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Chevron (CVX) Stock Sinks As Market Gains: What You Should Know
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In the latest market close, Chevron (CVX - Free Report) reached $142.09, with a -0.28% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 0.29% for the day. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq added 0.43%.
Shares of the oil company have depreciated by 5.67% over the course of the past month, underperforming the Oils-Energy sector's loss of 5.56% and the S&P 500's gain of 2.08%.
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. On that day, Chevron is projected to report earnings of $3.34 per share, which would represent a year-over-year decline of 18.34%. Alongside, our most recent consensus estimate is anticipating revenue of $52.62 billion, indicating a 6.82% downward movement from the same quarter last year.
It is also important to note the recent changes to analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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, there's been an 8.94% fall in the Zacks Consensus EPS estimate. Chevron presently features a Zacks Rank of #3 (Hold).
Investors should also note Chevron's current valuation metrics, including its Forward P/E ratio of 10.24. This denotes a premium relative to the industry's average Forward P/E of 6.58.
We can also see that CVX currently has a PEG ratio of 0.72. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Integrated - International industry had an average PEG ratio of 0.81 as trading concluded yesterday.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 112, positioning it in the top 45% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Chevron (CVX) Stock Sinks As Market Gains: What You Should Know
In the latest market close, Chevron (CVX - Free Report) reached $142.09, with a -0.28% movement compared to the previous day. The stock fell short of the S&P 500, which registered a gain of 0.29% for the day. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq added 0.43%.
Shares of the oil company have depreciated by 5.67% over the course of the past month, underperforming the Oils-Energy sector's loss of 5.56% and the S&P 500's gain of 2.08%.
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. On that day, Chevron is projected to report earnings of $3.34 per share, which would represent a year-over-year decline of 18.34%. Alongside, our most recent consensus estimate is anticipating revenue of $52.62 billion, indicating a 6.82% downward movement from the same quarter last year.
It is also important to note the recent changes to analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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, there's been an 8.94% fall in the Zacks Consensus EPS estimate. Chevron presently features a Zacks Rank of #3 (Hold).
Investors should also note Chevron's current valuation metrics, including its Forward P/E ratio of 10.24. This denotes a premium relative to the industry's average Forward P/E of 6.58.
We can also see that CVX currently has a PEG ratio of 0.72. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Integrated - International industry had an average PEG ratio of 0.81 as trading concluded yesterday.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 112, positioning it in the top 45% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.