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Chevron (CVX) Gains As Market Dips: What You Should Know

Zacks Equity Research

Chevron (CVX) closed at $80.90 in the latest trading session, marking a +0.63% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.16%. Meanwhile, the Dow lost 0.12%, and the Nasdaq, a tech-heavy index, lost 0.33%.

Coming into today, shares of the oil company had lost 0.35% in the past month. In that same time, the Oils-Energy sector lost 21.67%, while the S&P 500 lost 10.5%.

Wall Street will be looking for positivity from CVX as it approaches its next earnings report date. This is expected to be May 1, 2020. On that day, CVX is projected to report earnings of $0.75 per share, which would represent a year-over-year decline of 46.04%. Our most recent consensus estimate is calling for quarterly revenue of $31.59 billion, down 10.26% from the year-ago period.

CVX's full-year Zacks Consensus Estimates are calling for earnings of -$0.08 per share and revenue of $115.80 billion. These results would represent year-over-year changes of -101.28% and -20.97%, respectively.

Investors might also notice recent changes to analyst estimates for CVX. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 101.33% lower. CVX currently has a Zacks Rank of #5 (Strong Sell).

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 238, putting it in the bottom 7% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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