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Chevron (CVX) Q1 Earnings Beat on Output Gains, Sales Miss
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Earnings Beat: U.S. energy behemoth Chevron Corporation (CVX - Free Report) reported first quarter earnings per share of $1.39, surpassing the Zacks Consensus Estimate of $1.26.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has been revised upward by two cents over the last seven days.
Chevron has a good earnings surprise history. The company beat estimates in three of the prior four quarters, with average earnings surprise of 7.51%.
Revenues Miss Estimates: Chevron posted revenues of $35.2 billion, lagging Zacks Consensus Estimate of $37.9 billion.
Key Stats:Chevron’s total production of crude oil and natural gas increased 6.5% compared with last year’s corresponding period to 3,038 thousand oil-equivalent barrels per day (MBOE/d) – the second successive quarter where volumes exceeded 3 million barrels per day. The U.S. output rose 21% year over year to 884 MBOE/d while the company’s international operations (accounting for 71% of the total) increased 1.7% to 2,154 MBOE/d.
However, the rise in production was offset by lower oil realizations, the result being a 6.8% decline in Chevron’s upstream segment profit – from $3.4 billion in the year-earlier quarter to $3.1 billion.
Chevron’s downstream segment achieved earnings of $252 million, 65.4% lower than the profit of $728 million last year. The decline primarily underlined a fall in refined products sales margins.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold).
Check back later for our full write up on this Chevron’s earnings report later!
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
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Chevron (CVX) Q1 Earnings Beat on Output Gains, Sales Miss
Earnings Beat: U.S. energy behemoth Chevron Corporation (CVX - Free Report) reported first quarter earnings per share of $1.39, surpassing the Zacks Consensus Estimate of $1.26.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate for the quarter has been revised upward by two cents over the last seven days.
Chevron has a good earnings surprise history. The company beat estimates in three of the prior four quarters, with average earnings surprise of 7.51%.
Revenues Miss Estimates: Chevron posted revenues of $35.2 billion, lagging Zacks Consensus Estimate of $37.9 billion.
Key Stats: Chevron’s total production of crude oil and natural gas increased 6.5% compared with last year’s corresponding period to 3,038 thousand oil-equivalent barrels per day (MBOE/d) – the second successive quarter where volumes exceeded 3 million barrels per day. The U.S. output rose 21% year over year to 884 MBOE/d while the company’s international operations (accounting for 71% of the total) increased 1.7% to 2,154 MBOE/d.
However, the rise in production was offset by lower oil realizations, the result being a 6.8% decline in Chevron’s upstream segment profit – from $3.4 billion in the year-earlier quarter to $3.1 billion.
Chevron’s downstream segment achieved earnings of $252 million, 65.4% lower than the profit of $728 million last year. The decline primarily underlined a fall in refined products sales margins.
Zacks Rank: Currently, Chevron carries a Zacks Rank #3 (Hold).
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this Chevron’s earnings report later!
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?
Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.
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