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Chevron (CVX) Stock Falls Amid Market Uptick: What Investors Need to Know
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In the latest market close, Chevron (CVX - Free Report) reached $149.08, with a -0.04% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.76%. Elsewhere, the Dow saw an upswing of 0.59%, while the tech-heavy Nasdaq appreciated by 1.12%.
Shares of the oil company witnessed a loss of 0.01% over the previous month, beating the performance of the Oils-Energy sector with its loss of 2.82% and underperforming the S&P 500's gain of 2.5%.
The upcoming earnings release of Chevron will be of great interest to investors. The company's earnings report is expected on February 2, 2024. It is anticipated that the company will report an EPS of $3.31, marking a 19.07% fall compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $52.59 billion, indicating a 6.87% decrease compared to the same quarter of the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 14.43% downward. Chevron currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Chevron is presently being traded at a Forward P/E ratio of 11.41. This represents a premium compared to its industry's average Forward P/E of 6.8.
One should further note that CVX currently holds a PEG ratio of 0.8. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Oil and Gas - Integrated - International was holding an average PEG ratio of 0.83 at yesterday's closing price.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 110, which puts it in the top 44% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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 Falls Amid Market Uptick: What Investors Need to Know
In the latest market close, Chevron (CVX - Free Report) reached $149.08, with a -0.04% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.76%. Elsewhere, the Dow saw an upswing of 0.59%, while the tech-heavy Nasdaq appreciated by 1.12%.
Shares of the oil company witnessed a loss of 0.01% over the previous month, beating the performance of the Oils-Energy sector with its loss of 2.82% and underperforming the S&P 500's gain of 2.5%.
The upcoming earnings release of Chevron will be of great interest to investors. The company's earnings report is expected on February 2, 2024. It is anticipated that the company will report an EPS of $3.31, marking a 19.07% fall compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $52.59 billion, indicating a 6.87% decrease compared to the same quarter of the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 14.43% downward. Chevron currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Chevron is presently being traded at a Forward P/E ratio of 11.41. This represents a premium compared to its industry's average Forward P/E of 6.8.
One should further note that CVX currently holds a PEG ratio of 0.8. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Oil and Gas - Integrated - International was holding an average PEG ratio of 0.83 at yesterday's closing price.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 110, which puts it in the top 44% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the 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.