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

Zacks Equity Research

Chevron (CVX) closed the most recent trading day at $72.47, moving +0.72% from the previous trading session. This change outpaced the S&P 500's 1.6% loss on the day. Meanwhile, the Dow lost 1.84%, and the Nasdaq, a tech-heavy index, lost 0.95%.

Heading into today, shares of the oil company had lost 25.51% over the past month, outpacing the Oils-Energy sector's loss of 32.91% and lagging the S&P 500's loss of 10.82% in that time.

CVX will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $1.47, up 5.76% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $31.59 billion, down 10.26% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $0.57 per share and revenue of $115.80 billion, which would represent changes of -90.91% and -20.97%, respectively, from the prior year.

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Investors should also note any recent changes to analyst estimates for CVX. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 91.41% lower within the past month. CVX is holding a Zacks Rank of #5 (Strong Sell) right now.

Looking at its valuation, CVX is holding a Forward P/E ratio of 125.29. Its industry sports an average Forward P/E of 18.05, so we one might conclude that CVX is trading at a premium comparatively.

We can also see that CVX currently has a PEG ratio of 25.06. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 4.51 at yesterday's closing price.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 252, putting it in the bottom 2% 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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