BUZZ-PREVIEW: Chevron's revenue expected to fall amid slump in upstream income
Chevron's shares are slightly lower at $155 ahead of its quarterly earnings report. Analysts expect a ~3% revenue drop to $49 billion and a ~32% decline in adjusted EPS to $1.71 due to upstream income slump. Chevron recently completed a $55 billion acquisition of Hess and has surpassed revenue expectations in 5 of the last 8 quarters. The average analyst rating for Chevron is "buy" with a median price target of $171.50. Year-to-date, Chevron is up 7%, outperforming the S&P 500 energy index and Dow Industrials.
Chevron’s (CVX.N) shares are slightly lower at $155 on Thursday ahead of quarterly earnings report due before the opening bell on Friday
Wall Street analysts expect CVX to report a ~3% drop in revenue to $49 billion amid a slump in income from upstream operations while adj EPS is estimated to plummet to $1.71, down ~32%
In July, CVX closed its $55 billion acquisition of Hess (HES.N) after winning a landmark legal battle against larger rival Exxon Mobil Corp (XOM.N) to gain access to the largest oil discovery in decades
Over the last 8 quarters, CVX’s revenue surpassed expectations 5 times while adj EPS met estimates 4 times
Among 28 analysts covering CVX, avg rating is “buy” and median PT is $171.50
CVX is up 7% YTD vs 3.5% gain in the S&P 500 energy index (.SPNY) and 12.2% gain in Dow Industrials (.DJI)
