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Chevron Corporation (CVX) - free report >>
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Chevron Corporation (CVX) - free report >>
Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR (VIST) - free report >>
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Chevron (CVX) Stock Jumps 5.2%: Will It Continue to Soar?
Chevron (CVX - Free Report) shares soared 5.2% in the last trading session to close at $170.53. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 17% gain over the past four weeks.
Chevron extended its rally for the eighth straight day, driven by optimism over crude prices spurred by a supportive macro backdrop, geopolitical tensions and the OPEC+ supply curtailments. The steady increase in commodity prices to more than $100 a barrel has pushed energy activity higher and contributed to the strength in Chevron. Besides, an improving demand landscape prompted Scotiabank to raise the price target on the integrated major.
This oil company is expected to post quarterly earnings of $3.10 per share in its upcoming report, which represents a year-over-year change of +244.4%. Revenues are expected to be $45.79 billion, up 43% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Chevron, the consensus EPS estimate for the quarter has been revised 5.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on CVX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Chevron belongs to the Zacks Oil and Gas - Integrated - International industry. Another stock from the same industry, Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR (VIST - Free Report) , closed the last trading session 0.2% higher at $8.43. Over the past month, VIST has returned 26.1%.
Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR's consensus EPS estimate for the upcoming report has changed +56% over the past month to $0.39. Compared to the company's year-ago EPS, this represents a change of +680%. Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR currently boasts a Zacks Rank of #1 (Strong Buy).