy sector's gain of 1.25% and undershooting the S&P 500's gain of 3.4%.
Market participants will be closely following the financial results of Chevron in its upcoming release. The company plans to announce its earnings on February 2, 2024. In that report, analysts expect Chevron to post earnings of $3.54 per share. This would mark a year-over-year decline of 13.45%. Alongside, our most recent consensus estimate is anticipating revenue of $53.42 billion, indicating a 5.4% downward movement from the same quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Chevron. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.07% decrease. Chevron currently has a Zacks Rank of #3 (Hold).
In the context of valuation, Chevron is at present trading with a Forward P/E ratio of 10.04. This valuation marks a premium compared to its industry's average Forward P/E of 6.82.
It's also important to note that CVX currently trades at a PEG ratio of 0.7. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 0.84.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 71, putting it in the top 29% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.