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Chevron (CVX) Ascends While Market Falls: Some Facts to Note
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Chevron (CVX - Free Report) closed the latest trading day at $161.97, indicating a +0.46% change from the previous session's end. This change outpaced the S&P 500's 0.78% loss on the day. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 0.7%.
Prior to today's trading, shares of the oil company had gained 5.15% over the past month. This has outpaced the Oils-Energy sector's loss of 7.83% and the S&P 500's gain of 2.14% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Chevron in its upcoming earnings disclosure. The company's earnings report is set to go public on August 2, 2024. The company is forecasted to report an EPS of $3.16, showcasing a 2.6% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $51.6 billion, indicating a 5.52% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $12.90 per share and revenue of $205.6 billion, which would represent changes of -1.75% and +2.31%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 4.19% fall in the Zacks Consensus EPS estimate. Chevron is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Chevron currently has a Forward P/E ratio of 12.5. This valuation marks a premium compared to its industry's average Forward P/E of 7.83.
We can also see that CVX currently has a PEG ratio of 2.5. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 1.67 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 96, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Chevron (CVX) Ascends While Market Falls: Some Facts to Note
Chevron (CVX - Free Report) closed the latest trading day at $161.97, indicating a +0.46% change from the previous session's end. This change outpaced the S&P 500's 0.78% loss on the day. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 0.7%.
Prior to today's trading, shares of the oil company had gained 5.15% over the past month. This has outpaced the Oils-Energy sector's loss of 7.83% and the S&P 500's gain of 2.14% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Chevron in its upcoming earnings disclosure. The company's earnings report is set to go public on August 2, 2024. The company is forecasted to report an EPS of $3.16, showcasing a 2.6% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $51.6 billion, indicating a 5.52% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $12.90 per share and revenue of $205.6 billion, which would represent changes of -1.75% and +2.31%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Chevron. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 4.19% fall in the Zacks Consensus EPS estimate. Chevron is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Chevron currently has a Forward P/E ratio of 12.5. This valuation marks a premium compared to its industry's average Forward P/E of 7.83.
We can also see that CVX currently has a PEG ratio of 2.5. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 1.67 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 96, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.