Chevron (CVX) Outperforms Market Despite Negative Trends: Zacks Rank and Earnings Outlook
Chevron (CVX) closed the latest trading session at $148.85, marking a 1.93% increase from the previous day's closing price. The stock's performance outpaced the S&P 500's daily loss of 0.84%, while the Dow lost 0.7% and the technology-focused Nasdaq decreased by 0.91%. Over the past month, Chevron shares have gained 2.77%, outpacing the Oils-Energy sector's 0% loss and the S&P 500's 1.44% gain. The upcoming earnings release of the company is expected to be of great interest to investors, with an anticipated EPS of $1.58, marking a 38.04% fall compared to the same quarter of the previous year. The Zacks Consensus Estimates for the full year are calling for earnings of $6.87 per share and revenue of $190.14 billion, representing year-over-year changes of -31.64% and -6.24%, respectively. Investors may also notice recent changes to analyst estimates for Chevron, which often mirror the shifting dynamics of short-term business patterns. These estimate alterations are directly linked with the stock price performance in the near future, and to utilize this, Zacks has created a proprietary model called the Zacks Rank system. The Zacks Rank spans from #1 (Strong Buy) to #5 (Strong Sell), with a #1 ranked stock yielding an average annual return of +25% since 1988. Currently, Chevron possesses a Zacks Rank of #3 (Hold), with a Forward P/E ratio of 21.26, which marks a premium compared to its industry average Forward P/E of 10.93. The Oil and Gas - Integrated - International industry, which Chevron belongs to, is part of the Oils-Energy sector and holds a current Zacks Industry Rank of 203, ranking in the bottom 18% of all industries. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Be sure to follow all these stock-moving metrics and many more on Zacks.com to stay informed about the latest market trends and investment opportunities. Don't miss out on the latest recommendations from Zacks Investment Research. Download 7 Best Stocks for the Next 30 Days today by clicking the link provided.
