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Chevron (CVX) Stock Moves -0.86%: What You Should Know

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Chevron (CVX - Free Report) closed the most recent trading day at $157.59, moving -0.86% from the previous trading session. This change was narrower than the S&P 500's daily loss of 1.2%. At the same time, the Dow lost 0.65%, and the tech-heavy Nasdaq lost 1.79%.

Coming into today, shares of the oil company had gained 2.19% in the past month. In that same time, the Oils-Energy sector gained 6.6%, while the S&P 500 lost 0.85%.

The upcoming earnings release of Chevron will be of great interest to investors. The company's earnings report is expected on April 26, 2024. The company is forecasted to report an EPS of $3.03, showcasing a 14.65% downward movement from the corresponding quarter of the prior year. Simultaneously, our latest consensus estimate expects the revenue to be $51.17 billion, showing a 0.74% escalation compared to the year-ago quarter.

CVX's full-year Zacks Consensus Estimates are calling for earnings of $13.24 per share and revenue of $213.74 billion. These results would represent year-over-year changes of +0.84% and +6.36%, respectively.

It is also important to note the recent changes to analyst estimates for Chevron. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 past month, the Zacks Consensus EPS estimate has shifted 1.89% upward. Right now, Chevron possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Chevron is presently being traded at a Forward P/E ratio of 12. This signifies a premium in comparison to the average Forward P/E of 7.6 for its industry.

It is also worth noting that CVX currently has a PEG ratio of 2.4. 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. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 2.11.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 209, which puts it in the bottom 18% of all 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.

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