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Chevron (CVX) Laps the Stock Market: Here's Why

Chevron (CVX) ended the recent trading session at $161.92, demonstrating a +1.2% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily gain of 0.87%. Meanwhile, the Dow gained 0.67%, and the Nasdaq, a tech-heavy index, added 1.11%.

The oil company's shares have seen an increase of 3.45% over the last month, surpassing the Oils-Energy sector's gain of 3.26% and the S&P 500's loss of 3.97%.

Investors will be eagerly watching for the performance of Chevron in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on April 26, 2024. It is anticipated that the company will report an EPS of $2.84, marking a 20% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $49.99 billion, indicating a 1.58% decline compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $13.58 per share and a revenue of $207.28 billion, demonstrating changes of +3.43% and +3.15%, respectively, from the preceding year.

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It's also important for investors to be aware of any recent modifications to analyst estimates for Chevron. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.13% increase. As of now, Chevron holds a Zacks Rank of #3 (Hold).

Looking at valuation, Chevron is presently trading at a Forward P/E ratio of 11.78. This indicates a premium in contrast to its industry's Forward P/E of 7.24.

It's also important to note that CVX currently trades at a PEG ratio of 2.36. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Oil and Gas - Integrated - International industry stood at 1.95 at the close of the market yesterday.

The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 159, finds itself in the bottom 37% echelons 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.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Chevron Corporation (CVX) : Free Stock Analysis Report

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