Chevron (CVX) closed the most recent trading day at $86.35, moving +0.05% from the previous trading session. The stock lagged the S&P 500's daily gain of 0.78%. Elsewhere, the Dow gained 0.68%, while the tech-heavy Nasdaq added 1.44%.
Heading into today, shares of the oil company had lost 14.99% over the past month, lagging the Oils-Energy sector's loss of 13.62% and the S&P 500's loss of 1.32% in that time.
Wall Street will be looking for positivity from CVX as it approaches its next earnings report date. On that day, CVX is projected to report earnings of -$0.73 per share, which would represent a year-over-year decline of 132.16%. Meanwhile, our latest consensus estimate is calling for revenue of $19.60 billion, down 49.56% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.27 per share and revenue of $108.83 billion, which would represent changes of -95.69% and -25.72%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for CVX. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 943.75% higher within the past month. CVX is currently a Zacks Rank #2 (Buy).
Digging into valuation, CVX currently has a Forward P/E ratio of 319.67. This represents a premium compared to its industry's average Forward P/E of 21.02.
We can also see that CVX currently has a PEG ratio of 63.93. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. CVX's industry had an average PEG ratio of 14.67 as of yesterday's close.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 56, which puts it in the top 23% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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