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Chevron (CVX) Ascends While Market Falls: Some Facts to Note
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In the latest trading session, Chevron (CVX - Free Report) closed at $159.78, marking a +0.44% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.72% for the day. Elsewhere, the Dow saw a downswing of 1%, while the tech-heavy Nasdaq depreciated by 0.95%.
The oil company's stock has climbed by 6.85% in the past month, falling short of the Oils-Energy sector's gain of 6.92% and outpacing the S&P 500's gain of 2.16%.
The investment community will be paying close attention to the earnings performance of Chevron in its upcoming release. The company is slated to reveal its earnings on April 26, 2024. In that report, analysts expect Chevron to post earnings of $3.06 per share. This would mark a year-over-year decline of 13.8%. In the meantime, our current consensus estimate forecasts the revenue to be $51.13 billion, indicating a 0.65% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $13.13 per share and a revenue of $213.16 billion, representing changes of 0% and +6.07%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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 exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.03% upward. Chevron is currently a Zacks Rank #3 (Hold).
In terms of valuation, Chevron is currently trading at a Forward P/E ratio of 12.12. For comparison, its industry has an average Forward P/E of 7.47, which means Chevron is trading at a premium to the group.
We can also see that CVX currently has a PEG ratio of 2.42. 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 industry had an average PEG ratio of 1.99 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 184, placing it within the bottom 27% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Chevron (CVX) Ascends While Market Falls: Some Facts to Note
In the latest trading session, Chevron (CVX - Free Report) closed at $159.78, marking a +0.44% move from the previous day. The stock exceeded the S&P 500, which registered a loss of 0.72% for the day. Elsewhere, the Dow saw a downswing of 1%, while the tech-heavy Nasdaq depreciated by 0.95%.
The oil company's stock has climbed by 6.85% in the past month, falling short of the Oils-Energy sector's gain of 6.92% and outpacing the S&P 500's gain of 2.16%.
The investment community will be paying close attention to the earnings performance of Chevron in its upcoming release. The company is slated to reveal its earnings on April 26, 2024. In that report, analysts expect Chevron to post earnings of $3.06 per share. This would mark a year-over-year decline of 13.8%. In the meantime, our current consensus estimate forecasts the revenue to be $51.13 billion, indicating a 0.65% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $13.13 per share and a revenue of $213.16 billion, representing changes of 0% and +6.07%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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 exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 2.03% upward. Chevron is currently a Zacks Rank #3 (Hold).
In terms of valuation, Chevron is currently trading at a Forward P/E ratio of 12.12. For comparison, its industry has an average Forward P/E of 7.47, which means Chevron is trading at a premium to the group.
We can also see that CVX currently has a PEG ratio of 2.42. 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 industry had an average PEG ratio of 1.99 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 184, placing it within the bottom 27% of over 250 industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.