Chevron (CVX) closed the most recent trading day at $120.34, moving +0.01% from the previous trading session. This change outpaced the S&P 500's 0.02% loss on the day. Elsewhere, the Dow lost 0.13%, while the tech-heavy Nasdaq added 0.08%.
Coming into today, shares of the oil company had gained 1.65% in the past month. In that same time, the Oils-Energy sector gained 4.92%, while the S&P 500 gained 3.81%.
Investors will be hoping for strength from CVX as it approaches its next earnings release. On that day, CVX is projected to report earnings of $1.56 per share, which would represent a year-over-year decline of 24.27%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $38.27 billion, down 9.64% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.42 per share and revenue of $149.29 billion, which would represent changes of -22.18% and -10.25%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for CVX. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection has moved 0.26% higher. CVX currently has a Zacks Rank of #3 (Hold).
Digging into valuation, CVX currently has a Forward P/E ratio of 18.73. For comparison, its industry has an average Forward P/E of 13.26, which means CVX is trading at a premium to the group.
Investors should also note that CVX has a PEG ratio of 3.12 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Integrated - International industry currently had an average PEG ratio of 2.05 as of yesterday's close.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 191, putting it in the bottom 26% 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.
To follow CVX in the coming trading sessions, be sure to utilize Zacks.com.
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